LONGWAve - MATA 09-12-12 - sub - Stall Speed

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MATA SEPTEMBER 2012

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  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • IT IS ONE THING FOR THE MARKETS TO START EXHIBTING AN INITIAL NEW PATTERN OF LOWER LOWS AND LOWER HIGHS THAT SUGGESTS A DOWNWARD TREND CHANNELIT IS ANOTHER FOR THE 50 DAY MOVING AVERAGE TO CROSS THROUGH AND BELOW THE 200 DAY MOING AVERAGE.WHEN THIS OCCURS IT IS REFERRED TO AS A “DEATH CROSS” AND IS A FAIRLY RELIABLE CONFIRMATION THAT AN INTERMEDIATE DOWNWARD TRENDD IS IN PLACE.MARKETS AND TRADERS REACT BADLY TO SUCH A TECHNICAL SIGNAL.LET’S EXAMINE THE MARKET TO SEE WHAT WE FIND.
  • LONGWAve - MATA 09-12-12 - sub - Stall Speed

    1. 1. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 STALL SPEED “Any Geo-Political, Economic or Financial Event Will Trigger a Market Clearing Stall!” Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    2. 2. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 STALL SPEED AGENDA RISK • CANARIES IN THE COAL MINE FUNDAMENTALS • Q2 EARNINGS RECAP • Q3 Estimate Revisions, Q4 “Hockey Stick” • CORPORATE EARNINGS IMPEDIMENTS CONFIDENCE, SENTIMENT, OPTIMISM & COMFORT • GLOBAL CONSUMER CONFIDENCE • US CONSUMER CONFIDENCE & COMFORT • INVESTOR SENTIMENT Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    3. 3. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 LONGER TERM - Fundamentals Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    4. 4. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 INTERMEDIATE TERM - Risk Intel Warns of Revenue Drop Amid Weak PC Sales Blaming lackluster demand for new PCs among businesses, Intel cut its revenue forecast for the third quarter. Similar ailments are plaguing other companies whose fortunes are tied to PC manufacturing and sales. Weakening corporate PC are the latest sign of a tech shift FedEx Stock Chart Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    5. 5. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    6. 6. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    7. 7. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    8. 8. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    9. 9. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    10. 10. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    11. 11. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    12. 12. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical IndicatorsQ2 RECAP:1. Global EPS forecasts are too high. • Top-down, full-year earnings forecasts imply further downside to consensus estimates in the US, Europe and Japan. • In each region, the difference between our top-down 2012 EPS growth forecast and bottom-up consensus growth is about 3pp. • MSCI Asia Pacific ex-Japan earnings growth estimate is in line with consensus.2. In the US and Europe, P/E multiples have expanded more than fund managers realize. • The strong rally in global equity markets during the past five weeks means portfolio managers have re-rated stocks based on policymaker promises rather than fundamentals. • On consensus NTM EPS, the S&P 500 P/E multiple expanded from 12.6X to 12.9X. • The Stoxx multiple rose from 10.0X to 10.7X over that same period of time.3. Consensus earnings estimates declined in all regions over the last month. • Full-year 2012 estimates fell 4% for the Stoxx 600 while Topix (FY) and MSCI AP ex Japan forecasts each fell 3%. • S&P 500 estimates fell 1%.4. Meanwhile, despite weak earnings season, the S&P 500 is up 3.6% since July 6. • Other global indices have also rallied sharply with Stoxx up 6.2% and MSCI Asia Pacific ex Japan up 4.0%. TOPIX is down 2.6%. In the US and Europe, P/E multiples have expanded more than fund managers might realize because earnings estimates are too high. Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    13. 13. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical IndicatorsQ2 TAKEAWAYS:1. Sales disappointed. Realized sales are 2% lower than consensus estimates at the start of the season. 2Q 2012 sales for S&P 500 (excluding Financials and Utilities) grew by 3% year over year.2. Earnings in line with expectations. S&P 500 realized 2Q EPS is tracking at $25.49, a 2% positive surprise versus theconsensus estimate at the start of reporting season. On a quarterly basis, 2Q2012 EPS will post year over year growth of 3%vs. 2Q2011. Telecommunication Services and Financials EPS grew by 26% and 14%, respectively. On a trailing four-quarterbasis, 2Q2012 will establish a new EPS peak of $99.3. Margins beat, but LTM margins are declining. With earnings beats and sales misses, 2Q quarterly margins are 20bphigher than expected (9.1% vs. 8.9%). Year over year, quarterly margins are flat to negative in most sectors. The trailing-four-quarter net margin for the S&P 500 is tracking at 8.8%.4. Earnings expectations are falling and 3Q estimates imply no growth. The S&P 500 bottom-up consensus EPSestimate for 3Q fell 4% during the past five weeks and management guidance has been more negative than usual. Consensusexpectations imply no earnings growth for the S&P 500 versus 3Q2011. Energy and Materials are the most significantlynegative.5. Over half of consensus 2012 EPS growth is from strong 4Q forecasts. 4Q earnings are expected to grow 15% versus4Q2011, more than twice as fast as any other quarter. 4Q2011 growth was about half that of the other 2011 quarters, whichexplains some of the growth discrepancy between quarters in 2012. Analysts forecast a sudden jump in LTM margins to a newpeak of 9.0% in 4Q2012 while we forecast further slippage to 8.7%. Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    14. 14. