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A place for friends to gather and view stock market charts, discuss technical analysis and market outlook. What is your Principal Asset? How can it be developed? Each and all should do their own due dilligence and homework before investing. And by no means should you use anything I say or show here as a sole basis to buy or sell securities as everything is for educational experience only.

Wednesday, August 20, 2008

GW & XLF

The financials and or the XLF is all the hubabaloo with rumours looming of a "huge" bank failure and continued liquidity issues down on the governmental farm of Freddy and Fannie. The chart is shaping up pretty bearish. Look out below when the resistance line of $19.75 is finally confirmed broken by the passing of the $19.61 fib line.
Check out GW...... getting long with a stop at $7.95....
The Jan 09 $10 strike is trading for a mere $0.35

Jobless claims estimate for pre-open tomorrow is 448,000. A higher surprise or revision of last weeks number could be the catalyst for the market to fall apart. But natural gas may have bottomed.
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