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Written by Jim Patterson
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Thursday, 06 December 2007 |
Here’s the Deal:
The averages are
pleasantly following our expectation envelope. Our primary line
of thinking at this point is, buy the rumor and then sell the
news. For now, there is nothing better or more constructive
than the upside follow through we saw on Thursday.
With Thursday’s advance,
the overall pattern is taking on a distinct shape and form,
needless to say, it favors the bulls. After the 350 point
thrust higher the potential for some backing and filling is
going to be present, but overall, the action is constructively
bullish. Here is how we see it playing out.
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Last Updated ( Thursday, 06 December 2007 )
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Written by Jim Patterson
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Wednesday, 05 December 2007 |
Here’s the Deal:
So far so good: We were
looking for weakness in the first half of the week and strength
in the second half of the week. We still have two days left in
the week but overall the action remains on track.
We have entered a
confusing time for many traders. Sentiment is negative while
prices are pushing higher. Look at it this way, confusing
in this instance means the market isn’t doing what a lot of
folks were expecting. The indices having quickly regained the
bulk of what it took them three days to lose. If we are going
to see a near-term failure last Friday’s high is the most
obvious point. So, the question is, did the indices rally a
little over 1% on Wednesday and stall at resistance, or is it
that Wednesday’s powerful 1+% advance carried up to last
Friday’s highs?
Was Wednesday the Key upside follow through day we were looking
for?
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Last Updated ( Wednesday, 05 December 2007 )
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Written by Jim Patterson
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Tuesday, 04 December 2007 |
Here’s the Deal:
Tuesday’s put call ratio
was .98. The elevated readings tell us exactly how little
belief there is in the current rally effort. To all the
short-term bears, take note of the fact that despite having
peaked three days ago, the indices were highly resistant to
falling below somewhat obvious chart support levels. At this
point the market is in need of a catalyzing moment to restart
the upward action.
Tuesday’s action seems
to mesh with our overall expectations for the week. After the
huge surge higher last week the indices are holding up in high
tight consolidation like flag patterns. The Dow challenged
support at 13,250 and for the most part is holding. The price action remains on track with our expectations.
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Last Updated ( Tuesday, 04 December 2007 )
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More...
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TTO Daily Update 12/3/07, on course
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TTO Weekend Update 12/02/07
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TTO Friday AM comment 11/30/07
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TTO Daily Update 11/28/07, Now, a low is in place
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TTO Daily Update 11/27/07, its now or never
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TTO Daily Update 11/26/07, Ugly but Sold Out
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TTO brief Comment 11-23-07
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TTO Mid-Day Comment 11/21/07, still looking for higher prices
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TTO Daily Update 11/20/07
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TTO Daily Update 11/19/07
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