HGSI DOC Top Down Review 10.04.2015
Greetings and Welcome to this week’s Top Down Review.
We saw a big reversal this week, with a turn around mid week and then a huge reversal after the sell off Friday morning after the big miss and negative revisions on the Monthly Unemployment Report.
Things are looking much better this weekend as we see a number of new stocks setting up at nice buy points. The big question is: Was That A Successful Retest? as the Russell 2000 undercut the AUGUST lows and the other major indices closed close by.
I will let the market tell me the direction but I am getting my shopping list ready. This may not be THE LOW but perhaps it may be a buy-able low for the short term. I say short term because until we take out the declining tops of the prior wedge and the falling 50 day SMA we have plenty of resistance above to worry about. Time will tell us if this is just a retracement or start of a new up trend.
Have a great week.