Aug 31, 2010

Markets went nowhere on no volume — until 3:59pm when massive S&P index orders came in. Assured that the markets closed the month above Dow 10000 and (almost) S&P 1050. Nothing but a prop job. This was the lightest volume August in 12 years.

Short-term: 1 green, 2 yellow, 1 red – support levels here – but will it bounce?
Intermediate-term: 3 yellow, 1 red – downtrend continuing
Stock targets: 40% swimming, 15% neutral, 45% sinking

Market continues to deteriorate – and diverge. Manipulators will likely keep it from falling for at least the rest of this week — but not much upside. Again, don’t bother with the game until next week.

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