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Monday, April 26, 2010

Taxing top?

The cutout on the left is  FAS in the last few days. 
April 15th tax day it made a high of 119.22 and made a low of 100.04. I see that as (a) and a rally to 114.88 as (b) and FAS is coming down in a (c). FAS made a lower high and a lower low and that is negative. FAS also has a negative Dino's KOD today and that is a negative.  FAS closed close to low and that is a negative.Had it closed at the low then it would have been a positive on FAS.  We finished 286th trading day and are waiting to see what happens on day 288, a  Gann date.  FAS closed below the DOMA 77 on 60, 30 and 15 min chart and they are negative. FAS gave a sell short signal at 111.2.  I have marked on the graph the Long points (green arrow) and Short point (red arrow) to show its relation to Doma 77 on a 5 min chart.  Looking at the chart I would surmise we should go lower and take out the 100 low and go lower.  How far I wouldn't know.  I highly respect Columbia1 in our chat room and he put it this way something big going to happen.  Everything is getting very compressed.  The link to his blog is on the right under **** EW trends and charts ****.  He has some very good analysis   I am bearish and looking to see if the market  can come down a bit.  GS is on the hot seat tomorrow There could be some fireworks and Fed minutes are due in a day or two that also makes the market more active.  I will be watching the DOMA for a backtest.

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