- 28
- Feb
by Jason Ng, Founder, Master ‘O’ Equity
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It happened at last! The Star Trading System has warned us of something bad whole week with a whole lot of evening stars and now, it seems like the correction that everyone’s been waiting for is finally here. Sit tight everyone!
FUNDAMENTAL ANALYSIS
It was almost by concensus that markets around the world, including the US market plunges after China’s Shanghai Index plunges by over 8% in a single day. Dow plunged over 416 points in one day and could lead to the long awaited correction in the US Market. We have not seen this kind of single day drop since Sep 2003. Alan Greenspan’s speculation of a recession served as a catalyst to this correction and is followed up by today’s correction in the global market… everything seems to tie in nicely for the kind of correction everyone’s been waiting for. Sit tight everyone!
TECHNICAL ANALYSIS
There was no doubt at all what happened today! It was surprising, strong and without a trace of doubt… the correction HAS BEGUN! Both the Dow and Nasdaq composite broke strongly to downside, out of their neutral channel on strong volume. This is definitely a concensus move and anyone still in today will be dying to get out tomorrow. All technical indicators are screaming for us to get out of longs. I believe we should see a testing of the 200MA at 11775 before the Dow pullup a little. All traders speculating for a rebound should know that a Dow rebound after a 3+% drop usually happens near a bottom, not at the peak of a bull trend. I will not bet on it personally. Well, My Educated Hunches completely changes today.
