Markets - DJIA 12,266 dn-315 p&f chart dn-6 sqrs.
Last DJIA report was dated Feb.14th then at 12,462 dn-89 and I forecast
support at 12,100 with a overhead resistance at 12,600 remaining in
that trading range until it would resume it's chart bear trend down.
In that report I wrote: "....and this mth.things have settled down to a range
of 12,100 to 12,600, any break below of above will alter the p&f chart to
the next resistance of 13,100 above and 11,600 below".
Feb.11th intraday low was 12,006, then hit 19th at 12,571, dn.again on 22nd
to 12,116, then up again to 12,815, 27th intraday. So that's the range I wrote
about, and now we are due for a major shift. That should be down.
The drop on Friday, of 315 pts. will mark the next move in this bear mkt. to
the next math level at 11,600. Even with rates being dropped in a Fed.panic
mode, it will not save "The Titanic Economy" from taking on more and more
cold sea water. The US economy is bound to follow the sinking US Dollar.
Just watch the p&f chart drop below that math number of 12,100, this wk.
Advisors Sentiment. www.investorsintelligence.com 914-632-0422 NY, NY.
Feb.20th Bulls increased to 41.6%, up from last wk's sharp decline at 36.7%.
That was the fewest Bulls since 35.6% on June 16th, 2006. The Bears fell to
33.7% from recent high 35.6% a wk.ago. Correction 24.7%, dn.from 27.7%.
Feb.27th Bulls moved up to 42.0% from 41.6% wk.before. The Bears moved
up to 36.4% from 33.7% wk.before. Correction went dn.to 21.6% from 24.7%.
Next reading will be out Wed.Mar.5th. P7F chart below here, dn.6 srqs in red.
Charlton Capital Ltd. # 1 in forecasting the future, not the present.