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There are other factors at work here. If you go back and check your charts you will find that the majority of stocks started their move up in 2003. That would make the 4 year economic cycle end this coming year.
I have downside pressure on many of the indexes which indicates that a retracement is coming or just getting started. At this time I do not have any sell signals. Nothing that says the bear has come out of hibernation.
Is there money to be made by going short? Yes. Is there still upside possibilities? Yes. Very few of the uptrends have been voided. I have been warning to keep stops tight if you are long. I have given sells on certain stocks in the context that the down moves, as of now, are just retracements of their current up moves.
This coming week will be one of marking portfolios and liquidatiing those that underperformed. There could be some volatilityh in the market as manhy of the players well be taking this week off.
A Happy Holiday Season to all. Ira.
www.thetradersgroup.net
----- Original Message -----
From: Ben
To: realtraders@xxxxxxxxxxxxxxx ; ntt-list@xxxxxxxxxxxxxxx
Sent: Sunday, December 24, 2006 10:43 PM
Subject: [RT] current spy and qqqq
SPY Trend Analysis - 12/22/2006
All the major US indices were negative. For the week, the Dow Jones Industrial Average gave back 102.30 points, or 0.82%. The Standard & Poor's 500 Index dropped 16.33 points, or 1.14%, while the Nasdaq Composite lost 56.02 points, or 2.28%.
Oscillators Trend Analysis
Symbol Daily Weekly Daily Weekly Mtly Qtly Yrly
SPY
SPY Long-term perspective:
The monthly uptrend that started on 6/14/2006 is near completion. It has a five waves impulse structure and the final fifth wave is completed or almost completed. A new downtrend toward the multiyear support line is about to start.
QQQQ - Long-Term Trend
SPY Short-term perspective:
The last fifth wave of the long-term uptrend is near completion. The wave is forming a termination pattern, weekly technical indicators are overbought, and the weekly uptrend support line is almost broken. If support holds, we may see a brief rebound, but there is not much room for the upside move. The risk/reward ratio is high.
QQQQ - Short-Term Trend
Presented by www.thegreedytrader.com Research Group.
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