SPECIAL POST GAME JOCK TALK: 01/04/01
RECORD NASDAQ MOVE UP WITH RECORD VOLUME BACKED UP TECHNICALLY BY:
"BULLISH ENGULFING CANDLESTICK PATTERN" - THE MOST BULLISH OF TECHNICALS THAT EXISTS
BUY BUY BUY: NASDAQ Support is NOW: 2500.00!
Good Evening Stock Fans,
Today, NASDAQ Index recorded what is called a "Bullish Engulfing Candlestick Pattern". This is one of the most powerful and quite rare Bullish technical indicators that exist. In laymans terms it opened lower and ended higher than the range yesterday! This "engulfed" the prior day's trading which is the most bullish pattern there is. Period!
Take a look at the chart on the NASDAQ from today.
This illustrates the NASDAQ's Bullish Engulfing Candlestick Pattern. The red bar is from yesterday. The green bar goes lower than yesterday's red bar then rises beyond yesterday's high. It "engulfs" the prior day trading. This pattern almost always produces huge gains as BEARS lose the control to the BULLS!
SJ's NASDAQ January 21 2001 Prediction:
3042.00 The NASDAQ's May 24 2000 low is where I like the index to now go by the end of January 2001. Another .25 rate cut would then sustain it.