Thursday, April 14, 2011

comments and outlook for 04-14-2011

The day showed early strength (as suggested) and then faded as expected until mid afternoon.  Then after the release of the FED beige book the market found some traction and closed green by a smidgen on the S&P.  So I missed the close (of course 5 down days in a row is unusual, but it was what the cycles suggested).  The SPY did manage a red close for the 5th day in a row.

The charts are suggesting that today should be weak and probably red for the day.  My work suggests at least a 5-6 point pullback (possibly more) as most of the shorter cycles are down.

Here is a visual:

GL traders.  Do your own analysis.

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