friday trading, page-56

Treggs, as we have been discussing the last few days about your 100% completion of your expanding wedge on the daily chart and it works as we discussed which was why I said yesterday about buying spi at 3300 and change my target to 3280 overnight and it went even lower.

I agree this might not be the low but I am calling for a bounce because anytime a recent low is tested and then capitulate down pass the tested low, we tend to pull back up a bit as bargain hunters are jumping in and then another test of the breakdown target low and pray that we'll find the bottom.

The other reasons I am going long is Mr Obama might take advantage of the fear in the market and announces his Whitehouse team ie the treasurer and commits to start working with current Bush administration to fix the economy. This is something the market is looking for and I do believe it will be positive for the market.

The other reason is China is going to announce more stimulate spending measure and economic plans over the weekend to boost their economy and top it off the options expiry next Thursday, I believe it's the excuse the market needs to run up a bit.

Well these are just my noise rambling so make your own decision before trading.

Nice charting work as always Treggs.