I have to go back to QQQQ once again, the leading indicator of this market. Note that we dropped the July 2005 lows I wrote about yesterday. Next level, most likely visited tomorrow or pre-open, will be 36.08, 38.2% projection June. Note that 100% projection correlates to the April 2005 low of 34.35. A very scary thought indeed. I don't think we got that far, but 61.8% at 35.40 is a possibility if we can't hold on to 36.08. Nevertheless, let's not get too carried away in the bear game yet. Support is everywhere, the markets feel like they want to rally, witness the move this morning, but it needs good news, anything. Right now, it's all bad, but the good news will come. Let's hope it is soon.
This entry was posted
on Thursday, July 13, 2006 at 7:50 PM.
