snippets - 30/10/09, page-9

I can't imagine a situation where a bounce is more due than the present time.

Here's the stats for the 50Leaders:

Above 10-Day SMA: 2%
Above 50-Day SMA: 18%
Above 150-Day SMA: 78%.

The 10-day reading is grossly oversold.

The 50-Day reading is oversold.

The 150-Day SMA has come off an overbought level for weeks - which allows for some wiggle room.

Given the "grossly" on the short-term, and the "over-sold" on the medium-term, and normalisation on the long-term, it looks like a lay-down misere for tomorrow.

If we're down tomorrow - then the Elliott Wave guy's "catastrophe" could be on the cards.

I bet its up tomorrow. But - not for too many days in the future.

Cheers
Red

C