Thursday, May 13, 2010
5/13 3:00
What can we expect here? I can expect solid support at 10,820. Critical resistance was broken at yesterday's highs. Critical support break is 10,680, which is also conveniently under the Tuesday/Wednesday lows. This would turn me bearish. Until then I am looking at short-term support breaks, the most important at 1160. This is the 15-minute, 54-unit M/A minus .56%.
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Steve
ReplyDeleteThe funniest thing happened on CNBC this morning. They were interviewing two investment firms, one was an older gentleman that thought the SXP was going to 1300 to 1350 and a younger fellow who thought the DOW was going to 5000. You should have seen how the older gentleman reacted. He got all choked up, said you are scarring me now and I thought he was going to have a heart attack right there. Not that I would want that to happen.
Jack,
ReplyDeleteSorry I missed it. Having a bear on CNBC is humorous in itself. For having narrowly averted a great depression they are full of bull! Nary a bear among them.