Does Fibonacci Work? Consider This…
I
hadn’t realized this, but I’ve been extremely bearish in my columns since April.
In fact the last 5 columns I’ve written have been talking about short set ups.
Instead of throwing out another set up, I’m sure folks would like to know if
this Fibonacci Freak knows what he’s talking about.
Here is a little spreadsheet of
the “Short set-up†stocks I’ve talked about and the dates we discussed them in
the column and where they
closed today.
So far so good…and likely just
the beginning of this market/economic weakness that is ahead.
I think the homebuilders have
much more room to run to the downside, and (KWK) is of course responding to news
from folks like Wal-Mart and other retailers that are not so hot right now, so
we could find some momentum on this one as well. As for CI…it’s been like
pulling teeth to get this one to move South, but I’m still sitting on the short
in our Daily Stock & ETF Report, and if it does break, we could see a quick 20%
sell off develop.
So, the path of least
resistance right now is South.
Good night all!
dh