Note red arrows and explanation. This is not a prediction, this is a chart of what is.....is.
There is enough here when adding REPEATED attempts of market to cross these bounderies in the last month or so have been defeated, there isn't enough buying enthusiasm, at same time the withdrawl of selling pressure has kept market levitated.
I wonder the players won't LOCK IN record 2009 profits? Maybe waiting for 2010 JAN so having another 12 months to pay taxes?
Argument for BIG "correction" as market rose unabated with one minor 10% correction. AAII polls show a HORDE of bulls and a dirth of bears.
EWT is looking for a WAVE 2 (up) to complete where a WAVE 3 of 5 would begin, wave 3's can be especially ugly. The rally from MArch lows IMHO counts best as an ABC 3 wave correction to primary BEAR MARKET.
I can say my primary sub thinks we are in primary UP move and there is argument growing for correction of more than few days, but that would not defeat uptrend move......I wont rule that out!
But I'll go on record saying I don't think NOW is the time to bebuying or remain complacent in the face of a manipulated market rally supported by FED and GOV intervention.
Happy holidays and NY to everyone, I will be GONE from 25th of DEC til JAN 1st on vacation.
Duratek
2 comments:
I Place Economy as the first and Most Important Virtue and PUBLIC DEBT as the greatest of dangers to be feared. In order to preserve our Independence, we must not allow our rulers to load us with Public Debt lest we .............
- Sounds something like what Thomas Jefferson had said. Look it up
That needs to be the issue, Pronto
or our future is in peril.
Case in point, the Health bill, needed 60 only got 60 votes, NO Repub's voted yes. THE LIE is that this bill will not add to deficits....I got a bridge I need to sell.......call this miraculous bull rally from March the "great sellout"
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