Currently on the NDX, we closed appx 10 pts below the lower bb, and that usually signals a scalp buy to at least get back inside the lower bb or at the worst let the line catch the lows, AND
current 10MA has contained the last 2 touches and we are DEEP to the downside of the 10MA right now, probably as far away as I have seen in a while appx 63.3 pts and which could translate to a bounce coming soon at least to back inside the lower b/b. The 10MA is currently at appx. 1378.62 and averaging down appx. 2 pts daily w/ friday losing 6 pts from Thurs. avg.
WE do have a gap at 1353 and given current conditions a bounce here at least to fill the gap and then possibly a gap and crap day to touch the 10 before another round of DOWN might be worth considering. I realize the market could and can just head right on down from here and probably will but this play looks to be worth a few minutes of mulling over, hey?
Maybe we get a slightly oversold bounce, try and fill the gap and touch the 10 day again in the next 3 trading days, then a cpl more hard days down to either retest this low or breach and touch the 1300 area, thoughts or opinions anyone?
M
ps. on the conspiracy theory end in line w/ FR and WESTIE, had a few drinks last nite with a golfing buddy and full time insurance adjuster that travels ALL over the US doing claims, said his employers have asked him to reserve a few days either side of 9/5/04 as they are expecting at least a 7.0 or higher earthquake in the Calf area. I dont make this stuff up folks <G>
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