Dear Readers, before we post the main post for Friday, I would like to note that with all the bad things that happened to the markets last couple weeks, NASDAQ is still way higher than August low point and SPX is not there either. Now , that could change, but considering we have almost no or very few days left in this downdraft (26-27 Nov Max) we may not get there.
The reason is the Q's have an extremely important level of support at 48.25 ( many will remember that this was a crucial resistance going up and now it has showed up as support in more ways than before, due to the configuration of NASDAQ (Good thing we got Waldo out of the shorts, if NASDAQ hods here). Only if this level is clearly broken would i adopt a much more pessimist view of the markets. Also the BKX has almost collapsed and has come very close to as support zone of 84-86... Careful here shorts! Banks USB/BAC/WFC are in a very favorable configurations for a bottom. Weaker banks C/WBC may have more to go on the downside. Gages are still in the buy zone and P/C ratios got way up lately ( not extreme, but even so). With all of these cautions and the seasonably strong period ( month end), I can not help but caution everybody about shorting aggressively here.
6 comments:
Hi Boris, you think there is a chance YEN may go to 102 as it did in 2000 and 2005?
Hi Boris,
I would like to hear your opinion about the possible bounce of stock markets (if appears). Where do you see SPX at the top of bounce, is 1500 possible, or...? Many Thanks
Ivan
Dear AaaaaaUM, YEN resistances are 107 ( almost hit today) and 100.
GOod trading
Dear Ivan( Curaki)
I think 1500 and 1521 are the big resistances.
If we boggomed already...
GOod Trading
Dear Aaaaaaum,
There are other support points for YEN all the way to 100.
Those include 107.7, 107, 105
1.4, 102 , 100
Good Trading
Dear Boris, limits much appreciated. Hope I get a chance to use them...
GOod trading.
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