ShepWave Pre-Market / Intra Day Update for Wednesday.
by ShepWave.com
Posted: 10/21/2009 01:44 EST

6:14 Additional Pre-Market Notes,

The Futures are slipping at a steady pace this morning. Per, the pre-market notes  in this morning's charts, we have a five day possible 'island reversal' occuring. I stress the five days of this pattern, because a 3-5 day island is preferred for the pattern.

Watch the areas in the charts for the open. Then keep an eye on the low of the first 45 minutes of trading today. If during a later time period the markets break the low of the first 45 minutes then the bearish potential is increased.  Remember we have seen some key marks hit on the indexes as well as many indicators.  The Wave 2 rally will end at some time. Then we will be dealing with how much the market will drop, how far below 7,000 will the Dow Industrials Index go, etc...? 

There should be some interesting action coming up in the coming week  if  we have hit a key mid term top. Don't forget to watch the key trend lines as shown in the 60 minute time frame. Until those are broken, the the up trend does remain in tact.

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America's soul is lost, collapse inevitable  

The link above is an interesting article.  The fact is that we have a current administration that openly admits to believe the theories proposed by John Maynard Keynes are a viable way to help the economy.  May we all be reminded of Keynes' own words:

When asked about the long-term effects of his theory his answer was, “In the long term we are all dead”

We saw some interesting intra day action Tuesday. Read the notes in tonight's Pre-Market  Update closely.

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Click Here to View the ShepWave Published Report from October 11,2007.  When the Dow Industrials Index was still over 14,000.

Click here to read the ShepWave Update from May 26, 2008 The Last week the Dow Industrials Index saw 13,000.

Click here to read the ShepWave Update from August 21, 2008 when the Dow was at the 11,400 area.

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I Can Only Imagine - Amy Grant

 

 

 

 

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Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA.