We've been navigating this tricky market rather well, haven't we?
Like navigating in the high seas, there are a multitude of forces affecting the plotted course, ever changing wind and current are constantly present. The navigator gauges the external effects and adjust the course to reach the destination.
My destination is neither a new high nor a new low. Nor do I seek to be right or famous. My goal is to make money on balance.
1090 is lost. I shall not forget that buyers of the market have been looking like they were in constant need of new shorts to squeeze in order to generate rallies. And this drop may be another trap as well.
If, so, the bulls should take 1090 back. If not, they should not violate 1070.
I said that I could not shake the feeling that we were having a broad pattern of distribution
Bulls are weak and show nothing that would make me want to give them any benefit of my doubt -- not today, anyways
The gap index opened on the way up on Aug 17 is now filled. We have a down gap from the open today.
So far, the intraday breadth is horrendous. The day is not over and this is OpEx week, so, who knows how it all ends?
This is what I am seeing on a 5-min frame.
Now, to the job of nursing the trade ;-)
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago