A real threat... I am sounding like spec now. SEVERE SPACE WEATHER: The National Academy of Sciences has just released the results of a study entitled Severe Space Weather Events--Understanding Societal and Economic Impacts. The 132-page document examines what might happen to our high-tech modern society in the event of a super solar flare followed by an extreme geomagnetic storm. Such a storm did occur in the year 1859. It electrified telegraph lines, shocking technicians and setting telegraph papers on fire; Northern Lights as far south as Cuba were so bright, you could read a newspaper by their eerie glow. (continued below) According to the report, "a contemporary repetition of that event would cause significantly more extensive (and possibly catastrophic) social and economic disruptions." The report warns of widespread failures in telecommunications, electric power, banking and finance, and transportation; even water supplies could be disrupted. The total economic impact in the first year alone could reach $2 trillion--about 15 times greater than the costs of Hurricane Katrina. Depending on damage, full recovery from the solar storm could take 4 to 6 years. No one knows how often super solar storms occur. We've only seen one like it in the past 200 years. The next one could be another 200 years away--or just 200 days. All the more reason to study space weather!
My 4 hour shows a holding pattern ... Making the daily eerily similar to Pek's 5-min chart - touched upper BB, hold there after the tight range day, and technically confirmed the upside breakout. Shorts from below 20 without B1S2 holding strength may be in trouble if a final blow off is going to happen. We started this run up from around mid-850, a 100 pt run up is approx mid-950. Not there yet. If it is good for 10% run only, then the run should exhaust itself in 85 to 86 pts. Target around 940. That happened and seems to stopped the run.
Well, as you know I am very bearish and thus very biased --- I want thjis thing to drop to 800 in a few days, and it may Strong resistance at 932/935 Support at 912/915 But I believe it can go as lows as 895 today, or even lower to 875 and then to 800 by end of week. Of course, it may not and close the week at 980 or higher. (NOT)
Don't forget 50% of this run up lands at around 900. Edit: A test of 20 from below just happened and it failed!
01/07/2009 09:01 *DJ Intel Sees 4Q Rev About $8.2B, Down 23% >INTC 01/07/2009 08:15 *DJ ADP Sees December US Private Sector Jobs -693,000
Momentum play. 1 st big support 913.50. Next 872.50. Today we will see whether fund guys are playing "improving" economy or not...