Thursday, March 11, 2010

The bottom line is sales target.

It's the Toyota cars gaining the main highlight in the USA.
US lawyers are instituiting legal actions against this Japanese automaker and are seeking billions in damages.
Toyota needs to compensate the millions of people who saw the value of their vehicles drop in the wake of a series of mass safety recalls.
There will be a whopping eight to 10 million Toyotas in a nationwide class-action lawsuit.Wow,that's fantastic enough to create a kamikaze.
The Charges:--"Toyota deliberately misled its customers about the safety of its vehicles and should be convicted of racketeering and fraud charges. Toyota sacrificed innocent, trusting lives for profit and hubris."
This is a civil complaint filed on Wednesday in a Florida court.
The complaint accuses Toyota of concealing information about problems with sudden, unintended acceleration it has known about since 2002 and lying to the public about the true cause in order to “minimise the effects on future sales and leases and to minimise the recalls’ effects on their profits.”
The Dow,Thursday 11/03/10 is 6 market days to index futures expiry.
Nikkei futures expiry Friday.Monday is the Pivot Day of the month.
9:30am:--A bearish start looking for pullback 7 days before index futures expiry.
10:30am:--Hammered to near the MAV support line of the month.A morning star struck out futher slide.
11:30am:--Retracement to near session high with a pullback to the bull pivot.
12:30noon:--Consolidation time,the MAV support.A bullish engulfing on check.
1:30pm:--Retracement to near session high again with bullish inverted hammer.
2:30pm:--A second pullback with a rebound to strike the session high.
3:30pm:--A new day's high.Bullish ascending soldiers.
4:00pm:--Ending with the highest point of the day.
Seems that the market makers have their monthly itineary that never miss.Seven days before the Dow Index expiry,anything with prior high level needs to pullback to or at near the MAV of the month and vice-versa.
Since the current month starts on a very bullish note,the pullback only covers Friday's half candlestick body otherwise if it were to hit the MAV support line without leaving it,expect the bears to corner the market.
The above principles also applies worldwide.
The fear game plan used today is China's consumer and producers price index skyrocketting and the monetary tightening expectation ahead.No more Greek fear.