The state of the market as I see it

Comment

Comment by Stocks To Buy on July 13, 2010 at 3:05pm

Turns out that was the bottom...good job guys

Comment by Matt Lauchaire on June 30, 2010 at 10:39am

Yes great point Rob about the Head and Shoulders, I forgot to draw the neckline. At this point, there aren't many people who know what's going to happen. I just look to the charts for clarity. I don't think we will break the neckline either, but if we do, it will also break through these Bullish Divergences. I think the bull market has to be given the benefit of the doubt until we see these Bullish Divergences broken.

Top Member Comment by Rob on June 30, 2010 at 9:12am

Nice Job Matt and I agree with everything. Actually on the videos I have been posting on Tim's Blogspot page I have been calling this since before we hit 1040 the second time. I have two things to add.

First yesterday had the possibility of being and exhaustion gap considering the volume.

Second is I see a head and shoulders pattern from mid January 2009 and we are right on the neckline if we complete the head and shoulders we could go 870, That being said I don't believe it will complete due to these divergences and also the neckline is flat where a bearish neckline would be angled down.

Top Member Comment by Terry H on June 29, 2010 at 10:52pm

Nice analysis with candlesticks. I can see a reversal from the lows today if one is going to happen in order to fill this morning's gap. The TRIN was high as well, which might help with an oversold bounce.