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IBDvalueinvestin (99.64)

Ready to pounce on -700 points fall to (12,000 level) DJIA Support Level.

Recs

4

August 02, 2011 – Comments (2) | RELATED TICKERS: SPY , QQQ , VXX

3 downtrends in 2011 have all seen support at 12,000

The VIX shows that we are at bottom or very close in this current downtrend.

Put holders and shorts are getting ready to switch sides soon while people on the sidelines with cash are looking at oversold stocks ready to rebound.

 

CLF

DE

CAT

TIF

GES

ANR

PPO

FFIV

VMW

CTXS

WLT

DOW

WLL

 

 

2 Comments – Post Your Own

#1) On August 02, 2011 at 11:42 AM, IBDvalueinvestin (99.64) wrote:

Hard hit stocks :

 

RBCN

JDSU

CIEN

FNSR

TGB

CSC

MS

FSLR

HRS

SCCO

GS

HPQ

RIG

IDTI

PAY

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#2) On August 02, 2011 at 1:04 PM, davejh23 (< 20) wrote:

"3 downtrends in 2011 have all seen support at 12,000"

Looks like a big head and shoulders pattern on the S&P.  The DJIA chart is skewed, but it looks like we sliced through the lower trendline today...we'll need to see if there's any follow through.  While we do look modestly oversold on daily charts, weekly charts show an ugly trend and we're close to a pretty reliable crash indicator on the monthly charts.

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