According to my risk summation system, the days this week with the highest risk of a turn in or acceleration of the current trend in the DJIA are Thursday the 17th and Friday the 18th of September. These are not strong signals, so I don't have high expectations for the action at the end of the week, but given the time of year you just never know.
Last week the system tagged pretty much every day as a risk window and the market didn't disappoint plunging on Tuesday, rallying on Wednesday, plunging again on Thursday and just rolling over on Friday completing what appeared to be a triple bottom on the DJIA hourly chart. A whipsaw buzz saw week as predicted.
This week my most accurate cycle indicator is predicting a bottom right now which seems to be born out by futures in the overnight session and the action last Friday. Despite the FED Head babble fest on Wednesday, the system did not tag it as high risk. No surprise is expected. I guess everyone already knows they're just going to print until money flows like green water running down Wall Street. I think (and given my cracked crystal ball you know how much that's worth) that the next really big risk window is Tuesday September 29th the day of the first POTUS debate. If it's a slugfest and breaks sharply in one direction or the other, it should move the market bigly.
P.S. As you recall in the good ole days before the bug and when the Pound was really weak, I encouraged you to come visit us and our excellent, warm beer. Last week Boris was doing everything that he could to run Cable into the ground once again which may give the bug ignoring braver souls among you yet another golden opportunity to cheaply walk in the footsteps of the Bard of Avon.
Regards,
Douglas
