Thursday, April 2, 2009

CNBC Alert!

Leave it to CNBC and the “market pros” to call the rally “real” after we bounced 26% off the lows and the SPX is up almost 70 points from its last pivot low. Nice timing… sheesh.

But wait…
There’s more…

“Using the Fibonacci numbers sequence to predict stock movements, Hager says 8,330 and 9,313 will be critical resistance levels for the Dow, with 10,220 seen as a breakthrough that will firmly establish the potential to challenge the historic high of 14,164 on Oct. 9, 2007.”

Sounds easy right? After all, we merely need to pierce 10,220 then we can “establish the potential to challenge the historic highs of 14,164.”

Are you kidding me? What’s his time horizon…10 years?

Don’t get me wrong… it’s great to point out key resistance levels, but dang... give your viewers some context here.

Sometimes the manure they put out is "udder" nonsense.


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