Tuesday, April 15, 2008

Voyage to the bottom of the sea.

Stocks edged lower on Monday after an unexpected quarterly loss from Wachovia Corp dragged down the financial sector, overshadowing strong gains in energy companies as oil closed at a record .Goldman Sachs hinted an "awful" quarterly earnings .
A surprising rise in U.S. retail sales also helped, after data showed a modest increase in March, pushed up by a jump in gasoline sales, according to a government report.
Tracking the Dow on Monday,14/04/08.
It's another scary day at wall street.What is going on to Ms Dow and Mr Jones!!They seemed not to be in good engagement terms.
The bullish spanish fiesta is supposed to be underway but the dow index has now found a deep trough to form a big inverted bull head.
As usual the morning pull-back occurs one-half hour after the opening and retraced in the following one-half hour.After which the shorties control the afternoon session.In the final half hour before closing were three-black-crows completing the final pull-back to set the stage for a recovery.This can be seen with a shaven bottom inverted hammer at the closing bell.
Ole, a break from the massive selling we saw on Friday.There is sign that the slumping U.S. economy is hurting companies overseas.
These pair of "morning star" candlestick pattern is a temporary relief from the pain and suffering we are undergoing.It's now at the Voyage to the Bottom of the Sea