Tuesday, May 22, 2012

DJIA 1,000 point fall

The Dow had a dead cat bounce on Monday, after falling 1,000 points, from the high of the year. My target is still the yearly Pivot Point (P) at 11836. The Yearly R1 pivot point was the high this year, so it only makes sense to come back down to test the yearly P. Before that watch for next support on the 200 day(12200) and there is an open gap at 12217 from the close on 12/30/2012.  Look for shorting opps on this bounce....imo.