Chart of the Week: Fibonacci Retracement Graph

Kevin Lane notes that “short-term momentum indicators on the
NASDAQ Composite that suggest, in the near-term, the index may be a tad
extended and ripe for a shortterm pullback.”

Fibonacci Retracement Graph
click for larger graph
Fib_retrace_nasdaq_8105

Source: Technimentals

“Overall, we think the intermediate term trend is for higher
prices, we could see some retracing back down towards the 2,127 level as the
NASDAQ reversed off the 2,200 level.”

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Quote of the Day:

"The first requisite of success
is the ability to apply your physical and mental energies to one problem
without growing weary." ~ Thomas
Edison

What's been said:

Discussions found on the web:
  1. Chris commented on Aug 2

    Posts like this have been great places to buy.

  2. The Nattering Naybob commented on Aug 6

    Barry,

    Want a sure bet? Whether inflation, deflation, mania or panic ensues, VOLATILITY WILL GO UP. Buy the VIX at its all time low. And maybe short copper…

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