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Careful you dont get anything stuck on that fur in the next few days. I am not fully convinced we are in bear mode yet. They came down yet again on a monday to test the channel and appears to be heading back up at hte moment. I will wait another day orso for confirmation before sinking more cash against the bull.
Yes you could be right. The futures are already up. Here comes whipsaw city again…
On the other hand, the weekly price chart is looking quite a bearish setup looking at MACD and histogram combined.
My weekly indicators are saying that if we do not get a big drop this week, then we definitely should by the week after this one…
Dow +152 points at noon Tuesday 8th March.
This could be the same setup as in November. Then we shot up on Dec 1 and kept going for 3 months. This wold put in in your June timeframe and would coincide with my thoughts on June. Whereby the 21 and 55 will cross on the monthly charts. Then we could see the correction. Not so sure it is happening now.
Could be that there is a long delay into June, but I still think this is distribution right now. Today is only an inside day and really does not mean anything. The big ‘point’ number on the DJIA is just bull food probably and means nothing. We are having violent trading action both up and down which is reflective of a violent battle between both sides and is a warm up for a big move down. Sort of like a warm up exercise move before the big jump.
I still think we are going to break down hard either this week or next. It could be a big move. I am confident in my weekly charts now.
This is going to be an interesting few days to say the least. I just got some EDZ for now and think I will see some upside to that in the next few weeks. Will watch what the next day or 2 brings befroe jumping into TZA. Have to be extra careful as TZA stung me pretty bad in Nov when I thought the market was turning and didnt. I agree the whipsaw these past 3 weeks have been pretty stout to say the least.
Tom
i hope you are right. fingers & toes crossed. i agree it “smells” like something is going to happen that will be “big”. i hope it is down, but Michael Santoli of Barron’s this week entitled “The Underappreciated Upside Risk” where he postulates on upside breakout. I think what augers for this potential is (1) POMO does not stop until end June, (2) Aall sentiment is only 36% bullish but 8 week average is very high probably about 45% – 50% (but Consensus is astounding 76% bullish!)
arguing for down is the apparent fundamentals around the world, (a) political events, (b) budget battles in Washington and Wisconsin over the next couple weeks – – – just as examples.
the pug blogger that is EW expert is calling for higher in SP to about 1440 and higher – – – and frankly he has been pretty accurate for a long time – – – but some minor chinks in his armour very recently i think.
i am sorry to say that your calls have been more contrary than spot on, but i hope you are right.