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DJIA Circuit Breakers
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[QUOTE]Originally posted by glassman: [QB] [QUOTE]Originally posted by Relentless.: [qb] [QUOTE]Originally posted by glassman: [qb] the five year chart looks like it could have some support at about 14800 from July '13 after that it's no mans land. the July '13 is not a strong indicator to my mind... after what we saw in '08-'09, it seems to me that the algorythms are in charge and we could see anything happen. I expected teh depth of that fall the be about half what it was. [/qb][/QUOTE]Switch to the weekly chart. Support as of right now is the 200 week moving average, which is what it bounced off of yesterday. The next week or so will rise a bit and level off, then a re-test of that support. If it actually makes it below? Hory sheet because the next level of support is far lower. Remember the chart I posted a couple years ago?? Still in play me thinks, just took longer to mature than I expected. [/qb][/QUOTE]thanx for that relent, i see it now. so in the next two weeks we *should* test that low again and if it holds we have (almost) our 10% correction, but if we drop thru it there will be blood... that's sort of how i was feeling it but i was looking at 15,000 for suppoprt from the daily chart. the 'funny" thing is that i feel like the low price of gasoline and deisel is going to fire up the economy alot. the problem for he stock market IMO is that the banks have run it up with all their free cash from the FED and they can't keep it going without retail support which ain't showing up until we have about 18 months of cheap gasoline. after that, people will agaqin have some cash to invest/trade with... but not before.. [/QB][/QUOTE]
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