Jon Stewart: media pundits failed us–but I wrote last June that banks and markets looked sick

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It’s is great that Jon Stewart informed the world last week that the media pundits at CNBC   failed to provide accurate information about the impending financial crisis.   But by using technical analysis, I warned my readers last June what the charts were telling me and transferred my pension money   out of mutual funds to money market funds:

“Look at this weekly chart of   Bank of America (red line= 30week average; click on chart to enlarge). Other bank stocks with similar charts include : WB, UBS, STI, and DB.   When major bank stocks are in a free-fall, can the rest of the market be far behind?” (Posted on June 8, 2008)

The media pundits and the financial advisers are self-serving when they try to convince us that we need their wise counsel.   I say that one can rely on the market itself to alert us to danger. I use the TC2007 charting program to analyze the market trend and post my conclusions on this blog.   I know a lot of you have used my blog to protect yourselves….

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T2108 back to neutral; holding AMZN, NFLX

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The rally continues, with 7 new highs and 106 new lows in my universe of 4,000 stocks on Thursday.   The T2108 is now out of oversold territory, at 21%.   The GMI-R is now up to 2 (of 10).   The QQQQ completed the 18th day of its short term down-trend.   This rally is still occurring within a major long term down-trend.   Two stocks that I own are AMZN and NFLX.

QQQQ down-trend continues; Amazon kindles an impressive gain

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There were 3 new highs and 106 new lows in my universe of 4,000 stocks on Wednesday.   The QQQQ completed the 17th day of its short term down-trend.   It would have to rise a lot more to begin a new up-trend.   Still, I cannot resist buying an occasional strong stock during a counter trend rally. One stock I own a little of is AMZN, a stock championed by Judy.

AMZN had a huge gap up on January 30th when it beat earnings estimates, then consolidated for several weeks.   (Looks like a head and shoulders bottom?) Today, AMZN appears to have broken out again.   AMZN has a great new product in the Kindle 2 digital reader.

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