Wednesday, August 24, 2011

Comments and outlook 08-25-2011

Who would have thought it - two green days in a row.  Oh yeah - that is right I mentioned there should be an upside bias from the shorter swing cycles.   Well the upside bias should still be in place, but the higher we go the more likely we get a pull back.

All the shorter swing cycles except the 5.6TD cycle should be up tomorrow.  Of course, we have longer cycles pushing down.  Still I expect some more upside before the 34TD cycle tops on Monday and then it becomes more probable we get a turn down.

Here is the SPX swing cycles:

We closed the day right at a FIB level - keep them guessing.  I am watching RWM for entry under $33 (hopefully $32.50) and QID under $53 ($52 would be better).

GL traders.  Use stops to protect profits if you have them.

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