RED DIRT TRADER

This blog was designed as a place for me to store links that I find helpful. These posts are not investment advice. If you’re looking for advice call your GO BROKER. My belief is the person who cares most about my investments is ME. My hope is the readers of this blog find the sidebar links as useful sources of information while attempting to learn how to manage their own money. As for advice, my Dad gave me the best I’ve ever heard, “Never trust anyone else with your money or your woman.”

Thursday, January 17, 2008

CAPITULATION

Have we witnessed true capitulation in the $NDX. I believe so. The breaking of the trend line and the most volume for a single day in years. Seems so weird to see this happen so close to recent highs and nearly 38% Fibonacci Retracement level above 2002 lows but it has happened. Thank God. Now for some really big gains. I warned of the SPINNING TOP on 11/02/2007 and laid out several support area's for a bottom. It now appears one of the major resistance area's will soon be the new support. QID up about $13 since November 2nd.

Labels: candlestick charts, growth stocks, major indices, Nasdaq 100, stockcharts, technical analysis

# posted by Chris @ 1:42 AM

Comments: Post a Comment

Subscribe to Post Comments [Atom]

<< Home

Subscribe to Posts [Atom]

Subscribe in a reader