Wednesday, November 18, 2009

The Daily Note - DJIA

I will be posting my random thoughts for the day, here, along with some significant calls that I may see.

I keep being concerned with how significantly we have reached a possible correction level on the DOW. Although corrections are good, and welcome, the significance here is that it looks as if the market wants to keep pushing up. I can already see a near 600 point correction and if we push higher, that may increase. This is the chart of the "caterpillar" pattern I've been following and as it's in a secondary channel, (channel within a channel) there is the potential possibility that it will punch higher toward the 11000 which I wrote about yesterday. Take a closer look here :

Must be ready for anything because it would be significant if markets pushed too much higher before a correction. Also note that we are looking at a potential 600 point correction (although not in one day) that is if the pattern stays true.

$BIDU perhaps the biggest significant breakout is off the $260. Now it has possibility of a $460

Long above $442 to $444-$445, breaking higher to near$447; short below $439 to near $437, breakdown to below $436.70 significant, $435-$434 further, longer breakdown possible below 432 to about $427.


$GDX on watch list, double top or breakout?

Long above $52 to potential of $54, short below $50 to about $48.

$POT breakout is significant, watch $IPI for possible good sympathy play.

above $28.50 to near $30 & higher breakout possible

$DGW Interesting breakout and potential for higher play to near $43

Long above $41.50 target near $43, short below $40 to about $38


Also watching $GLD, $NEM $FCX $APWR,

Happy Trading, Living and Dancing

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