and welcome back to the Stock Charts R US Blog.
The bearish chart pattern registered in October through December of 2007 is still comfortably in place. While the market may have found short term support at or near the 4 year business cycle moving average (currently near $127) there is yet to be any sort of bullish chart pattern registered. In fact, the recent trading range between $125 and $140 may be setting up for a push towards $113 should the recent lows fail to hold [($152 {Dec peak} - $125 {Jan low}) - $140 {Feb peak}]. Only time will tell, but my bet is not to expect too much for the next few months as a typical US Presidential election year sees a poor first half followed by a better second half of the year......
In other words, hurry up and do nothing,
Until next blog,
Brian Beamish FMA FCSI :)
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