Friday 8/22 ... Let's get Technical, technical..

I wanna get technical.

Ah, probably my favorite Olivia Newton John Diddy, but I can't always remember the words so well.

Physically or Technically, we are carefully monitoring a key price level in MBS of 100-05.

Yes, that's 100-05, as in a whole lot less than Wednesday night, but take heed.  If we hold 100-05, it can confirm an uptrend.  100-05 is at the 8 day moving average, and there is a minor ledge of support at the 21 day moving average at 100-03.

FYI, on a recent trip to Dagobah, I've been informed 8, 21, and 40 day MA's are currently more germane than 10's, 25's, and 50's.  (just so you didn't think I was pulling new concepts on MA's out of thin air).

At any rate, the 8 day was a good support level a few moments ago, with a less than 60 second bounce off the 21 day MA.  If stocks stay this strong, the goal will be to stay above those levels, but if a rally can be staged, the goal will be to break through the 40 day MA at 100-09.

(disclaimer: this post written with an uncommonly high focus on technicals.  Just one of the symptoms of MPD.  Brought to you not necessarily because I put that much stock in technicals--because I don't--not more than 49% at least--but just because I always want you to get multiple points of view).