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Monthly Archives: March 2009
Radar Report – 3.5.09
06
Mar 09
Dear New World Investor: In Tuesday’s post on the S&P 500 bounce, I said the best resolution right now would be a plunge to 664 followed by a slingshot back up to 750. That would show some energy available to move through 750 and up to 840. I thought it would be hard for the S&P to go right through 750 starting from Wednesday morning’s low at 698, without visiting the 664 area first. My bigger worry was that the S&P consolidated its recent drop by drifting sideways around 700, setting us up for another down leg that could extend...
Mar 09
Today’s S&P 500 Bounce – 3.4.09
04
Mar 09
The S&P 500 was stretched down about as far as it can get by the close on Tuesday, so this morning’s bounce was both inevitable and no big deal. I did find an old energy level at 664, and the best resolution right now would be a plunge to 664 followed by a slingshot back up to 750. That would show some energy available to move through 750 and up to 840. But there isn’t much in the recent chart to make this the highest probability outcome. A decisive move up through 710 is the other way to get to...
Mar 09
Flash Alert – SanDisk (SNDK) – 3.3.09
03
Mar 09
On Monday NOR flash memory maker Spansion (SPSN) filed for bankruptcy, and SanDisk fell from a high of $9.75 last Friday to as low as $7.88 yesterday, before recovering a bit to close at $8.01. Today, SNDK edged up three whole cents to close at $8.05, after hitting $7.89 intraday. The NOR flash memory business is a terrible business with no future. SanDisk does not make NOR flash, and never did. They make NAND flash, which is used for the “film” in digital cameras, to make USB memory sticks, and – most important...
Mar 09
Flash Alert – 3.1.09
01
Mar 09
Friday’s Close – Fakeout or Breakdown? The S&P 500 dropped almost 18 points Friday, broke under 750 and closed at 735 – a bad close. Unless we get one of those extraordinary extended moves that happens once every two or three years, there should not be any further drop over the next few days. However, if this breakdown consolidates by moving sideways under 750 for the next few days, we will have to take it very seriously. Although the daily chart is fully extended, the weekly chart is fully loaded for a big move after its extended consolidation period since...
Mar 09
