Winace Calls For A Drop Tomorrow
Written on March 4, 2008 – 10:50 pm | by admin
Winace over at ChannelLines.com predicts we are going down tomorrow:
Tomorrow, we’re going down. I do not even question this. All 4 indices are to the penny, it is more than mere coincidence. I’ll post some targets in the newsletter.
Such a statement is based on this graph: (note the blue upward sloping line).
The late day rally today from -220 on the DJIA to -45 scares me. It makes me think some of the market makers know something BIG that the rest of us don’t.
While the news stream continues to be bearish, today’s touch off of 12040 and rebound higher might indicate a short-term bottom.
I remain bearish on the financials & the U.S. commercial real estate developers. I also hold puts on CMI, COH, and EEM.
I am looking at getting into some puts on GNK and using its intraday high of 63.87 as a stop. This is based on a rollover in the slow stochastics coupled with a candlestick formation that was also seen on CMI before it fell hard.