Friday, August 20, 2010

Discharged from Hospital & all ready for the beginning of Wave 3 – Market Analysis for 20th August 2010 by Singaporeseeds

Daily chart for Dow

Daily chart for S&P

Daily chart for NASDAQ

I spent the past 4 days at SGH recovering from a relapse from Crohn’s disease. Other than the numerous bloody diarrhea episodes and extreme boredom being locked in the hospital room, it gave me some time to rethink my priorities and goals.

Anyway the behavior of the stock market over the past few days had been anything but reassuring. It seems that the indexes are set up for a wave 3 down to 900 on the S&P. On another note, my trading buddy Madscientist came down to the hospital to inform me about the Hindenburg Omen. It seems the first part of the Omen had occurred last week.

Be prepared for some big volatility swings in the market over the next few weeks as the stock market battles between the bulls and bears. Personally i believe we are at the beginning of the 3rd wave down. I am looking at the stock market trending down to test its July low over the next few days.

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