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Monday, December 17, 2007

Key Support Fails

I thought both 1460 and 1450 would be key support levels. If we held 1460, we might get a rally from here. However, both levels fell decisively today. Volume was higher than Friday, but not high enough to start panic selling. If 1440 falls, it's time for Paulson to cal in the PTT (that's a joke. Please don't call me an idiot.)

Things are getting very interesting on the Nasdaq. We blew right through the 200dma, but stopped right on the rising trend line. Will we bounce off it, or are the sellers just pausing to catch their breath?


We are getting MACD crossovers all over the place. The Russell has one support level left Today's action did not give me much confidence it will hold, but then again, I thought that last time it was down here.

By the way, I got a suggestion about tracking the stocks I highlight on the blog. Google docs has a nice spreadsheet that I can link to from here. I am working on getting it done, I should have it this week.

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