Wednesday, November 19, 2008

Still the same picture...

Have a look at DOW chart..still the same picture. Some newsletters I read are slowly turning bullish - SHORT term only....but the picture seems to say we are just consolidating the recent sharp down move. Support at 8000 in everybody bottom picking there? If so a move below that level decisively will put the targets mentioned in previous post in sight!

PPT? are they holding back the tide? Will the dam finally burst? Will the US carmakers get a bail out? If so - WHAT FOR? As with AIG, some banks, and in general badly run companies, they should be allowed to FAIL - free market forces. They are dinosaurs, make way for the small mammals !!

I am still waiting for the final capitulation....maybe it will be after one more rally to top of trend channel (see graph)...only a clear break above 9800 on good volume will change the picture medium term... let's get it over with SOONER rather than later!!

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