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  • barbershores barbershores Nov 15, 2008 12:01 PM Flag

    BUY 85 by close this is a key reversal

    Mr. Cando,

    I see things a bit differently.

    The dow is currently stuck in a sideways consolidation band. The traders are running things right now. Big sell offs by institutions are on hold for a bit. Hesitant "investors" are just sitting on the sidelines, aggressive "investors" are out of cash since they can't stop themselves from buying into weakness.

    Right now support and resistance is the name of the game. 8000 on the bottom, 9500 on the top. I expect to see the bottom tapped once or twice more before the next swing up. The best trade will be shorting around 9500. The final peak should be about 12 weeks from the first tap of the bottom.

    Eventually this range will break down and the next down leg will be upon us. The recession hasn't hardly even started yet you see. We have most likely 4 more legs down to go. From my long term model, I am looking at worst case Dow 3000 May of 2010.

    If we get a quick drop below 8000 it will be a conundrum. This could either be capitulation before the next swing up or the break down coming early. I will be betting we will head back up, this time.

    Best of luck, and God bless,

    Barbershores

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    • I doubt the 3000 DOW ( unless a REAL depression).

      Testing 7500 yes..that is VERY possible....buyers are steping in at 800 Down and 800 SP500.

      CO are cutting staff...putting of capital projests...bad short term...VERY good long term.

      I see no strong up here....very slow climb up from either the current OCT low or a new low of say 7000 DOW. Far to much Gov interevention for the 3000 DOW.


      I see lots of Monster Inc posts now...flip side of what people said about Yahoo when it was 150.00 a share.

      Bears will die...just like Bulls.

 
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