Friday, January 4, 2008

01.04.08 - Falling Knife

So watch them upwardly revise this number down the road... not good though. At least I lightened up yesterday. The falling VWAP was proving resistance until just a minute or so ago and Cumulative Tick actually looks fairly decent in terms of slope reversal. Of course we may see a V-like recovery, but generally its safer on days like these to wait for the bitter end if you are tempted to get in. Better yet, as there is often a Monday follow-through, sleep soundly this weekend and take a look at it again next week.

1:55PM CST UPDATE: The NDX is down over 4% and falling. There is ugly and then there is today. I'll post a sector screen after the close. Note volume isn't huge by any means.

3:05PM CST UPDATE: The first two columns are % change since open and close, respectively.

Here we are again - not good - following is a link to the prior bounce series, we are actually in worse shape than we were then though: Nasdaq Down X Days: What Happens Next?

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