Friday, 24 February 2012
Well another crazy week is over for this weeks wheel.
The Bears at least saw the more important R2k index close marginally red for the week. At least we're not up another few percent into the 84-86 range.
This is a hanging man candle I believe, and thus offers some promise next week for a sell off under 80, perhaps as low as 79/78.
More over the weekend :)
We have a pretty impressive 3 week top for the Russ'2000 small cap index. Yes, the dow broke above 13000 just earlier this morning, but the R2k is NOT confirming the stupidly small dow'30.
Clearly, bears need to see 81.00 break...that should offer 76 within 2 weeks.
However, the doomers need to be cautious in that it is highly probable we'll get a bounce at the 76 level - equvilent to around sp'1300.
The more conservative 'big money' players might do well to see if we can...
1. hit 76
2. see bounce to 80....then put in a LOWER HIGH....which would be confirmed once 76 broken.
*a break of 76 should in theory open up a move to 66, which would be a very profitable short position for March/April..