Sunday, November 30, 2008

Technical Picture - Overbought

All of the major averages jumped 11% or more on the week, but according to IBD we haven't had a high volume follow-through day. That's likely due to the holiday shortened week, but this is a bear market correction. Expect some profit taking early next week. Futures are trading lower at this hour and Asian markets are seeing some profit taking.

3 comments:

Dinosaur Trader said...

Nice call, dick.

-DT

Tyler said...

Jamie,

Based on your chart of $SPX I am convinced that technical analysis is hogwash. There is no way charting works, you just got lucky.

Just joking, nice call!

Tyler

Jamie said...

Ha! Ok, profit taking was a good call up until the last hour, when the key support level was taken out.