"Today's opening was not as strong as Friday's bounce off the lows." That's because they didn't rebalance the Russell today. Friday they changed GE from a value stock to a growth stock. "The zizag makes a 38% retracement of the wave 1 from June 17 highs to June 24 lows." But wouldn’t it be more appropriate to calculate it from the 5/21 High at 37.34? That would put the 38% at 35.37. Anyways I concede on the possibility that tomorrow may be a down day for GE but it would be very doubtful to take out the 6/24 low at least for the next year or so if not longer. gl/gt chris
tech - GE has broken down out of a six-month trading range... today's half-point gain brought it back up to resistance at the lower end of that range on light volume... I agree that it is ready to resume the decline in earnest tomorrow, but my reasons are more fundamental than technical... I can see that GE is an even bigger house of cards than Enron... when the public realizes this, the stock will collapse to a few cents a share... JMHO
techcharter - I see the picture as more complicated right now. As far as the industrials are concerned, I agree with you because this cannot be a wave 4 from the april lows - we have a wave overlap 4 with 1. But the case could be made for the NDX and SPX that this is wave 4 with 5 up still to go because we have only done 3 waves down from the June high with no overlap of wave 1.
No way that DJIA falls off a cliff while NDX and SPX make new highs, so it is a (ahem, get ready..) conundrum!
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