Tuesday, July 15, 2008

DOW Below 11K -- two days early on my call

For those of you who follow this Blog regularly, you know I made a call in June for the DOW to eventually break below 11,700 downside support: DOW -- Trouble Ahead?...

And then once broken, I made a call last week that the DOW would actually fall/close below the psychological 11K mark. DOW: Below 11K this week...

Well, the DOW actually DID dip below 11K (3 times) on Friday, but with Plunge Protection team assistance late in the day, it ended up closing above my < 11K projection for the week DOW Daily and Hot off the press news.

Anyway, looks like my target was finally hit today -- I was two trading days early with my call.

With that said, and with our toxic banking system contagion spreading like wildfire, I believe that if things don't improve quickly, 10,680 (the next significant downside support level) may also be taken out relatively soon.

From there, looks like 10,300 is the next downside support, followed by ~ 9,700.

Damn! This is getting downright scary -- even for me! Things are happening way too fast... This is big folks!!!



All the best

Randy

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