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Updated:

by RaginCajun on July 22nd, 2008 at 4:07 pm

Caution: We have now rallied right back up to the previous lows set back in the beginning of ‘08, this could be a stopping point. If not, it’s right back to the 50 day @ 12,000.

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11 Responses to “Updated:”

Jakegint Says:

Nice chart.

_
July 22nd, 2008 at 4:12 pm +0
RaginCajun Says:

WM on fire in AH
July 22nd, 2008 at 4:21 pm +0
punyandy Says:

It looks like a box with a bunch of fucking squiggly lines.
July 22nd, 2008 at 4:26 pm +0
Romeo Bravo Says:

These bottoms rarely produce V rallies. I don’t think we go straight back up. If we indeed are going to hit 12k a pullback of sorts will happen before then.
July 22nd, 2008 at 5:02 pm +0
Jeb Says:

Hey Cajun,

What software do you use for charting and drawing trend lines ?

Thanks! good info!
July 22nd, 2008 at 6:18 pm +0
Cajun Says:

Prophet software that comes free with thinkorswim.com
July 22nd, 2008 at 6:37 pm +0
Woodshedder Says:

Cajun, your 200 week moving average is at 11,700.

Also, I have WM closing down in AHs.
July 22nd, 2008 at 9:28 pm +0
Gunners Says:

wood, 12,700 you mean?
July 22nd, 2008 at 9:36 pm +0
Woodshedder Says:

11,700 my blue barreled friend.

200 WEEK moving average

Cajun brought the avg. up one time, and I did some quick testing on it.

In the past, once it is broken, it becomes serious resistance. It has typically only been broken in real-live bear markets, a la the 70s and 2001-2003.
July 22nd, 2008 at 9:40 pm +1
Gunners Says:

ah, WEEK, not day
July 23rd, 2008 at 8:00 am +0
CubsRock Says:

Thanks for that info Wood. What about the fact we just broke down through it. My thinking is that it should not be that big of a resistance yet. As early 2002 shows these bear market rallies can go through all technicals.
July 23rd, 2008 at 8:14 am +0