In the comments of my last post Duru made the excellent observation that the Nasdaq stopped just shy of its almost year-long downtrend line. I was so focused on that little triangle that I didn’t even notice it. The S&P and Dow are also still within their downtrend channels. So maybe my election theory will still play out. As always, time will well.
I’ve gotta take my car to the shop this morning (damn I miss my old super-reliable, never-had-a-problem Honda) so I won’t be posting a watchlist today. Happy trading.
Duru beat me to the punch! We’re still in a downward trend but things are getting interesting with the elections coming. Granted there was heavy volume over the past few days and price gains but it’ll be interesting to see if this is all a fake out.
Seems like some kind of post-election rally is certain, no matter who gets in. How long it lasts is the big question … the Naz hasn’t set a new high in almost a year; when the new highs start happening again, perhaps we see a sustained return of the bull. But the corporations aren’t going to have recession numbers to compare to previous quarters in the year to come; that combined with high oil prices and continued terrorism anxieties *could* keep us in this trading range.