Extensive research this weekend. Identified important support (pivot) levels for all three indices; SP500, COMPX and INDU: "The SP500 is already sufficiently oversold, and I would expect support between 1165 and 1179 to hold, and end minute wave ii." "The COMPX is approaching oversold levels indicative of a major turning point, and I would expect support between 2040 and 2061 to hold, and end the wave ii correction." "The INDU is nearly sufficiently oversold, look for support and an end to the minute wave ii correction between 10,142 and 10,246, or worse case 10,063." For the details, check out my blog. Naturally questions and constructive remarks are always welcome. Best to you week, should be an interesting one! http://spaces.msn.com/members/caldaroEW/
For you guys that are old enough to remember when General Motors was a bellweather stock in the 1980's. Well, it's down 9% today, and at it's lows. Thinking the support levels mentioned in the above post might start coming in handy fairly soon.
We're very close to a bottom here: the selling has become fragmented, EOD target levels have been met and some intraday levels are very close to being met as well. So I did some buying into the close, and plan on adding to my QQQQ position today, with the weakness expected. http://spaces.msn.com/members/caldaroEW/