Thursday, June 9, 2011

Comments and outlook for 06-10-2011

It is quite evident that my cycle positioning was less than perfect (off by about 4-5 trading hours) and a bottom was set near the close Wednesday.  I think I have now made that adjustment.  The expected pop I talked about started at the open (not 2-3pm) as I had supposed.  And it did show a bit of vigor (a tradable pop).

This upside push may last into tomorrow morning.  The 1 year, 20 week, 22TD and 11.2TD cycles are down.  The 5.6 TD cycle is up.  The 2.8TD cycle is up first part of the day but will top by mid day.  Because the action of these 2 short cycles occur over a short span they probably will (may) move the market up a bit in the early part of the day.  After that (after the 2.8TD tops) the longer cycles should take control and we should see a nice sell off in the last half of the day going into the weekend.  I suspect we could close near the lows of the week (under 1280).

Here is a visual:

GL traders.  Do your own analysis.  Remember this bear was only napping and may wake up tomorrow during the day hungry and grouchy,