Tuesday, November 13, 2007

Charts of Capital One, MasterCard and Deere.

Capital One is one ugly chart, that's for sure. I want to short this bounce but I have enough positions to worry about. Though I wouldn't blame others as this low volume rally screams of being a bounce before the trend reasserts itself. By the way stop sending me pre-approved credit cards twice a month, enough already !

Could a gap down be in the cards here (chart above) ? A lot of traders would be stranded. Watching this very closely.

I know we are supposed to put our rocks in the wettest bags for they break most easily, but yet I am drawn to MasterCard. I just don't see how they can avoid the fate awaiting, rising delinquencies. I know they do all the processing but does that good news not seem to be factored in ? This head and shoulders pattern looks enticing, i hope it's not the hook !

Global market bulls need to take another look at whats happening with their thesis. We (U.S.) are still a major part of global demand and a recession here will be felt no two ways about it.
Good trading to you all.

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