Bearish wedge? Yup and that's not good PDF Print E-mail
Written by Gary B. Smith   
Sunday, 24 January 2010 10:48

So it looks like the market finally made a definitive move and unfortunately for the bulls, it came to the downside.  You can see in the chart below it shouldn't have been a surprise as the bearish climate was building for months.  The tail end of last week really put a nail in it, and while we're oversold (read: maybe a bounce coming), I'd be shocked if Friday marked the lows.

                 Bearish wedge?  Yup and that's not good

 

As for last weeks' picks about the best I can say, is that we generally stayed out of the market.  Still, the vicious selloff caught us leaning to the bull side, so while HWCC was a winner, SXI, VIA, ICA and NTLS were all losers.