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Thursday, October 15, 2009
After the Bell Update
We have to be getting very close to a top of some sort, I added the Renko chart because there are so many different options when looking at a normal chart for this current rally I thought I would give Renko a try, sometimes Renko is great at cutting thru all the clutter and noise. As long as we stay under 1100, wave 3 would not be the shortest.
The MACD on all of the different time framed charts is topped out, Wms, RSI, and the STO, are also topped out. Advancers and decliners were about even at the close, 1513/1499 each, all on volume that was slightly weaker then yesterday.
I was not expecting that the day Goldman blew away estimates, that the market would be so weak, might be a great sign that investors are not willing to put their money to work at these extreme levels. IBM and GGG will be reporting here soon after the bell.