Ref 9417 With Goldman pouncing on bearish note and the Fed draining 26 billion, the short side hedge fund had a bloody day, wiping out markets today. Markets closed lower supports shown on daily charts, SPX 1280 and DOW 11500. We are cycle turn timeframe as noted 6/27/2008 +/-.
Ref 9388 Major market price actions were good but those who planned RIMM firework, didn't cover shorts... didn't have the volumes to break above the noted resistances, mainly falling wedge formations. Rimm didn't spark a breakout from Nas "Cup & Handle" formation. With BKX and TRAN VLT megaphone formations, a caution is necessary.
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