According to my risk summation system, the day this coming week with the highest risk of a reversal of or acceleration of the current short term up trend in the DJIA is Monday August 3rd.
Last week's Monday the 27th risk window was a dud. My guess that the Wednesday FED presser would cause a sharp move down was also dead wrong. Oh well, as I always say, if you can't predict correctly, predict frequently.
Rant: Speaking of the FED Head on the tube, he has forced me to rearrange the nik-naks within reach of my viewing chair. I'm prone to grab something and throw it at my flat panel when I hear utter BS. I was grabbing for something to throw again Wednesday when he justified the low rates with the utter nonsense that there is no inflation. If there is excess money supply, there is inflation. It’s simply a matter of finding it. A blind man with a rabid seeing eye dog could find it today. There is obvious raging inflation in gold, bonds and the stock market. Gold is selling fifty times higher than when I was a kid, bonds are selling at their lowest yield since the Greeks came up with the idea 3000 years ago, stock indexes are trading at some phenomenal PE and the only thing I’m shopping for, food, is rising sharply in price. The clueless reporters organized appropriately like participants in the Hollywood Squares TV show did not one question this assertion, unbelievable.