We seem to remain on course and the current push back observed almost across the board could actually turn out to be a positive as it establishes a retest zone above our entries. Of course this assumes that this correction does not turn into a more pronounced sell off. So let’s start with reviewing some of our ongoing campaigns:
Finally we have something interesting to talk about. We are approaching a good place for a quick long. Yesterday I mentioned that both Mole and I thought that further downside without another leg up was just setting the stage for finding a bottom a little further down. That is exactly what happened.
Scott back again. My apologies for the lack of pertinent information in yesterday’s post. There honestly just isn’t that much happening, but I feel we are closer to an inflection point than before. Mole and I were chatting after the close today and we both feel the same way. Continued melt up from here without correction increases the odds of a deeper correction when the bears get some mojo back again. But the bears badly lack mojo. Correction from here, the odds are very strong it just hits support a little further down.
This is Scott. Mole is ass deep in code for a new system we are launching soon, so I’m making myself useful by doing some guest blogging. Of course just after I agreed to do it, I realized the market couldn’t possibly be more boring, and its hard to think of things to say.[Mole: Welcome to my world.] I figure we should look at the bigger picture here.