Equity Markets Could Be Ripe For A Bounce
Yesterday's technical talk got picked up by Dow Jones Market Talk right at the Bell:
07/22 4:00P (DJ) DJ MARKET TALK:
Equity Markets Could Be Ripe For A Bounce
Story 108894:00 (Dow Jones) The recent stock selloff is the sort of tiring action that eliminates weak hands, exhausts sellers, and throws off enough confusing signals that both bulls and bears end up frustrated, says Maxim Group strategist Barry Ritholtz. But, it also creates a deeply oversold condition making a bounce relatively easy. He sees the markets bouncing back for the third time this year, with the Nasdaq able to recover to 2040 and S&P 500 to 1140. He sees a low-risk entry point here and says investors won't need much to go right, as long as nothing major goes wrong. (NPB)
Friday, July 23, 2004 | 11:37 AM | Permalink
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Barry, with the Naz going below the "head" on the inverse head-and-shoulders pattern, yesterday and today, doesn't that invalidate the pattern?
Posted by: Chris | Jul 23, 2004 4:24:14 PM
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