Hey Pata - My thoughts for what they are worth(not much lately!)
Obviously, I was way way early in my IT down call. My system still needs more work. It appears that the easy money is done to the upside. It might be messy for another 4 months. But, the longer it takes, the more important the top, just like April 2010. I was expecting the retest of the 1370 highs and an overthrow, just not until early summmer. We're ahead of schedule and you know what that means. They've robbed this market of exciting action. As usual, a few will sell their souls for a near term fix and some intermediate term safety. I think it will be their LT undoing in the middle of the summer.
That's probably the best I can come up with. Until then, I'm expecting this to be tough on swing traders - I just wasn't expecting it to become tough on swing traders so early.
Let me know if you see anything on the IT horizon. For now, all i can spot is ST setups. The best evidence I can see, is someone posted an 1800 spx target today and it was completely accepted. And I keep watching the usd/sek, as I see signs of a dollar bottom coming up. I do expect some sort of 1400 break over the next several months, however I will not assume that a new price high is such a good thing with 99 percent bulls.
okay, looking for this to be a trend up day until near the close. I may take a swing short from there but there could be some retest early next week. Also going to keep an eye on the eur/aud for a reversal as that carry trade pulls back. EUR/AUD may target as low as 1.2050(give or take 100 pips). Also watching aud/usd, its overshooting a bit.
YM just broke LOD , gentlemen....
ReplyDeletewhat does it tell us?
Hey Pata - My thoughts for what they are worth(not much lately!)
ReplyDeleteObviously, I was way way early in my IT down call. My system still needs more work. It appears that the easy money is done to the upside. It might be messy for another 4 months. But, the longer it takes, the more important the top, just like April 2010. I was expecting the retest of the 1370 highs and an overthrow, just not until early summmer. We're ahead of schedule and you know what that means. They've robbed this market of exciting action. As usual, a few will sell their souls for a near term fix and some intermediate term safety. I think it will be their LT undoing in the middle of the summer.
That's probably the best I can come up with. Until then, I'm expecting this to be tough on swing traders - I just wasn't expecting it to become tough on swing traders so early.
Let me know if you see anything on the IT horizon. For now, all i can spot is ST setups. The best evidence I can see, is someone posted an 1800 spx target today and it was completely accepted. And I keep watching the usd/sek, as I see signs of a dollar bottom coming up. I do expect some sort of 1400 break over the next several months, however I will not assume that a new price high is such a good thing with 99 percent bulls.
He who laughs last...
okay, looking for this to be a trend up day until near the close. I may take a swing short from there but there could be some retest early next week. Also going to keep an eye on the eur/aud for a reversal as that carry trade pulls back. EUR/AUD may target as low as 1.2050(give or take 100 pips). Also watching aud/usd, its overshooting a bit.
ReplyDelete