The Qs have taken out 39.25 and have confirmed that the correction is underway. It could be over relatively quickly, maybe by Friday. We will have to wait and see how things develop.
6 comments:
dave
said...
Friday is not "quickly".
Today reminds me of that Jane Fonda movie "They Shoot Horses Don't They"
IF this wasn't a Fed day, i would be suspicious that this was another day that the prevalence of daytrading & daytraders ruined. All too often "trends" are intraday at jai alai speed & not interday.
I hope that there is an Act II & III this afternoon & tomorrow instead of just another one Act play. If you think there's no credence to these concerns consider that yrs ago before direct access trading there was a LOT less daytrading, but mkts trended better.
Before you get too excited about today look at a hourly chart of SPX & consider how lean the # of NH's today.
Too many mornings like this have been like the "proverbial carrot on a stick". Would love to be wrong & see an Act II this afternoon & Act II tomorrow. From Missouri.
Looking at the intraday charts, I think this may very well be wave b of the abc correction 8/4 to 8/7. The surge this am would be wave (c) of b. This bodes well for a near term completion of the correction, perhaps Friday as I suggested.
6 comments:
Friday is not "quickly".
Today reminds me of that Jane Fonda movie "They Shoot Horses Don't They"
This is like digging a trench with a spoon.
Decimalization of stk prices is evil.
dave
What would be "quickly" in your frame of reference, assuming you had a bigger spoon, of course?
IF this wasn't a Fed day, i would be suspicious that this was another day that the prevalence of daytrading & daytraders ruined. All too often "trends" are intraday at jai alai speed & not interday.
I hope that there is an Act II & III this afternoon & tomorrow instead of just another one Act play. If you think there's no credence to these concerns consider that yrs ago before direct access trading there was a LOT less daytrading, but mkts trended better.
Regards,
dave
Before you get too excited about today look at a hourly chart of SPX & consider how lean the # of NH's today.
Too many mornings like this have been like the "proverbial carrot on a stick". Would love to be wrong & see an Act II this afternoon & Act II tomorrow. From Missouri.
Regards,
dave
Looking at the intraday charts, I think this may very well be wave b of the abc correction 8/4 to 8/7.
The surge this am would be wave (c) of b. This bodes well for a near term completion of the correction, perhaps Friday as I suggested.
Makes sense to me because despite this "get well" rally we were not yet sufficiently oversold on daily charts.
Regards,
dave
Post a Comment