CRASH TIME
Blissbull, the time has come.
TLAB, KIM, MOT, WMT, GOOG, MSFT, UTX, and FNM are looking really sick. They have the beginnings of a waterfall selloff.
TLAB gap spike on blow out earning and has been nearly closed by a small wave 1. The last 2 days have been a small wave 2. An extended wave 3 is about to drop at least $2.
KIM made its top on news that it would be added to the SAP500 index. It is in the same wave count as TLAB even though it took more time.
MOT finished a very small wave 2 today in a much larger 3 of 3 of 3. Bollinger bands are opening and the price is following the lower band.
MSFT price has remained outside the lower bollinger band for 2 days. The consolidation has been very shallow so far, and today's low broke Friday's gap lower. the Wave count is at least 3 of 3 of 3. I would expect mroe consolidation, but it looks like the rest of the market has caught up with it in terms of being in a larger wave 3.
GOOG looks like its bounce from mid March '06 lows has been motive, but it did not make a new 52 week high, so it probably truncated. The sharp pullback supports post truncation behavior. More selling to come. I'm having difficulties identifying the waves in the sharp selloff. The price did find support in the area of the lower bollinger bands.
WMT finished a flat from early April '06 low to present. Now comes a whole lot of wave 3's.
UTX Reported great earnings recently. The price has come back into the bollinger bands and still should drop a couple dollars to tag the center. The RSI issued a SELL a 3 days ago, as did the stochastics. The MACD is about to issue a sell. UTX is one of the few DOW components that are/ have made new all time highs.
FNM has a bunch of waves 1-2 and clearly shows a rounding over. The bollinger bands are opening and the price is following the lower band down. MACD shows a continued downtrend. The stochastic is nearly oversold since the rallies have been short lived.
