Get ready for another dead cat....
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Friday's selling into the close created more oversold conditions as indicated by the MACD and PVO. Unfortunately, oversold just doesn't mean that much anymore in the current market environment. Not only that, but Friday's bearish action utterly and viciously engulfed the 28pt monster rally on Wed.
The Bulls have their work cut out for them, as there is now resistance at every major level: 1450, 1460, 1470, 1480. The biggest one is at around 1490.
If the dead cat starts bouncing on Monday, then 1440 can be looked upon as support.
In the bearish scenario, the market will start probing 1420.
Saturday, August 04, 2007
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1 comment:
Who SOLD OUT a piece of national treasure vital to our survival, to Russians, dirt cheap? On paragraph 4.
Watch out SWC on monday for earnings release after hour. Crooks knocked down SWC from $16.47 to $8.56 in less than 3 months, for no good reason. Maybe they want to sell the remainder to Russians cheap?
Deeply oversold, I expect a blowout SWC quarterly earning, and from here SWC MUST have a dramatic reversal and a great rally on the good earnings. Don't let go of the opportunity!
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