Tuesday, September 16, 2008

QQQQ about to bounce?

No need to write long posts today, we all know that the "last shoe" dropped, if it was the last is not important anymore, shock waves went all around the world, we hear corrupt politicians trying to capitalize on disaster by saying "we will not let it happen again" ("They" said it after 2000 meltdown, after 9/11 and I bet people heard it after 1929 and after 1987 and after 1998 and after ...what else can "they" do when entire system has been build on incompetence, lies and camouflage, just like painting the "front of the house" before sale)

Anyhow, from technical point of view, FED or no FED, White Knight or the Apocalypses - (QQQQ) is about to bounce - Biotech oversold, Semiconductors oversold, Consumer stocks in NASDAQ100 oversold - and FED being known for applying pressure at the most vulnerable points where their meaningless and corrupt actions costing taxpayers lots of past and future money would produce max results.
Would it last? Markets testing prior lows, forming what is called "ugly double bottom" on most indexes on huge volume - we might be witnessing the beginning of the end of bear market. May be...still, going to be one hell of a day today...
P.S. If there is one good news than I hope I will not have to watch "Laughing AIG" commercial ever again.