Thursday, November 6, 2008

TODAY'S ACTION

Prepare for tomorrow, because there are only two options:

#1 - We form a double-bottom right off the 900 level, despite the terrible Employment Situation report and we head up to at least 20-day MA resistance. The VIX fails the 20-day MA resistance and falls back towards the 50-day MA.

-or-

#2 - We break 900 and we automatically head straight to 840-850 where the last support level is located before we make a new low. 900 appears to be a strong support area, but then again, fear is just as strong.

The Employment Situation report: 8:30AM EST


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1 comment:

N. said...

That last bear's picture makes the cartoon bears seem really tame! Bears in control for 2 days now. awch.