Thursday, June 2, 2011

comments and outlook for 06-03-2011

Looks like the market bottomed mid day as expected (where multiple bottoms nested).  The market has followed the expected trajectory as explained last evening.  I think I will give myself an "atta boy".  Hehehee.

Now we all know tomorrow is employment data for the month of May.  We also know given the ADP report Wednesday and the NFIB (National Federation Independent Businesses) said their member survey indicated little or no employment.  So a bad report tomorrow should be baked in - no surprise and have little or no market impact.  A large upside surprise might (but who trusts the govt #s anyway).

So we have had the 2.8TD, 5.6TD , and 11.2TD cycles bottom and turn up.  The 22TD cycle topped and turned down.  Still the weight of 3 up cycles vs 1 down cycle should give us an up day tomorrow.  I expect 6-12 pts on the S&P - so a moderate up day.

Here is a visual:

GL traders.  Be careful (use stops) and do your own analysis.


  1. You iz on for tomorrow inlet let's roll....hehhehe... weak jobs number and a green market just like all the other weak jobs numbers...gotta paint that tape

  2. Ah crap I'm hoping for the same thing Kli is, that never works. BTW got out of BIDU Tuesday with whatever little profit.

  3. Hi Inlet what's up with Gold any ideas for the next couple of weeks?

  4. Kli - you know how it is with the "atta" boy system. Get 100 "atta" boys you get a new luxury auto. Get one "ahh chit" and you gotta start all ove. Guess I start over. hehehehe

  5. Morla, Glad you didn't lose. My timing was off a couple of weeks on that one (I think we finally hit the target I had, but with options because of time decay - timing is critical). So not one of my better calls.

  6. Mouth, I claim no special insights when it comes to Gold (PMs). Last time I looked at charts it appeared that it was in a sideways consolidation that should last at least thru June. See Kli's blog (in my blog list) - those guys are all over the PMs.