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Too much to ignore

Tuesday, 27 September 2011 08:51

Has the market put in a bottom? For the near term it seems as though the answer is yes. There were way too many stocks that tested the perfect spot for support and held to ignore and some of those have just been horrible performers but managed to find a level to stop the carnage for now.

Look at the natural resources sector, MOS, MON, CLF, CF, AGU, X, AKS, STLD is a short list of names that have just been getting hammered everyday and now have a very long bottoming shadow. This is evidence of real buyers stepping in. AAPL, AMZN, BIDU, SNDK and NVDA in the tech world, GS, JPM in the bank sector all proving to have the same setup.

There is certainly overhead resistance on the indices but if that was the bottom, it was done perfectly just the way a technician would expect.