Contrarian market commentary and economic postings.
Saturday, May 22, 2010
LAST CHART OF WEEKEND
This chart is called a "Point and Figure" chart. each box represents 50 pts, so it illiminates some noise. Previous row of 0's shows a break of 9900 would NOT be good. Bearish potential shown to 8600.
Yes, I just posted the link last post, have had others send that today. Fairly certain he changed to bullish during 2009....so may be worth giving some weight.
I don't like the backdrop at all. Doesn't stop potential of a rally...but I feel it will be muted.
My weekend charts were attempting to show more evidence of bear caution is warranted....been saying Chinese mkt had topped last AUG, not a good sign
Worth a look -
ReplyDeleteT Theory Observations for Sunday May 23 2010
Today I will discuss my major conclusion that we have entered a new bear market that will likely last until the year 2013.
http://ttheory.typepad.com/
Yes, I just posted the link last post, have had others send that today. Fairly certain he changed to bullish during 2009....so may be worth giving some weight.
ReplyDeleteI don't like the backdrop at all. Doesn't stop potential of a rally...but I feel it will be muted.
My weekend charts were attempting to show more evidence of bear caution is warranted....been saying Chinese mkt had topped last AUG, not a good sign