Let's start with a really long view. Note the market has
-- Wiped out the gains from the 2003 - 2007 rally
-- Is trading far below the 200 week SMA
-- Appears to have bounced off a bottom established in the 2002 - 2003 trough
-- The last few weekly bars have occurred on incredibly high volume.
Notice the following on the 3 month chart:
-- Prices are in a downward sloping channel
-- The horizontal lines at the bottom of the chart are from the 2002 - 2003 lows. Prices bounced off the lows and then rallied higher
-- Notice the technical importance of prices in the 83 - 85 area. Prices have found a great deal of support in this area
-- Prices are below the 200 day SMA
-- The 20, 50 and 200 day SMAs are moving lower
-- With the exception of the 10 day SMA all the SMAs are moving lower
-- The 10 day SMA is about to cross over the 20 day SMA. However, this has happened recently with little follow-through. What maters more is when the 20 day SMA starts to move higher -- that is, the 10 day SMA remains above the 20 day SMA for a period of time and the 20 day SMA moves higher as a result.
1 comment:
I still think they should move the houses recently built on the most excellent farmland that people aren't buying and move them to the gulf coast where people are still waiting for housing. Go back to farming the land. There's a huge worldwide demand for food. Same goes for the strip malls that can't find tenants. Tear them down, recycle the building materials somewhere and use the land for urban gardening if it's any good or plant grass and trees to help with global warming if not.
Post a Comment