Just a quick post to remind you to keep an eye on the big picture. If you look at QQQ (weekly chart below), you will see that we are at the 50.0% retracement from the 2007 high to the 2008 low. Price is bouncing around this level and I don't have any predictions, but I will be watching to see what happens as it could set the direction for the rest of 2009.
SPY is actually at the 38.2% retracement from the 2007 high to the low set earlier this year.
As we get to the Fall and things slow down for me, I will try to post more charts. I hope everyone had a great summer.
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4 comments:
Hi Tom, good to see you post. I hope it becomes regular as I miss visiting this blog.
Cheers!
Thanks. I get caught up in the 5-minute timeframe and rarely look at the big picture.
DJ
Thanks Tom, good to see you back
hahahah I am still reading the past post on this blog
I am thinking down, down, down, down. This was just a dead-cat bounce.
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