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 Monday the 9th, Tuesday the 10th and Thursday the 12th. The nature of the signal on the 10th is most often associated with a low. Given the giddy market this morning, it may be just a minor low in this new stampede to Nirvana. The signal type on the 9th and 12th are more commonly tops or accelerations of the current trend. Despite my personal paraskevidekatriaphobia, Friday the 13th does not top the risk summation list.
Last week the risk window on Monday was just a continuation of the low in the risk window on Friday October the 30th. The Wednesday risk window didn't amount to a hill of beans and the little turn down during Friday's risk window is being crushed by this morning's futures, so all in all a pretty abysmal week for my system. To top it off with a cherry, the DJIA double top mirage that I was seeing in the distance was pronounced dead as a dodo. Any remaining bears were run over, shot, hanged and generally furriered into ugly coats all week long.
Last week there was a FED day that was largely ignored given all the election excitement, but with a continuation of gridlock government now all but assured, the FED is now, again, put squarely front and center of the economic stimulus game. The promise of even more FED largesse definitely helped rocket the market last week. I guess it's be long or be wrong until the chickens come home to roost, or maybe just a bullet proof black swan that can somehow manage to fly through the hail of FED gunfire across the East River to Wall Street.