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04/27/2011 Intraday Comment

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99er
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Joined: Mon Feb 14, 2011 3:43 pm
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Re: 04/27/2011 Intraday Comment

Post by 99er »

AK84:

Why am I bearish? Below is the weekly chart of the Russell 2000. The Fib retracement levels (grey solid lines) are from the prior high on the monthly chart; note that we have recently made a second touch (for a possible Double Top). The uptrend looks less impulsive and more corrective to me which creates a bearish bias. I believe too that the liquidity provided by Bernanke is the only reason we move up at all. Looking at the waves, I note a possible Wolfe Wave with a target well below where we are today. If prices move above the 100% Fib in a significant fashion, I will become bullish.

RUT: http://99ercharts.blogspot.com/2011/04/rut_27.html
stocksage
Posts: 134
Joined: Thu Mar 10, 2011 11:01 am

Re: 04/27/2011 Intraday Comment

Post by stocksage »

Bears here just keep making dumb bear bets. Hey I've got news for ya the trend is up! Some here have been bearish since this forum started. :lol: :lol: :lol:
stocksage
Posts: 134
Joined: Thu Mar 10, 2011 11:01 am

Re: 04/27/2011 Intraday Comment

Post by stocksage »

do think we are due for a pullback but will go on to new highs again after that.
bigpig
Posts: 3
Joined: Thu Apr 28, 2011 12:55 am

Re: 04/27/2011 Intraday Comment

Post by bigpig »

Institutional actions from StockTiming. Overall, my reading is bearish, especially unlike the previous times, this time despite the market skyrocketing high but there's simply no institutional accumulations here.
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