The speed lines are quite clear..I connected 4000 - 3198 and see the result, we were to be out of woods over 3648 , alas the bears out again and the bulls just running off.. support was around 3280 level and deeper down at 3050-3000. Is it testing the lows again , or real fears of recession/poor earnings/redemption pressures which is leading to sell offs on a daily basis...I feel in bear markets when nothing helps and there is desperation/despair...we may be near the bottoms..keep cheery picking partially some stocks which you would like to have and carry for 1-2 years..Do keep in mind the rallies in bear markets are fast furious and dont get trapped into buying the highs..trade carefully..cheers..
Thursday, October 16, 2008
RAMPAGING BEARS AGAIN
The speed lines are quite clear..I connected 4000 - 3198 and see the result, we were to be out of woods over 3648 , alas the bears out again and the bulls just running off.. support was around 3280 level and deeper down at 3050-3000. Is it testing the lows again , or real fears of recession/poor earnings/redemption pressures which is leading to sell offs on a daily basis...I feel in bear markets when nothing helps and there is desperation/despair...we may be near the bottoms..keep cheery picking partially some stocks which you would like to have and carry for 1-2 years..Do keep in mind the rallies in bear markets are fast furious and dont get trapped into buying the highs..trade carefully..cheers..
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