A Quick Update to My Primary View

By: J.D. Rosendahl | Sun, Dec 7, 2008
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Last Sunday, I wrote under my daily chart of the DOW, that it wouldn't surprise me if the markets pulled back from their immediate down trend line before we advance higher. The markets did just that last week and consolidated the late November advance.

The DOW finished the week right back at the down trend line. And while it's feasible for the markets to continue their consolidation and expand that pattern, I expect the markets to trade above the down trend line next week. A break above the down trend line suggests targets of the 20 day moving average (currently 9,000), 9,250, and 9,550 as targets for the advance. This move should finish a little abc wave pattern up.

Happy Holidays



Author: J.D. Rosendahl

J.D. Rosendahl

J.D. Rosendahl is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, we recommend that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.

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