Tuesday, January 20, 2009

We Aren't Oversold in The Short or Intermediate Term - Not Good News

Just a few charts to check out just to show that we are definitely NOT oversold in the short and intermediate term. We are in a very news-driven market right now and a sharp bounce can materialize out of anything so be alert, but based on these charts, the rest of this week could be quite ugly. Be careful.

S&P 500
Charts from Telechart2007, Courtesy of Worden Brothers, Inc.


Anonymous said...

Are you going to try and play FAZ or SKF w/o a bounce?

Mac said...

No, I will wait - beyond risky to buy these here unless you are just swinging some day trades with tight stops.