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24. July 2008 by admin.
Thursday,
The markets sold off heavy today, but the selling is contained to low volume and we know what that means…
The DJIA lost nearly 300 points today, down 283 points by the close, but the pullback here is anticipated as was clearly marked on our technical chart for this average, and anyone who looks at the volume indicator can clearly see this is a low volume pullback, typical of a quality buying opportunity, and we highly recommend buying quality here.
The NASDAQ lost 45 points for the day retracing to support on the middle bb line, but again the sell volume is less than the buy volume and therefore the selling is only to be reviewed as a buying opportunity… don’t let dramatic moves in the market spook you from quality stocks. The charts tell you which stocks are worth owning and which are to be avoided.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market and where support/resistance is tells came in at (01) this is a support or bottom indicator telling us we have the same support levels we have been showing and this rally is not a pump and dump… this also tells us to take the selling as a buying opportunity.
As Always; Be Smart, Be Patient, & You Will Be Successful.
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