Incredible Charts: Markets: Dont Panic !

Don't Panic !

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hershy

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Post Number: 1957
Registered: 10-2002

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Friday, March 02, 2007 - 05:44 am:

Easy does it folks.
I don't believe it is as bad as the commentators would make you think. It is almost as if they want to talk the market down. The charts tell another story.
It's just after 06.30 and the US market is still trading but at the time of writing the Nasdaq is up .25% and the S & P 500 is even.
MOST charts I've looked at this morning display patterns similar to the one shown here.
Long tails, many from a higher low that 2 days ago.
The buyers are bargain hunting.
Not all, some have bullish up candles and many have bearish down candles but it is certainly not the rout the morning press would have you believe.
Be particularly aware of my avatar though. I am a bull !

Just don't look at the weekly charts !

"The safest way to double your money is to fold it over and put it back in your pocket."

http://members.optusnet.com.au/~hershy/

nicola

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Post Number: 190
Registered: 06-2003

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Friday, March 02, 2007 - 10:32 am:

Thank you Hershy

maxboost

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Post Number: 114
Registered: 12-2005

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Friday, March 02, 2007 - 11:14 am:

Hello Hershy,

The monthly dow chart shows a reversal outside month. The high was all time, with a close below the previous months low. I'm thinking it's vulnerable to the down side at least for a while. Probably not panic at this stage but caution on the long side is probably a good idea. The s&p 500 monthly chart is similar but it closed just above the previous months low. Regards.