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January 22, 2010 – The Bear wins the Title Bout versus the Bull on a TKO
The open below 10,379 on the Dow gives the Bull the knock-out punch. US Treasuries reflect
risk aversion. Gold and crude oil slump on euro weakness, and on weaker economic data.
Emerging markets and China, and semiconductors lead stocks lower.
The Dow Industrial Average opened below my annual support at 10,379.
The bulls still say that the strategy is to buy weakness. I began the year in disagreement suggesting to
investors on Main Street to sell strength. I decided to track the first three weeks of the year as though it
was a Title Bout between the Bull and the Bear. After Thursday’s drubbing of the Bull by the Bear the
score became 9 to 4 favoring a wobbly kneed Bull. With today’s open below 10,379 I declare a TKO
with the Bear as the victor of the Title Bout.
The daily chart for the Dow is now negative. My nearest support is the five-month modified moving
average at 9,631. The downside risk continues given weekly closes below my annual pivot at 10,379.
Keep in mind that my quarterly support is 6,705.
The euro is trending below my quarterly pivot at 1.4327, which indicates risk to the 200-week simple
moving average at 1.3848.
Send me your comments and questions to Rsuttmeier@Gmail.com. For more information on our
products and services visit www.ValuEngine.com
That’s today’s Four in Four. Have a great day.
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Richard Suttmeier
Chief Market Strategist
www.ValuEngine.com
(800) 381-5576
As Chief Market Strategist at ValuEngine Inc, my research is published regularly on the website www.ValuEngine.com. I
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