from that 3 step pattern posted on friday,we.ve completed the move to bottom of 1st step http://imgur.com/J80cbhA
My long here is a reaction move off a very oversold day..30 mins i'm out sometimes you got to throw away the "rules"
What changes things here to alter the persistent upward trend in equities? so far nothing.. Is the FED continuing to print paper.. yep... Have interest rates continued to spike up... nope.. Is gold indicating money flows in... nope.. Are asset bubbles rip roaring... yep.. The wealth effect in all those brokerage accounts and retirement accounts is trickling down to the common man. What were seeing here is asset bubbles that keep inflating with the backdrop of a mute economy. The mute economy will keep interest rates in check. Only when economy is full steam ahead will interest rates blast through upward resistance. As interest rates edge up close to double digits on the long end, only then will bubbles burst. It means wealth effect has to be significantly increased for the economy to churn the new money printed. SP500 over 2400..
welp I'm betting on EMG seeing his 1750 before pinkman sees his 1850. We came sooooooooo very close to 1850 but it was beaten back and right now major headwinds to the upside. Still no real fear even with a 24 pt drop...not good.
Kerry I use to do that counter trend trading, can kill an account, please switch to the trend is your friend
Kerry, If you flip today it would look like one of our many good uptrend days, would you be shorting the up trend if it lasted most of the day? I don't know how long you have been trading but if you switch your thinking 180 degrees you may start seeing the money flow into your account. keep posting we are all here to help and make money.