Saturday, November 15, 2008

G20 and Beyond

Well, my bit of optimism was misplaced and after a one day wonder rally, the markets gave it all back. The g20 meeting is a non-event, what can they do?

We are oversold enough for another rally try which I believe will also fail. Some esoteric trendline calculations and a bit of fibonacci number fitting is indicating this market has a ways to go on the downside before any durable trend change is possible. Whether or not we hit my 6800 DJIA target zone this month or next year is a moot point, it's coming one way or the other. The potential for much lower prices exists. IRA investors should remain in cash.

The DJIA Monthly (not weekly as labeled)
Click to enlarge


Anonymous said...

Goerge Been following your posts on this Blog and CB Forum for many months now. I want to thank you for your contributions to all of us and the time you take to educate.
Please keep up the good work,
Best Regards and Happy Holidays


George said...

Hi Benny,

Thanks for the kind words.
Best wishes for the Holidays to you as well .