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Japanese Candlesticks Technical Analysis |
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Wednesday evening,
May 7, 2008
Our new Article
about bearish Candlestick signals in Merrill Lynch as far back as
February 2007
has been published by
Ezine Articles under the heading “Investing/Stocks” at
http://ezinearticles.com/?id=1153569
A. The Indexes
STAND FAST. STAY
SHORT. THE MARKETS APPEAR TO HAVE TOPPED AND REVERSED, BACK TO THE
UNDERLYING DOWNTREND.
MAINTAIN YOUR
PROTECTIVE BUY-STOPS.
WATCH THE PROGRESS
OF CRUDE OIL CLOSELY NOW. IT HAS BEEN A TREMENDOUS WINNER FOR OUR
SUBSCRIBERS. DON’T ALLOW PROFIT TO SLIP AWAY.
KEEP MOST OF YOUR
LIQUID ASSETS IN THE FORM OF CASH, IN THE SAFEST SANCTUARIES YOU CAN
FIND. IN THE USA, FDIC-INSURED BANK ACCOUNTS AND US TREASURY BILLS
ARE GOOD CHOICES.
Price action as
shown on the Dow Industrials and S&P 500 ten-minute charts today
looks a lot like the stairs in the house where I grew up. Step,
step, step, relentless, and Dad made us wax them twice a month.
Well, there was no “waxing” going on in the stock market today; it
was all “waning.”
My guess is that the
bullish fever has broken. On the Industrials’ way to a 206-point
loss today, its bar on the Daily chart was a tall black bearish
Candle. That pattern was duplicated throughout the Indexes. Our
favorite Indicators confirm the bearishness. The multiple bearish
Candlestick patterns and the looks of the Indicators which I
mentioned on Monday evening appear to have borne fruit today.
My recommendation
that you “pounce on the bounce” with a modest addition to your Short
position (whichever form it may take) seems to have been justified.
Granted, one day does not make a trend; but the signals are quite
compelling. The odds are tilted in the direction of thinking that
the bear market has resumed. Odds only, not a guarantee; but the
signals were so strong and universal today that our level of
confidence is quite high in saying that we have probably just seen a
top.
What happened across
the board today also reinforces our standing conviction that the
Candlesticks are reliable predictors of reversals. We could not do
our work without them.
B. Gold
I can’t foretell the
immediate direction for Gold. The bounce may not be over. By
rights, it ought to rise a bit more before reverting to its main
underlying trend, which is Down. Stay Short and mind your
protective buy-stops.
C. Silver
Silver is in the
same situation as Gold. Stay Short and mind your protective
buy-stops.
D. Crude Oil
Up another $1.69
today. All praise to the Candlesticks and to the Morning Star
pattern! This has been a ten-strike. Maintain your Longs or
Calls. Crude is overbought. It may not turn down right away, but
it should happen soon. Consider elevating your safety sell-stops
underneath your Long contracts or Calls. Also consider acquiring a
Put.
Paid Subscribers
may
Press Here
in order to link to the Login page for SPECIFIC buy-sell-hold position
recommendations.
Always use
protective stops. Always. No exceptions.
When you
purchase options, always buy them in two’s, or in units of two.
When the trend changes, CandleWave will
change with it.
When the eminent economist and investor John Maynard Keynes was
criticized for changing his mind, he replied “When the facts change,
I change my mind. What do you do, Sir?”
INVESTORS’ BIGGEST MISTAKE
Investors’ biggest mistake is
Staying Too Long At The Fair, hoping against hope that the Fair will reopen
tomorrow, the day after, or next week.
But the Bull Fair is almost certainly dead. The facts have changed. Have you
changed your mind? What do you do, Sir? What are
you going to do now? Are you……
LOST IN THE WOODS?
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