Although on big charts shows uptrend, short-term stocks will continue to fall again
The day after the election said a lot. Basically in my opinion the markets gained so much in the past week that after election day they puked. At least in the short term on charts it looks like stocks will continue to fall some more especially RIMM, AAPL, QQQQ, FSLR, AKS, and GOOG on daily and 233 charts. The only stock I would bet against the market flow at the money is Southwestern Energy Company (SWN) with its strong momentum breaking through all major down trends currently at $37 which keeps hitting lows of $26 then popping back up to $28-31. I can see it surpassing $45 by end of November 08′ if it keeps up. Magic is happening on weekly charts right now. Real strong support hitting real lows on bottoms slowly curving up creating big U’s showing a real change in direction, but how much change and how soon?
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This entry was posted on November 6, 2008 by Paul Awol. It was filed under trading stock options and was tagged with aapl, AKS, call and put option practice play picks, continued downtrending charts, continued october crash 08, fslr, goog, market moving events that move stocks, QQQQ, rimm, southwestern energy company review, stocks falling in november 2008, swn, the day after election.