Short-Term Phase-o-rama
Anyway, just to share some thoughts on where the market stands………
I have taken the liberty of color-coding what I see as the regular phases of recent market activity:
MAGENTA – a modest drop in the market (where I get mildly excited);
GREEN – a recovery of a portion of the recent loss, and people are wondering if the high is in yet or not;
CYAN – off the new lifetime highs! The market blasts past the recent drop and quickly makes it a memory;
…..and then the cycle repeats.
The question in my mind, of course, is whether we’re going to get another CYAN or not…….or if…….uh-oh, here come those words……..it’s different this time. As of this moment, the ES is down 4, but that won’t mean anything until tomorrow is over (and Friday as well, I suspect). My money is on a break to this uptrending sine wave.
One other item I’d strongly suggest watching is gold. We’ve been making a series of lower highs. If gold makes an obscene gesture to this pattern and rips past, say, $1310, we’ve got a very different ball game on our hands.
Disclaimer: This is not meant to be a recommendation to buy or to sell securities nor an offer to buy or sell securities. Before selling or buying any stock or other investment you should consult ...
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