I was on ZeroHedge – a daily exercise – and saw there was a video of a Greek police officer who was on fire in the midst of a huge protest. I watched the video and noticed the advertisement that appeared beneath the poor fellow who was in flames.
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Research in Motion (RIMM) exhibits relative strength today despite overall market weakness. Let's take a fresh look at its big picture chart pattern.
From a relatively near-term pattern perspective, RIMM hurdled key 8-month resistance at 62.70-63.30 in early Feb and followed through to its Feb 18 high at 70.54. Since then, RIMM has pulled back about 8.5% right to the top of the prior resistance plateau — which is now important and substantial support.
The current pullback should represent a retest of that upside breakout point prior to the emergence of another upleg. RIMM should then head higher to fulfill the upside potential implied by the huge base formation that has developed since Sep 2008.
With such a powerful underlying pattern, it remains to be seen how RIMM behaves amidst otherwise "soft" overall market conditions. So far today, RIMM exhibits impressive relative strength, while both the SPX and NDX continue to weaken off of last week's highs.
Originally published on MPTrader.com.
Originally published on TheTechTrader.com.
WOW! Check out the reversals in market sentiment over the past week. The AAII report is through Tuesday so Libya would be "priced" in here. Still, the moves are massive. Bullish sentiment dropped to 36.6% from 46.6%. Bearish sentiment rose to 36.1% from 25.6%. Buying the dip may be out of favor for a period of time as fear has really crept back into the market.
The SPX has correlated very well with the AAII data as shown below. The divergence between the two is pretty large right now. Time will tell if the red line or blue line is wrong.
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