Wednesday, January 2, 2008

DJT leads the market

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Nice start for the year, of course only taking into account my pessimistic outlook represented in the previous report. For those who expected the market higher it was a really bad day.

So, taking back to my charts I only may say that they are still bearish (the same as I stated on Monday). The only thing that is changed is today’s volume output. The last time we saw higher then today’s daily volume on 10/21/2007. I may assume that it may lead to some recovery, yet the indicators are still point to weak market.

Let’s wait for another trading day. The last half of the year we saw very sharp and unexpected trend reversals. We could see it again. In this case I could say only that I would include additional lower timeframes charts to may screen and maybe paid more attention to Dow Jones indexes (DJI, DJU and DJT) – leaders of today’s drop…

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