Friday we had no new or open trades, and ended the week profitable each day we traded, typically form 22 to 50%. We've now had only one loss in the last 25 trades.
The market chartists led us again with announcements showing their opinion of the world markets, yet again based on just that day's performance, and typically disregarding opinions they may have offered two days before. This is not a criticism of fundamental chartists; instead, it is a statement that we do not believe the market is long-term chartable and we are in "new territory" with the electronic flash second trading now pervading the world. Any news bite can influence.
Our Dow Projections listed below continue from last week as we are hitting 100% on our support and resistance lines and market "stops." Friday we started from a theoretical Dow high of 10,304 to a a low of 10,107.
The area between 10,050 and 10,118 are strong support areas, where the market "decides" whether to have FEAR reign, and move back to 9800 area, or lower, and begin a "bad fall," as many predict, OR we are near a bottom that with any 100+ rise that holds could turn the market around short term to a short bull run. We think this has the highest chance of occurrence this week, perhaps even today.
The American Public is again showed as stupid and fat, as 23% believe Obama is a Muslim, and 24% believe he is not an American. The complete illogic of this shows that the Roveian propaganda is again working. We honestly believe completely false things, and cannot be made to believe the truth.
I emphasize this as sarcastically as I can, as our nation is being led not by Obama false facts (although there are plenty) but by Roveian false facts that create fear and argue for entitlement, that taxation is a Democrats issue, and support of free enterprise the Republicans. It is actually the reverse.
And, we have little free enterprise left.
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