The Quick Takes Pro blog by Michael Kahn, CMT about anything that might affect your portfolio.
sup Mr. Kahn, your books was one of the first insight into the world of technical analysis and you have helped my profits grow tenfolds. In fact I have been short since the downfall on Feb 22nd. Near the November lows is my target as it hits support from the March lows. Around that area I should lighten up on the shorts and start looking for an entry on a long position unless we break those key support levels. -
Looking at the technical picture and also what's happening globally, that would be a safe assumption to make that we go down to Nov lows. However, we are now living in unprecedented times and that is not likely to happen. Governments and Central Bankers all over the world will hammer the day lights out of shorts and make them run for cover. Hence my prediction is actually quite the reverse that by Friday or latest Monday, at the first whiff of control on the nuclear vessels in Japan, the markets recovers all the loss in a few days and then heads higher. China and India are already factoring that fact as they have not fallen as much in the last week and are getting ready for the mother of all short squeeze. Have a good trading day.
Well squozen, mr grape
Ashet,I like your reasoning but I think it is far too optimistic. Bounce only and then on down to Nov
One last decline to 1235 and then a quick recovery back to recent highs. All of this by mid-to-late April.
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