Tuesday, August 23, 2011

Comments and outlook 08-24-2011

Who would have expected the market to "pop" like this?  Well, besides me.  Hehehehe.  I told you that pressure was building under the market and to expect a "pop" and it would possibly be today.

I know, I know - what am I going to do for you now.  Well every day can't be like today.  Some of the upside pressure got relieved today, so I would not expect tomorrow to repeat.  Still the bias should be to the upside.  The short 2.8TD cycle will be down tomorrow.  The 5.6TD cycle should top. The 34TD, 22TD and 11/2TD cycles are up.  By Monday the 34TD cycle should top.  So over the next 3 days we should get some upside (target 1208?) before the trend starts to wane.

Here is the SPX:

Gl traders.  The bear is lurking and the longer cycles are getting less favorable every day but we continue to focus on shorter swing trade cycles.   
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2 comments:

  1. InletAugust 23, 2011 at 9:55 PM

    Ramdom thoughts:

    Did you know they discovered a fault under Washington DC? It has been named the Federal Reserve Fault.

    Regardless of what you may have heard - the eartquake was not caused by a bond offering falling and falling to earth.

    If At First You Don't Succeed, Then Skydiving Is Not For You......

    I recently asked the director of a mental asylum, "How do you know when a person needs to be institutionalized?"

    He said, "Well we fill a bathtub with water and we offer them a teaspoon, a teacup and a bucket and ask them to empty the tub."

    I said, "Oh okay, so a normal person would choose the bucket because it is bigger?"

    He responded, "No. A normal person would pull the plug. Would you like a bed by the window?"

    I'm in room 304.

    ReplyDelete
  2. shadow7August 24, 2011 at 5:42 AM

    That's great!!! Ha!!!!

    ReplyDelete

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