Thursday, December 4, 2008

Big Jobs Report in the AM

1 comment:

Anonymous said...

Jax, what a day!, down on open, terrible news all around , goes basically sideways all day then up 260 points at close (the dow), was looking at the charts after close just to ease my concerns about picking up a little SRS @ 101 and faz @44 in the last few 10 minutes of the day. tell me your thoughts about the daily charts for the dow , naz, s&p - they all are about the same, i'm seeing a descending wedge, with the dow bumping up against the overhead resistance. todays range touched the bottom and the top of the wedge, it has to break thru overhead then, resistance at about 8800 then the 50dma is not far up from here at about 8985, i know wedges can be powerful with big moves, but a descending wedge in a bear market usually is a continuation pattern , although i also heard in a few other places that bottoms usually are accompanied with markets ignoring bad news , and we have lots of bad news. i'm thinking this might break to the upside. thoughts? anyone....?