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IBDvalueinvestin (99.66)

3rd time 11k support on DJIA is being tested.

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November 29, 2010 – Comments (3)

If this 11K support holds, it may be a really good time to start adding more to your positions at these levels. The last two times 11k support was tested we had triple digit gains the very next day.

If Black Friday sales is any indication we should have a pretty nice Christmas sales season.

All these Irish scare mongers have nothing on US economy and the buyers during the weekend did not get scared out of the stores, so its shocking that retail sector is selling off with the rest of the market.

 

Expect some smart people to start buying this oversold condition and cause the market to start rebounding soon.

3 Comments – Post Your Own

#1) On November 29, 2010 at 11:39 AM, Valyooo (99.36) wrote:

We broke 11k, now what?

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#2) On November 29, 2010 at 5:42 PM, nuf2bdangrus (< 20) wrote:

All POMO all the time.  Keep some short hedges, and sell calls.  BUt also keep one eye on the exits.  As more shorts get squeezed out, and more longs sucked in...the Fed will eventually run out of funny dollars.  Incomeing COngress will not be tolerant of money created out of thin air.

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#3) On December 02, 2010 at 4:14 PM, IBDvalueinvestin (99.66) wrote:

nuf2bdangrus I hope you didn't do what you suggested on 11/29 , otherwise I feel four your pain the last 2 days.

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