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators USA For the US, sales disappointed more than earnings, Lowest Percentage (42%) of Companies to Beat Sales Estimates since Q1 2009, 18% of ex-Financials and Utilities companies have posted positive revenue surprises by beating consensus sales expectations by at least one standard deviation, half the historical average. The number of firms that missed sales estimates was twice the historical average. Sales surprises were the worst since 1Q2009. Highest Earnings Growth: Financials and Industrials, Excluding Bank of America, S&P 500 Earnings Growth Falls to 1.5%, Lowest Earnings Growth for Commodity-Based Sectors: Energy & Materials, Revenue Growth: Below 1%, The frequency of earnings beats and misses are largely in line with history. The blended earnings growth rate for Q2 2012 is 6.5%. The Financials (62.2%)sector reported the highest earnings growth rate for the quarter, while the Energy (-19.1%) and Materials (-15.4%) sectors reported the lowest earnings growth rates. Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    15. 15. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators EUROPE • In Europe, earnings season misses were driven by margins not sales. • The frequency of earnings beats, a surprise of 5% or more, is below the three-year average (33% vs. 43%), and misses are slightly higher (40% vs. 37%). • Sales results have been modestly positive. • Analysts significantly revised down Banks earnings. • FY2012 estimates are down 9% over the past month. JAPAN • In Japan, companies reported further earnings declines. • Results have been disappointing especially in context of the April-June 2011 quarter. • Last year, supply chain problems following the March 2011 earthquake resulted in a weak earnings season. Yet operating earnings for the April-June 2012 quarter are down 7.4% year over year. • Revisions and guidance have remained muted, which are a sign of caution in the face of macro uncertainty going into 2H. ASIA • Across Asia, Consumer Discretionary companies posted stronger results relative to consensus estimates. • Similar to results in the United States, Energy and Materials posted the weakest results relative to consensus estimates. • Singapore posted the strongest results relative to consensus while Taiwan was weaker. Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    16. 16. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    17. 17. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical IndicatorsOver half of consensus 2012 EPS growth is fromstrong 4Q forecasts. 4Q earnings are expected to grow 15% versus 4Q2011, more than twice as fast as any other quarter. 4Q2011 growth was about half that of the other 2011 quarters, which explains some of the growth discrepancy between quarters in 2012. Analysts forecast a sudden jump in LTM margins to a new peak of 9.0% in 4Q2012 Early in expansions, earnings tend to strengthen as cost-cutting efforts boost profits - but revenues tend to catchup as demand increases later in the cycle. That hasnthappened in an expansion nearing its third anniversary. "What this is telling us is that the economy is slowingdown, and that doesnt bode well for the bullish earnings expectations. Generally theres always a gap, but this gap is much wider." Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    18. 18. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    19. 19. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    20. 20. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    21. 21. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    22. 22. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    23. 23. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    24. 24. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    25. 25. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    26. 26. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    27. 27. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    28. 28. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    29. 29. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators US Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    30. 30. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    31. 31. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    32. 32. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    33. 33. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators SMALL BUSINESS OPTIMISM Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    34. 34. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 CONCLUSIONS “A 71% Consumption Economy Cannot Have Plummeting Confidence, Unemployment, Disposable Income Compression and Job Insecurity …. and not have Corporate Earnings Eventually Fall.” Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    35. 35. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 SHORTER TERM - Technical Indicators Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.
    36. 36. This chart is from the September 2012 Market Analytics & Technical Analysis Report September 12th, 2012 STALL SPEED DISCLOSURE STATEMENT AND TERMS OF USE THE CONTENT OF THIS SLIDE PRESENTATION AND ITS ACCOMPANYING RECORDED AUDIO DISCUSSION ARE INTENDED FOR EDUCATIONAL PURPOSES ONLY. This slide presentation and its accompanying recorded audio discussion are not a solicitation to trade or invest, and any analysis is the opinion of the author and is not to be used or relied upon as investment advice. Trading and investing can involve substantial risk of loss. Past performance is no guarantee of future returns/results. Commentary is only the opinions of the authors and should not to be used for investment decisions. You must carefully examine the risks associated with investing of any sort and whether investment programs are suitable for you. You should never invest or consider investments without a complete set of disclosure documents, and should consider the risks prior to investing. This slide presentation and its accompanying recorded audio discussion are not in any way a substitution for disclosure. Suitability of investing decisions rests solely with the investor. Your acknowledgement of this Disclosure and Term of Use Statement is a condition of access to it. Furthermore, any investments you may make are your sole responsibility. THERE IS RISK OF LOSS IN TRADING AND INVESTING OF ANY KIND. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Listen to the original podcast for this slide at www.GordonTLong.com/LONGWaveThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of thisslide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

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