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.


Dinosaur Trader said...

Nice call, dick.


Tyler said...


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!


Jamie said...

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