Some Fed talk on tap tomorrow, more of the usual, Greenspan will say growth is still there, he can't afford to have bonds rally and yields plummet.
QQQQ still needs to close the July gap at 38.40. DOW failed to close above 200 day ema at 10464. NQ (NDX futures) can't get back above 50 dma. We are deeply oversold on the daily, so be careful to protect profits, but at the same time, don't jump in long quite yet. Weekly cyle actually has more downside. Overall, the picture remains bearish and any rally should be viewed as an opportunity to find a new short position. The media remains bullish overall and complacent even though the DOW and SPX lost 200 dma and 50 dma respectively. Not usually a very good sign.
QQQQ still needs to close the July gap at 38.40. DOW failed to close above 200 day ema at 10464. NQ (NDX futures) can't get back above 50 dma. We are deeply oversold on the daily, so be careful to protect profits, but at the same time, don't jump in long quite yet. Weekly cyle actually has more downside. Overall, the picture remains bearish and any rally should be viewed as an opportunity to find a new short position. The media remains bullish overall and complacent even though the DOW and SPX lost 200 dma and 50 dma respectively. Not usually a very good sign.
This entry was posted
on Thursday, August 25, 2005 at 6:00 PM.
