The envelopes are still on a "Sell" signal.
Saturday, May 10, 2014
May 12, 2014 weekly outlook
Sell in May.... Looks like we should set a nice bottom around the end of May. In the meantime moves down of around 2% per week the next 2 weeks should not surprise giving us a low in the area of the early Feb low (1800-1815 - maybe a lower low).
The envelopes are still on a "Sell" signal.
GL traders. This past week I traded out of part of my RWM and bought those shares back at the close on Friday. Not a huge profit - about 1.7% on shares traded. We'll see how well the new purchases do.
The envelopes are still on a "Sell" signal.
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Hmm..in theory..there is viable downside to 1800/1790, but really, where is the downside power going to come from the immediate term?
ReplyDeleteThe only hope of the equity bears is Ukraine, but really, we've seen this kind of thing a dozen times in the past few years, and it ALWAYS ends the same for bears...a gap right above resistance..shortly after everyone is getting overly bearish.
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R2K/Nasdaq daily charts look ready to breakout to the upside...a bounce of 3-5% or so.
I actually be kinda curious to your cyclical waves overlaid onto the R2K/Nasdaq, not least since now we have a very split market.
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Regardless, have a good week :)
Full moon in a couple of days so top near...
ReplyDeleteIn 2000 and 2007 R2K traded below its 200 day MA as the DOW and SnP500 were near all time highs. History does not always repeat, but often rhymes.
ReplyDeleteRWM back above my Friday close purchase price after a beating Monday.
ReplyDeleteTrading around my core RWM holdings and made over 1.5% on Fridays purchase at the close... ($17.74 - sold 200 shares)
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