*~1Best~* Market Timing & Trend-Signals

[*~1Best~*]

Qs closed at 47.92 after reversing at 46.46 which is 61% of Mar2007 and about 40% of Jun-Jul2006 rally. It is 15% correction from 10/31/07 high. Also, there are other technical analysis that I do showing the support.

As shown on the weekly chart, it is weekly uptrend line support.

I have noted that I was looking for a reversal to trade up for the next few months after a sharp correction which is one of the worst first week of new year performance since 1937. Also after the INTC correction, I noted that much of bad earning news is priced in as we can see on INTC chart, it has fallen off from cliff as if the company reported bad earning news. This is different from the last earning report season when market priced in good news. Now I think that market has priced in bad news, so any good earning reports will take markets higher.

Today's market action is a good sign of market reversal; therefore, I think that markets have bottomed for the next few months. Will look for a confirmation.

Good luck