Thursday, April 28, 2005

"Turn away..." Part 2

(Pre Script: Same graphics problem applies for this post as well...my apologies.)

I forgot to look at the big boys...the boys who will show us the way through this mess. Below you will find charts and commentary on the DJIA, Nasdaq, and the S&P 500.

(Insert Weekly DJIA)

The Dow Jones Industrial Average is finding support where it once found resistance from the looks of things on the weekly chart above.

Do we bottom here? Or...do we continue to ride this support line a long ways down?

That 10,000 level sure is holding strong. I always find it facinating that there are these certain levels which hold such psychological power over the masses. The bulls will pull out all of the stops to keep the DJIA above the 10,000 mark. If they fail, say hello to the 9,640-9,650 levels.

(Insert the SP500 Weekly)

The S&P 500 recently found support last week at the 1,136 level. Who knows if this will hold, but a break and test at the 1,153 level couldn't hurt. I would like to see that before I put any money back into this index. A break of the 1,136 level leads us down further to find support in the 1,050-1,060 level. That wouldn't be a fun ride if you are long.

(Insert the Nasdaq Weekly)

The Nasdaq was my night in shining armor, but the dragon proved to be to strong or the princess not cute enough to save (I honestly don't know which reason was the real reason for this night's lack of courage).

All kidding aside, The IXIC broke support three weeks ago and will most likely test this break soon.

Don't fall into the media trap/hype and think everything is great again when this test of break occurs. The Nasdaq has to break above at least the 2,200 level pretty convincly before I start looking for more maidens to rescue...I mean capital to invest.

Well, that's how it looks form here from the good 'ol city of Omaha. The Oracle will be here soon to have his annual meeting. I will be waiting by the phone for his phone call patiently. I'm sure he'll call this year to find out what I think about the markets...I just know this year is The Year.

Best Regards,

The Soothsayer of Omaha

10 Comments:

Anonymous Anonymous said...

Sooth,
Why haven't you posted anything lately? I've been eagerly awaiting your work.

Much Praise and Admiration

9:37 PM  
Anonymous Anonymous said...

Mr. Sooth,

I miss you.

2:42 AM  
Anonymous Anonymous said...

Soothe,
I wish you would guide me some more. Have you left us?

1:25 AM  
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