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Archive for August, 2008
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Line in the Sand

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August 25, 2008

Line in the Sand

What a difference one weekend can make. Friday turned into a major bear squeeze and anyone getting scared out their short positions probably kicked themselves by about lunch time today as the tape painted a complete u-turn on all averages, the S&P even dropping as much as to returning all gains since last Wednesday.

Market suffering from bad breadth.

As expected the market suffered from pretty foul breadth today, as no amount of Listerine was able to wash away the stench of a complete lack of buying interest (see ratios above). What’s interesting and a bit encouraging is that the NDX was leading the pack with [...]

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Another “fun-Friday!”

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August 23, 2008

Another “fun-Friday!”

Let me start out by saying that Friday’s action could have been better, but it could have been a whole lot worse.  The markets pushed up in the larger retracement that we had expected, though not preferred.   The $COMPQ moved up into the range of the previous 4th wave, filling the gap of 2417 in $COMPQ.  This is a good sign my friends, a good sign.  We also have retested the break-out of the up-sloping trendline, but have not been able to get back above it at this point.  Another indication that the larger decline should be quickly accelerating.

While certainly not my favorite scenario, today’s action certainly has some strong points for the bears.  One is the [...]

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Slope of Hope

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August 22, 2008

Slope of Hope

Tonight’s post is dedicated to Tim Knight – fellow bear and ‘friend of the blog’ – who also happens to run our favorite blog called Slope of Hope. Well, who am I kidding – most people reading this probably came directly from his site, as Tim generously allows us to place links to our measly web presence. At the rare chance that you haven’t heard of Tim – go visit his blog (after you finish reading this of course ;-))

Now, there’s a second reason for tonight’s theme, as it aptly describes the general context of where we currently are in the market as well as where we are heading. It has been said that markets [...]

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Watching paint dry…

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August 20, 2008

Watching paint dry…

Fairly uneventful day across the board.  Stocks rallied in the morning, dipped down around lunch, and decided to rally into the close.  Not much gained or lost today.  Yes, today was better for the bearish case than a 200-point up-day (which I would gladly take at this point), but not as nice as the blood in the streets we have been calling for.  But as I said, we cannot fall straight down.  Nor can we manage a continued trend at this point.  If we fall tomorrow, we will be closely watching for a slightly stronger retracement, targeting 11550-11600 in the $INDU, which would give the bulls the confidence we need to drop.  Conversely, closing beneath 11100 with some strength would be a [...]

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