I am headed to College Station shortly. Will be the first Texas A&M football game I have attended this year. For those of you who will be in College Station this weekend, give me a holler and hopefully we can meet up.
Basically an absolute perfect week for the bears. They haven't taken complete control but pretty close. We closed right on top of 1044 (1044.38 to be exact). The thing is this is a trendline not an absolute technical level (like say 840). On Monday the trendline will be around 1046 to 1047. So the indexes have to gain just to maintain this trendline. The DOW at this point has lost the trendline. Unlike an abosolute technical level, trendlines can be breached and bounce around it as the indexes try to grasp onto it. At some point if they don't get stuffed back up into it, it is like the old Wiley Coyote cartoons when Wiley Coyote keeps running and he realizes he ran off a cliff and than plummets. The recogintion isn't immediate and for the markets it could take a few days before it realizes it. Don't expect the indexes to give up this trendline easily. They may try a couple of days to get back into it. I will try to do a post on Sunday on what I think investors should be looking at next week.