Pre market futures were up and on the Dow had hit resistance. Those futures have since pulled back of the highs. The weekly jobless claims data came in and for us there was no surprises, the average of jobless claims continues to rise and the continuing claims index is also still moving upwards. Confirmations of a still deteriorating employment picture.
The chart below is the current daily chart for the Dow Jones Industrial Average. The blue circle is where we took our short position on the Dow by purchasing the Ultrashort DXD. Today is setting up to be a day of indecision. We’re holding our short position.
Daily Chart: Dow Jones Industrial Average
Technorati Tags: Dow Jones Industrial Average,DJIA
2 Comments
February 21st, 2008 at 3:14 pm
Excellent technical analysis. I would love to learn how you develop your t/a methods and what you look for. you are one heck of a chartist there Chuck. keep up the super work.
February 21st, 2008 at 6:49 pm
Thank you for the nice words.
When we are running with the new web site we will be conducting some training seminars online with our subscribers. We will go beyond just being a web site that just talks about the markets and finding stocks to trade. Our goal is to educate and teach our readers how to be better investors and traders.
Again, many thanks for the compliments on the Technical Analysis