Tuesday, March 15, 2011

comments and outlook 03-16

Pretty amazing market action today.  As I indicated in my early morning update the market needed to reset for the news out of Japan.  What is amazing is how quickly that reset happened.  We were down almost 300 DOW points very early in the session.  By 10:00 am EDT the market had found a bottom.  After that it moved steadily up all day exactly as expected from the shorter cycles (30 days or less) and indicated in my original post.

So does tomorrow continue the move up. Maybe, unless we get more bad news out of Japan.  It is not as clear a picture as today from the cycles.  The two shorter cycles (5.5 and 2.8 days) are down tomorrow.  So are many of the longer cycles (down).  The 30 day cycle and 11 day cycle are up.  So it is a close call tomorrow as to whether we make upside progress.  I am inclined to think we make some upside progress, but will not be surprised if we don't.  So I guess you could call tomorrow more sideways than up or down.  The open may determine whether we close up or down (guess the open?).

See for yourself:

GL traders.  Do your own analysis.

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