Hmmm... despite the rhetoric or personal views, traders need a basis on which to define strategies and positions, particularly derivatives traders who are focussed on the near term ...
Calling the 'sky is falling' and suggest we should all flee screaming into the Bond market is less than definitive.
The delicate balance of corporate malfeasance and economic recovery was destroyed by the latest scam (Johnson & Johnson) ripping the recent support level analysts were hoping would signal a positive for buyers ...
That support was signalled and confirmed at Fib(50.0%) at 3138 and subsequent upside failed at Fib(38.2%) disappointing the Bulls ...
These were supported by corresponding analysis of individual stocks and subsequently had positions stopped-out.
Chart looked like this ...
Following more accounting scandals this Fib(50.0%) level collapsed to next at Fib(61.8%) in three negative sessions as support became hysteria ...
The real concern is that this Fib(61.8%) is the last before what is customarily freefall territory. Monday will test these levels.
If Commsuc survives the inevitable gridlock which is predicted ... traders might be able to get SHORT early. Those needing to EXIT might want to consider a phone order well before the market opens to risk disappointment.
Chart looks like this ...
This is only my view ... read the red stuff.
Technical analysis ... what and why ...
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