Friday, October 16, 2009

readings and outlook as of noon friday oct 16, 2009

spx at 8-0 sell with evening star
weekly 9-3 sell
monthly 6-0 sell

goog at 9-0 sell or 9-1 sell
weekly 9-4 sell
monthly 8-0 sell
lots of chatter about some "island reversal" for goog including from eric bolling of fox business who i respect as a trader. frankly, the only way goog forms an island reversal is for her to gap down on monday after the gap opening today. is that possible? of course it is likely for goog to open lower monday, that's simple profit taking. the reversal will have to break down below the 525 area which has been the high volume area of the previous week, also counts 4 through 8.

bidu at 4-0 buy
weekly 1-0 buy
monthly 8-0 sell

aapl at 1-0 buy before monday earnings
weekly 9-5 sell
monthly 8-0 sell

with all the monthly 8-0 sell counts, the issue is whether we go to a countdown and complete an open ended 9-13 sell or 1-0 buy to follow.

paul


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