Wednesday, February 9, 2011

comments and outlook for 02-10

What do you mean you don't like my EW chart/count?  I thought it was cool.  OK, enough fun with EW devotees.  Today we got a down day.  True, not a big down day, but the morning should have shown strength from the short cycles and didn't.  Maybe a clue of a change?

Tomorrow the short cycles are down from the open and mostly down all day.  So tomorrow could be the substantial down day we have been waiting on.  Time will tell.  Here is a 10 min chart of the SPY:

Gl traders.  Keep your stops tight and do your own analysis.