Saturday, February 28, 2009

"I Just Stepped Out for a Drink."
2D, 5m. - Feb. 27 - Session began with a Gap down followed by a feeble attempt to fill the Gap.  Market closed near session open and closed below the November Lows.
5D, 30m. - Feb. 27 - The "Bull Potato" was of very short duration (one of the shortest yet).  It was really of no positive value in trading the Potato to the upside.  A new Bear Potato is forming and is confirmed in the Hourly seen next.
10D, 60m. - Feb. 27 - Bear Potato confirmed on the Hourly chart (Gold Spot).  Technically we had a very short Bull Potato but this in reality is just a resumption of the Bear move to the downside.  Political and Economic news out of Washington has had mostly  a negative effect on the market.
6M, Daily - Feb. 27 - November Lows have been breached.  The market closed below the old lows.  It remains to be seen if the market can bounce back next week.  It could go lower looking for old support levels.  The situation certainly calls for caution as the week begins.