Thursday, October 6th, 2016

Never killed their Golden Goose ?

Huh?  Why not kill the Stock market and be done with it one day ? Not so, not from our greedy friends who own this market. They are too swept up in greed and lust for money they can never think of doing this.

Yes when they get angry ( like this past month) they will bring the Temple down to its knees and shake you out. Take  your money and than gear up for another swing  to the upside. Is this behavior too hard to observe? Is this rocket science ?  Just a glance at the charts, and every picture tells the story.  The biggest factor is if you have the stomach too handle this brutal game or not. It’s inside ones head what goes on to be successful or not in this business.

If you sold out, threw the towel and canceled your measly $49.95 subscription to save money, you lost out for good.

On the other hand, if you held on and had seen what was being done like we have been writing on this site, you should be in a fine shape to come back and make some good money among the greediest bunch on earth. The market always comes back, it has in the last 100 years or so and the Golden Goose never taken to the slaughter house and gets killed. Its only to scare you and without your cop-operation in selling out, it wouldn’t have worked at all or would it?

With that said , lets move on and look at some charts :

SPX_06 Feb. 16 10.46

SPX has broken out from its descending channel carved during Wall Streets temper tantrum that started on Jan 21, 2010 on the day GS earnings came out. This is a repeating chart pattern as you can see 2 of them on the left side and the market moves higher after similar moves. There is  50 day MA sitting at 1110 and we should expect some resistance from bears at that point. Would the market drop below its  Fridays bottom placed on Feb 5, 2010? Sure can. One word from President Obama on national TV harking Wall Street, and the temper tantrum will be in full bloom and glory.

Here is another chart on $NDX which is proving to be the strongest player. Its was NDX that lead the downside and its the NDX that is leading the way up. This index was killed during the onslaught. Most notably AAPL  stock which is heavily weighted in $NDX and now AAPL is trading above its 200 mark and also its 50 day moving average. The stock can run to 210 in a blink of an eye.  Other stocks moving higher are GOOG, RIMM, NVDA and CREE. These can be horsed up to make some decent gains.

Here is a quick chart on AAPL.


Barring any bad news, and President not showing up on TV harking the greediest bunch, or the dollar’s rise, we should see some upside momentum here as the market is still very oversold in this Technical correction of nearly 8% the biggest one seen yet.

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