Thus the gyrations this week in equities,
The tax plan which has caused world wide rally is faltering... The Dems have not even began their attack which will be fierce and it has not even began but will in the next week I am thinking. This weeks drop was because the house and senate simply started speaking of different plans showing division in the ranks which for the bill to have (Any) chance of passing must be a united front. Then a hint that the newest plan would not give businesses relief until 2019! The market looks ahead 4-6 months and I think it is not liking what it see's.
This (Is) fact not news, or a news event... so it will be a sustained erosion in the coming weeks so buy the dips will not be my course of action this week coming. I think over the next several weeks we will see just the opposite as we have saw since Nov. 2016 I think 2592 spx will be a tuff nut to crack and very possibly a sweet spot for a swing short. A good trade might be a 249 spy target how ever one might choose to play that kind of move.
Today was the first warning sign of that as we should have closed much stronger, We would have at any point over the last year.
Then we have the news events that are in the back ground such as NK, Iran, and alot of other crap.
On a side note I have attached the PDF link to that pattern technician I posted last week. I find his work very interesting and to be honest have turned my account around with more than one of his trade suggestions over the last few months.
I also think Gold is forming a short term bottom in here and within a few more days at minimum a lower high is setting up around 1300... possible the real move some have been looking for targeting 1340's Semi and Fib pointed out to me that their work suggested a bottom in December I'd be interested if they would be kind enough to elaborate on those thoughts.
Good trades My friends an stay safe.
Edited by opinionated, 11 November 2017 - 01:54 AM.