Where is the support for markets ????

We were on our way to recovery couple of times between 2 & 3.15PM...then the proverbial "rug was pulled from underneath...and market went tumbling down"

Markets are being corrected big time......

Nasdaq suffered the worst week in "five years".....

Support is becoming meaningless...unless Fed comes to rescue with some action of support ???

Technicals have fallen apart in most strong momentum stocks.....

S&P next support is @ 1450...we closed @ 1453.69...this will be taken down in nanosecond on monday......

Next week is also Option Expiry.......

I have a feeling that all these "tumbling on even improving financials...is a manipulation for shorts return's... on stocks/ put/QID/DOGS etc"

Wall street is a "big scam...which we must understand"

When wall street is satisfied with their return..then they will cover their shorts etc....

Whenever this manipulation is over after "hurting small investors"...we will have a big rally ..as if nothing ever happened......

Now the question is when it will end.....could be this monday or could go on as long as next monday..before we will see a rally...hopefully.....

This week was a big downer for me...it would have been worse had I NOT switched into US$ account...Canadian $ tumbled again today against US$..which helped me.....In a way I am playing currency futures market..betting against Canadian $...which has worked "three days in a row...not bad for a stock FA person"

Today my portfolio was down 4.9%......down 9% forthe week......

This selling is way overdone...I checked the RSI on all my stocks and here they are:

RIMM 46.13

FMCN 45.75

CMED 42.63

AAPL 40.75

SINA 38.83

VMW 37.70

All my stocks were considered strong momentum stocks and they are hitting lowest RSI in a long long time.....

To compare RSI with a weak stock which I had sold yesterday:

RVBD 26.99

I will strongly suggest that you do an RSI analysis for all your stocks and see how you feel TA wise and then do an FA also.......

Most of the stocks are either very close to their 50 DMA or have violated.....

By 10AM I will post a list of WEAK/STRONG/MOMENTUM stocks....

Try to have a relaxing weekend...I will try to catch up on my sleep also.

BLOG does not give buy or sell.

Saleem