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iShares Russell 2000 Message Board

  • MINCE38 MINCE38 May 23, 2008 6:25 PM Flag


    Guys, whether you believe in technical analysis or not, it is agreed by most, that the 50 day moving average line is a determinant of the intermediate trend. What is scary right now is that the dow has broken below it, but the russell and nasdaq are not even remotely close to breaking down below the 50! When has this ever happened before? Now what has also happened is that the dow(DIA) has now dropped to the bottom bollinger band which means its due for a bounce. All oscillators on a daily chart say we are now oversold on all 4 indices, yet how can this be? Do we get a retrace before more upside? I am also shocked this market didnt collapse in the last 2 hours of trading. It held steady. Thats very bullish for the next days open. Imagine that happening on a friday memorial day weekend! Yet.............fundamentally, with oil as high as it is,and the horrible housing data that came out 2 days ago.....we should have the largest one day drop of the year on tuesday. Dont be surprised. What do all you guys say? Me? I say by 1pm all the big boys went home early today. I say they will be attacking this market with steak knives in hand come monday at the open.

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