Thursday, January 17, 2008

Stocks Get Pounded Again





Stocks got hit hard again today with the dow falling over 300 points. Above is a weekly chart of the dow jones industrials and the NASDAQ composite. As you can see if you shorted the market when the neckline was broken, you would be doing very well as of today. I did not short stocks, I was actually long and exited with a small loss once I saw the neckline being taken out.

You'll notice that the downside price objective for the above head and shoulders pattern suggests that there is more downside coming for stocks. Will stocks continue to fall? Are stocks oversold and due for a bounce? Nobody knows but I'll tell you one thing, I'm not picking bottoms. It is what it is folks.

1 comment:

mafestocks said...

Be alerted to the Hottest Stock Picks!
Join Emerging Growth Alert Newsletter

By joining the team at Emerging Growth Alert you will be in position to
receive stock alerts profiling stocks about to move or already in motion. Our alerts are sent in time for you to research, investigate and make a decision about whether this
opportunity is right for you.You will not be bombarded with junk mail. There is ABSOLUTELY NO OBLIGATION, and the service is entirely
FREE.

http://stocks.freetzi.com
http://www.zendurl.com/cashing

DISCLAIMER

This site may include market analysis. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Trading and investing involves high levels of risk. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise.
 
Google
Technorati Profile Finance Blogs - Blog Top Sites