Friday, May 21, 2010

The Case For DOW 4500 WATCH IT Unfold!

Here is an intraday, DOW 4500 quick update, 10,232.33 is now resistance, the bounce back from the 9,918.82 low (Which was below the flash crash low, indicating the downside isn't done yet) this morning is currently at 10,186.13, no wait 10174 uhh 10159.38... ok 10,175.15 (On Bama, DoDD and Frank) news conference.

This right shoulder has made a turn in 1/4 of the time it took to create the head and 1/10 the time it took for the left shoulder.  If we blow through the February low which I am betting that we will by or in June. The next logical rest/rally point is 9,557.48-9,301.05.

Ugly yes I know...  Worse are the comments WalMart has made about the outlook on their business.  When WalMart is struggling it's time to take notice.  Their customer's are hurting with unemployment, higher fuel prices and personal finances concerns.  Hey well at least the weather is nice here in NY.      



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