Thursday, November 22, 2007

Below the Line

Chart courtesy of Bullish Jim, read his article: a bull's perspective



Note: We are now below the trendline, we can only hope for a rally on Friday.

Something else to keep in mind:


“…the market was oversold or actually severely oversold as of yesterday’s
close. A big break today renders the stock market oversold to the extreme. This
could lead to a rally very shortly, and such rallies often take the Averages
back to test their initial breakdown levels. Note that the S&P and the
Wilshire have NOT confirmed the Dow. Does the superior action of the S&P and
the Wilshire cast doubt on the Dow Theory bear signal? I don’t know. I’ve never
in fifty years of watching market action seen this type of situation.”-Richard
Russell

Happy Turkey Day!


2 comments:

Trader Vader said...

Hope you had a good Thanksgiving RC! :) Looking forward to more of your great stock picks on Wallstreak.

Ragin' Cajun said...

Thanks.

Hope you had a good holiday as well. I can't wait for the market to open on Monday.