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What major resistance? 911-914? Bah-humbug. Simple .382 retrace at
928 and fibo leg wedge projects to 925. I still think we get to 977
but this hasn't shown us anything yet.
--- In realtraders@xxxx, John Cappello <jvc689@xxxx> wrote:
>
> I know general TA consensus says that we have broken a major
> resistance and 947 or better is in sight tomorrow.
>
> This may be true but this rally could have also been fueled by the
> absence of major bad news and CEOs signing on the dotted line.Plus
> coming off the heels of a major decline never hurts.
>
> Tomorrow I believe that:
>
> 1. UAL will announce Bankruptcy plans
>
> 2. Major CEOs of certain firms will not sign
>
> 3. Companies will announce a need to redo back years
>
> 4. While we passed the early Aug. high we are still below July highs
>
> 5. The 200 day moving average is a long way off
>
> 6. 775.9 may have been the low for this cycle but that does not
mean
> 880 will not be retested.
>
> We can move higher but I think we will end lower. It would not take
> much to derail this uptrend which until now has been fueled by weak
> volume.
>
> This one may have passed a "magic" number but that does not mean
that
> it "is" the magic number to climb aboard.
>
> Thoughts?
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