Thursday, December 23, 2010

Happy Holidays

The SP500 appears to be completing a small degree 4th wave triangle while the Qs seem to be completing a 4th wave zigzag in a ending diagonal triangle.  My best guess is that Santa Claus will deliver tomorrow followed by muted selling next week with perhaps one more attempt at a high by next Thursday.  The last day of December is usually a down day while the first day of January is usually an up day.  However, either on January 3 or right after a correction should begin.  Once underway we can begin to assess the prospects for the extent of the correction.  At a minimum the April high should be tested.

Posting will be minimal until the end of next week unless something dramatic happens.

No comments: