GREY:MLKKF - Post by User
Comment by
jims101on Jan 21, 2008 5:23pm
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Post# 14238254
RE: Panic hit Mercator $7.91 low and last
RE: Panic hit Mercator $7.91 low and lastThat's a dip for sure; right down to the most operative and longest uptrend line off the August lows......Highest volume support comes in around $6...200 day ema at $7.50.
https://stockcharts.com/h-sc/ui?s=ml.to&p=D&yr=1&mn=3&dy=0&id=p14383375097&a=69177202&listNum=1
It seems that the Credit Default Obligations and the downgrade of the associated companies that supposedly provide the insurance is behind today's panic. Until the inflationary effects of FED and other central bank's easing starts to work their way into pricing, assets of all types look to be under pressure with crazy prices likely to be seen relative to quotes just recently.
I plan to put in some bids tomorrow about 10% lower than the Canadian closes, Monday. Quite obviously may not get any fills but this bear looks to have teeth...It'll be interesting to see if Copper can hold $3...and whether this decline for ML will be less than December's drop from November's peak, which itself was less than the August drop from the July peak... In both cases the decline was more than a month in duration.