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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, February 27, 2008

Important levels: 1400 S&P & 12,894 DOW

Check out this 2 year chart of the SPY or S&P 500. The convergence of a declining 50 day EMA, bottom-side of a two year Fib fan line, & and most importantly the bottom-side of a 50% Fib retracement. Is it a coincidence that in the last Bear market of 2000 that the initial leg down retraced exactly back to the 50% retracement line before PLUMMETING. I think not.

And the DOW is a mere quick short squeeze from 12,894 and the bottom-side of it's 50%retracement.

There has been NOTHING but BAD, no awful news and economic data. It's amazing that CNBC can spin that all this news is "Priced in" BULL-%&*@! The big money guys are propping the market up for a decent end of month for their February reports. BULLS - Don't get suckered in for the PLUNGE that is about to transpire.
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