DJIA 3/29/2005
I participated in a webnar with Dr. Alexander Elder today. I enjoyed it very much. Actually, this was my first webnar ever. The above chart shows the weekly graph of the DJIA, showing a Bearish Divergence! Needless to say, Dr. Elder is bearish now. I believe John Murphy is bearish too. I guess they are seeing the same things.
Here is how Elder views markets now:
Oil - Bullish long-term (start buying oil if it hits $50. on the next dip)
Interest Rates - going up
US Dollar - going up
Euro - going down
Stock Market - going down
housing stocks - short
Books Elder recommended:
Elder's Books
Hubbert's Peak : The Impending World Oil Shortage
The Disciplined Trader: Developing Winning Attitudes
I picked up some Genworth (GNW) at $26.78. I would like to see the stock get up to its 20 day EMA. The stock still has some room to move.
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