Momenta Pharmaceuticals, Inc. (MNTA)

[tekcor_atnm]

Only a few days ago you were cautioning that the S&P would experience a major downtrend.

There is a big difference with "would" and "could". In my postings I never say that a stock/index "will" do something.

...they confirm my earlier assessment that TA works until it no longer works.

Market conditions are changing very rapidly and TA has kept me on the right side of the market. If/once the volatility dies down I will still be on the right side of the market. I'll admit that an index can look absolutely horrible for a week, then make sharp moves to recover, so what. If one does not like the volatility or cannot deal with it then they should just buy some mutual funds and check them every few years or stay out of the market. I didn't create the volatility, I'm trying to stay on the right side of it. With volatility, the technical indicators are still correct, they just change at a more rapid pace. A day-trader (I am not) could use the intraday indicators to profit on these wide fluctuations.

In my last post about the S&P I said that the market needed a follow-through day (up > 1.7% on heavy volume as defined by IBD) by day four of the rally attempt (which was Monday). Well, it is getting the follow-through today. This means that in the short term the market is in a position to rally (as defined by IBD).

As for MNTA, I said that it needed to break above $15.28, which it did (on increased volume). Now that it has, it is in a position for an uptrend to resume (again, I am not saying that it "will", but all of the indicators are looking favorable).