Morning Call: We Made New Low - But Skeptical
June 27, 2008 10:17 AM
We made a new low and reverse, so theoretically we could close positive today and signal a possible reversal. However, to say that I am skeptical is an understatement. Take out the lows and then the next day make a new important low? Very unlikely, IMO. In addition, we barely cleared yesterday’s low. I do not consider this a real test of a low which would give me confidence.
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If we clear today’s low late - big trouble is likely
It is bouncing directly off a key sma at the highs
it should bounce above the low here….at least once, if it doesnt, then the market may get roasted
It has paused here…deciding if low will be taken out
There is the bounce above the low…we will see…
There was the point plus pop down once the low cleared…
It is trying to reverse again….it cleared it too early to really pressure the market, most likely