Looksmart Limited (LKST)

[andy20020]

TG ... why thankyou. I'm not certain what info precisely set the indices to fall as they did Thursday. But the FACT that Thursday saw a (TA) nasty candlestick in the making by 3pm was enough to convince anyone watching the game that NOBODY believed the Economic figures that were tarted up for open that morning. Basically the market doesn't believe the BS from the Fed anymore. IMO Thurs 8.30am was the last straw.
The Employment figures on Friday were probably used as the excuse to sell off ... I came across the idea expressed by many very respected people and just passed it on. There is no one area you can watch, there is no one conclusion you can make from any piece of data as "the market" often uses info to move the market anyway it likes ... you've seen this forever with LOOK.
So I can't offer you a definitive answer other than to say that you have to constantly interpret what is happening, rather than decide for yourself what you think should happen.

I know this sounds BS ... but that's the game!

Here's a website that guides you to understand TA for the Dow for free ...

http://www.signalwatch.com/markets/markets-dow.asp

You'll get free daily emails and for ages you'll not understand what Ed Downs is saying .. then one day the penny will drop ... start reading it daily ... he never says what will happen, he says what could and normally should happen and todays gem is ... ""Since the consolidation has formed at the lows of the current move, a downside break is the most likely scenario. Therefore, watch for a break at 9,140, as this level could lead to a much further retracement. Otherwise, an upside break from the range at 9,200 could send the index back up toward the 9,360 area of the wide range. ""

Yep .. more could be up could be down ... that's TA!

By the way - if LOOK forms a consolidation at the lows of the current move, a downside break is the most likely scenario!

Regards