Monday, March 14, 2011

Comments and 03-15 outlook

I told you in my weekly outlook Monday would probably start to the downside and then turn up.  That is what happened.  The turn up was later in the day than I would have predicted if I had tried to put a time on the bottom.  I said a lower range of 1290 would be hit (we got somewhat lower).  Overall though I was correct (down and then turn up) on the market action even if off a bit on the specifics.

I expect tomorrow to continue the up turn that started around 2pm EDT today.  The 30 day and 11 day cycles are up.  The 5.5 day and 2.8 day cycles are up.  So the shorter cycles will control the market action tomorrow I believe.  The longer cycles are turning down, but the turn radius is fairly long and they do not yet control market action.  I would expect the market to close at least 6-8 S&P points higher than today's close.

Take a look:

GL traders.  Do your own analysis, this is one person's opinion.

7:01 am EDT - with the news out of Japan of dangerous levels of radiation leakage  you can forget the shorter cycles as the market resets.  Like after 911 it will take some time for the market to reset.  Where will it reset - it depends on how bad the situation gets in Japan as the market is now fear driven.

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