chart 01-10-09

Hi guys,

Robbbbbbb did a chart for LGL on the weekend which highlighted that the LGL SP is at or nearing a support level. I hope you don't mind that I did a chart as well Robbbbbbb. Much of what I suggest is based on your analysis, so, much of the credit goes to you mate. :)

I posted this on the "Day Traders" forum and I thought I'd share my chart (below) thoughts with you guys.

Cheers.

IMO Watch out for LGL today.

From Highlandlad's wrap on the "Day Traders" forum....

"RESOURCES: It's not hard to see where the strength will be in our market today. Significant rallies in oil, gold and base metals should translate into gaps up this morning for many resource stocks. It will be worth sifting through our miners for the most oversold ahead of the open."

I agree that the oversold miners will be the flavour of the day. LGL must be a front runner. IMO, it will gap up today as shorters will cover their positions. The SP has been driven down from ~$3.20 to the lower bollinger band and in IMO a support level.

Good luck all :).