Wednesday, September 3, 2008

NDX: In Search of Support

The NDX had another down day today, but managed a little bounce at 1825.

Below is some more support at 1800 and 1775, and after a couple weeks down it may be time for a little relief rally back to test the 200MA again.

Note the break of the wedge to the downside.

NDX Daily Chart:

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1 comment:

Richard said...

The Proshares 200% inverse of the semiconductor sector ETF, SSG, rose 10% today on the fall of Dell computer.

Your article shows the NASDAQ falling out of a consolidation triangle.

There will be no support for the Nasdaq, now that Dell expects diminished growth. It's good-bye to the NASDAQ and makes for a short sellers bonanza.

The fall DELL, and of the semiconductors, SMH, communicates that investing in US growth stocks is over; yes that's right, done, over, history, it's the end of an investment age for going long stocks.

One needs to take immediate action to preserve and protect pone's wealth!

I recommend a purchase of SKF in a trust account along with a short sell of MBI, ABK, and RDN, SCA, MTG, RAM, SUR, and AGO.

And I recommend a small short position in USD/JPY in a Forex account.

And the purchase of gold at BullionVault.com and GoldMoney.com as protection against systemic risk events.

In as much as gold relative to US Stocks GLD:VTI is above 1.15, I believe there is an ongoing investment demand for gold.

US Treasuries are no longer a lifeboat of safety as they seem to be topping out -- look for gold to soon arise as the defacto world currency and measure and means of garnering and preserving wealth as people flee fiat assets and world conflicts escalate.

Please consider covering gold, $GOLD, and SKF as long investments here on your blog.

September 3, 2008 at 9:01 PM

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