12 NOV 2009, Thursday

1. Pre-Market...Saw this over at the Slope of Hope and thought it worthwhile. Also, one thing to notice is the late August, mid September, mid October tops.  You'll see that they were multi-day flats; daily bars overlapping each other whipping up and down but basically going nowhere...or very short term sideways before turning down.  That's why I was willing to take a shot at the October high.  Will we see a similar pattern?  Have to wait and see.
2. In the first daily chart below...Looks like the downtrend line from the 2007 highs may have some significance.  Also the uptrend line from the 2002 lows is intereacting here as well.
3. In the lower chart...a 120 minute chart, momentum is hitting highs it has in the past and rolling over?  In the past, it reacted back upward before succumbing.  Watching.