so with this pop @ the end of month friday.. the NEWs can now advertise to the public how well the markets performed this month.
the fact is overall for the indexes, half of this months gains are being produced by today's gains and the other half was produced
on the first trading monday June 4th after putting in a June 1st bottom. since then basically every other day was a net loss, and without todays gains
the weekly signals were moving to a sell yesterday before the last hour. funny coincidences again as both relate to
Euro News and took place the first and the last days of the month.
technically higher reversal prices most always improve the picture, however markets do move somewhat work towards balance most of
the time bar the extended price runs into divergences. so i'm expecting a moderation in the strong price picture in the short term to allow
what i call the second chance opportunity. since the DOW has basically moved up 400 points off yesterdays lows during the
last hour and the first hour today, it is extremely over bought. .. not sure how much but try a
fib number of .38% of that 400 point move could be the next entry point for longs and or shorts that need to flip . i still see we can move into the upper
area of the highs for the DOW in the coming Holiday time frame as it would be unpatriotic to have the FEDs allow the markets to degrade over
an Independence Holiday week. so if we get anything like a 100-175 point pull back just bite the bullet and give your short term long signals a try .
at least you didn't chase it. any pullback should come soon near the close or tomorrow as the euphoria dries up.. but waiting has its own risk.
these markets will trade technically to the point of break down and then recover more often then they will break down completely . there
are backstop players in place to save the system.
pl
Edited by Mr Dev, 29 June 2012 - 11:55 AM.
