Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Buzz & Banter



Studious to please, yet not ashamed to fail

- Samuel Johnson

Regarding the Fun With Numbers setup, we remain of two minds. On the one hand, though the setup we described didn't play out exactly, we have seen a pullback (1.60%) off a new "spike" high on Friday. Technically speaking, Friday's spike to new highs and the subsequent pullback could qualify as the beginnings of an important trend change (and count the 1062.39 price as the high) with respect to the three studies that we were employing to get to our 11/7/03 time and price targets. Could. No, it wasn't ideal, but what ever is? And on the other hand, it remains possible that the pullback from those highs is preparing the markets for one more new high above the 1062.39 Friday morning spike.

What would help tip the balance for us between one or the other of the two possibilities above? Well, a lot will be learned by the price, volume, momentum, breadth, and tick action on the bounce that is likely to develop in the next day or two. Either that bounce gets to important resistance points and fails hard or it goes through them on the upside. The former would go a long way to suggesting a regime change from buyers to sellers. The latter would suggest a new high above the 11/7 AM spike. What are those resistance levels? I don't have them precisely pinned down right now (as they are a function of whatever "good bottom" we find), but I will post them as soon as I feel confidently about them.

< Previous
  • 1
Next >
No positions in stocks mentioned.

The informatio= n on this website solely reflects the analysis of or opinion about the perf= ormance of securities and financial markets by the writers whose articles a= ppear on the site. The views expressed by the writers are not necessarily t= he views of Minyanville Media, Inc. or members of its management. Nothing c= ontained on the website is intended to constitute a recommendation or advic= e addressed to an individual investor or category of investors to purchase,= sell or hold any security, or to take any action with respect to the prosp= ective movement of the securities markets or to solicit the purchase or sal= e of any security. Any investment decisions must be made by the reader eith= er individually or in consultation with his or her investment professional.= Minyanville writers and staff may trade or hold positions in securities th= at are discussed in articles appearing on the website. Writers of articles = are required to disclose whether they have a position in any stock or fund = discussed in an article, but are not permitted to disclose the size or dire= ction of the position. Nothing on this website is intended to solicit busin= ess of any kind for a writer's business or fund. Minyanville management= and staff as well as contributing writers will not respond to emails or ot= her communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.<= /p>

Featured Videos