September 26, 2010

Russell 2000 Weekend Update

  • Russell 2000 had good resistance at 670 region.
  • This area happens to be the 50% retrace level for the index.
  • On Friday the index made a good close above the 50% Fib level.
  • Now if the index manages to trade above 670 it should target 685 and 695 as targets.

1 comment:

  1. Quick Note
    Are we at the edge of a P3 event?

    Who knows, but this is clear--

    Wallstreet is completely detached from mainstreet.
    "They" ramp things in the opposite direction to catch as many people off guard as possible. This is clear when correlations suddenly break down, which they have.

    It is amazing that "stock value" is actually computed into what is presented as cumulative "wealth".

    Think about that word, Wealth. Stock prices are just an electronic blip, a fleeting data point with less mass than a thought. But now that prices are up, suddenly the lie that wealth has increased is being pimped out by the Gov/Financial/Media complex.

    Just over a decade ago, I thought this way-- That the stock market price reflected the wealth and strength of our nation. This is how we are trained by the media and our financial "leaders / advisors". It is false.

    So in the last 2 weeks especially, that market is being ramped in the face of every other indicator showing the opposite. How long can the insanity last? Well look at 1999, it can last a long time. Elections coming up could really be Dabama saying to his G-team....whatever, take $100B and ramp the futures and market indices....make sure people are happy by election day.

    Here are some charts by darell, lots of ratio charts.