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Here is a beautiful example of the power of typical Retracement Levels to stop price advances in their tracks, and then to send them in the other direction. The Candlestick presentation makes the example exceptionally clear. We often see retracements in countertrend moves stopping at one of several typical levels – 78.6% of the initial [...]  Las Vegas is Welcomed at the Door of Pension Fund Management. “Make It All Back by Doubling Down.” Right. Make a photocopy of your next pension check. Then frame it, put it in a safe place, and be ready to retrieve it and hang it on the wall as a memento of days gone by. [...] Bearish Candlestick Pattern in Russell 2000 Index Foretells Decline in Prices We have been waiting a long time for a top in the Great Rally of 2009, which represents neither a “recovery” nor a resumption of the old bull market. Rather, it has been an upside correction of the bear market which began in October [...] Candlestick “Doji” Reversal Pattern Makes Us Stop and Think The Dow Industrials and the other major Indexes were up slightly today, including the NASDAQ Composite. The Industrials appear to be faltering. The Candlestick pattern in the NASDAQ causes us to stop and consider its implications. This particular pattern is a “High-Wave Doji,” which we recognize [...] A New Low in the Dollar Index is Good News for the U.S. Dollar The Dollar Index compares the value of the U.S. Dollar with a “basket” of foreign currencies. In overseas trading early on October 20, 2009, the Dollar Index made a new Low. Assuming that one desires the value of the U.S. Dollar [...] October 16, 2009 – Traders on the USA Exchanges pushed, shoved, grunted, and shoved some more, but it didn’t work. They wanted in the worst way to make the Dow Industrials close above 10000, all to no avail, as the Dow closed at just below 9996 today. So we’re still beneath that psychological barrier. It’s [...] How is the price of a stock or of an Index arrived at? Imagine a tug-of-war. Not your ordinary run-of-the-mill tug-of-war, but a supersized one. We’ll start with two ropes, not just one. Tie the ends of the ropes together, resulting, of course, in a knot. Set the ropes on the ground. Now take two [...] We are operating on the assumption that the High of 9917.30 in the Dow Industrials on September 23 probably marked the top end of the Great Rally of 2009, and therefore was the top end of Primary Wave 2 Up and marked the start of Primary Wave 3 Down and a continuation of Cycle Wave [...] The Dow Industrials Index fell 203 points on October 1, 2009, to close at 9509.30, which (at the moment) is about 410 points above an important trendline drawn from the low of March 6, 2009 through the low of July 10, 2009. When and if that trendline is broken to the downside, we will take [...] Whistling Past the Graveyard Mr. Bernanke and his confreres in the Central Bank business have convinced themselves that they have saved the financial systems of the world from collapse. They have done no such thing. First of all, they spoke much too soon; secondly, they’re mistaken. For all of their wisdom and for all of [...] |
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