Monday, October 13, 2008

How far will we run?

Well today is going to be a short one. I have been saying since tuesday last week the bottom is in, well it wasn't and we experienced the worst week in the market ever.

Today is the day we need to watch carefully. If we will be able to stick to the gains in the first hour, and remain above our close price on Thursday at 909, V-bottom on Friday coupled with an exhaustion gap are all the signs of a bottom being in.

Time and Price
We need to stay above 909, after the morning sell off we need to stay well above this number. If we are to see a retest I would be concerned.

Mid Term
First stop is 1070, a break here and we will have seen the lows for the year. If we are unable to break this we will continue our primary down trend. Expect at least 2-3 trade days around this number once we get there.

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