Wednesday, November 10, 2010

Week Nov 8th - Wed Follow up

Well..we have gotten into the rectangle area and hitting extension targets nicely.
If the pattern plays out, we should get to at least 221.50.  key will be if we hold the 209.25 break.
My biggest concern with NY is London's failure to break the 2008 support point (now resistance) at 2096 (continuous chart).  In failing to do so, it also hit perfectly the bull pennant target of 2098.  Furthermore, today put in a near key reversal pattern off of spinning top candle pattern with slow stochastic overbought and hooking down.  London is ugly.

Note: Ice stocks fell twice by more than 25,000 in the last few days.  

60 min - Can't see us too far above 220 in the near term.


Ldn - if that 2098 holds, then that should be it for a while.

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