Comments on: Market Downtrend Restored as Jobs Vanish

By: Dirty Dan

Dirty Dan — Fri, 03 Jul 2009 16:25:35 +0000

That 50 day moving average on the weekly is definitely holding strong. I will be very impressed if the market is able to break through it at some point.

By: FranktheTank

FranktheTank — Thu, 02 Jul 2009 18:43:57 +0000

next week will be telling of this downtrend as all the boys from GS and the like will be back from the Hamptons ready to pump.

By: Will

Will — Thu, 02 Jul 2009 18:11:15 +0000

CNBC is all about manipulating the general public so corporations have more power to run the world. Absolute scum and I love it when the market goes down because they get so freaked out.

50/200 golden cross looks like a broken test. 25 MA broke down. Even more prevalent…take a look at the 10/30 cross (speculative buy/sell signal). The Golden Cross is a great tool, but people have to keep in mind that it is a test…only good if confirmed. The 10/30 MA crossed negatively and technically caused a nice selloff. The 50 has been breached and we will likely test the 200 MA. If we breach, good night! I say to stay patient and not to go long until RSI breaks upward of 50 and the 10/30 MA crosses upward.

Currently short in my trading account (Oil, Russell 1000, and financials). Long term account, hedging with puts and triple shorts (long positions held from March lows).

Only kicker…earnings are coming up and they may try to pump this market again. Next week Alcoa and Chevron. Personally I hope we crash and get Ron Paul into office…

By: baxter

baxter — Thu, 02 Jul 2009 17:31:01 +0000

Thanks for the charts. It will be interesting to see if the downtrend does stay intact especially with earnings season starting up again soon.

By: SenorRyan

SenorRyan — Thu, 02 Jul 2009 17:04:51 +0000

Dennis Kneale is as unprofessional as they come… the guy talks like my youngest brother (16) on national TV