Trust me, it would be better we get a pullback here so the whales can hop on. Whales are in the wait-and-see mode at the moment, hence all the jerking around earlier today.
I expect whales to be waiting on CPI this Thursday. Looking at indexes over in Europe, which are breaking out of their bear trends, so is DJIA, I sense SPX is lagging behind here. CPI is likely to be yet another decline and this should be the trigger point for SPX to smash through the declining trend line (seen on weekly). USD falling, crude heading down, commodities heading down too. That's what I think.
I can't for the life of me ever figure out even what he is trying to share. He always just shows charts, apparently alluding to something significant, but no discussion of what he is showing or how its helping him make a trade. Just like you point out what he posted this morning, saying down not up. The impulsive and corrective are all hindsight, so who gives a shit, and still no trade mentioned at all. I think he's a retired sports guy doing a radio show and describing the action on the field.
Except corporate earnings are bad, Samsung profit down 61%, LG profit down 91%, Jeffries profit down 51%, come this Friday big names are starting to report, that is basis of bear theme. Earnings estimates are -4.1%, P/E will have to come down.
Yet I bet when some big names miss, that’s a 1-2% drop, like previous quarters. Bears are setting traps, bulls are hedging.
Since I thought words confuse some folks, I post a chart picture same difference. Oh well. Isn't everything we discuss hindsight? How do you discuss foresight without a time machine? And yeah I never said no bias either direction today. Nope, not a once. Oh wait those were words, not pictures. Make a note, no more words. Funny how some of the same chart pics that I "don't allude to significance yada yada" get likes from others that get it.