Outta here!
Outta here!
UPDATE 3:15pm EST: I’m pretty much mentally checked out at this point. The Zero has been flat for the past 5 trading days and I remain hedged with a few nice longs in between. Was about to take profits on POT but I think it can bust higher. I might chime in later today if there’s anything imporant to report.
We are at the 50% fib line on the SPX. So far I’m still looking at either the green or the blue scenario. Frankly, the orange scenario has lost much of its luster and although theoretically still possible I’m having grave doubts. I think you guys know the drill regarding the action points – if in doubt check yesterday’s post.
Short term I think we push up – so my favorite is the notion that we are in intermediate (4) still and that we might see new quarterly highs in all indexes. For green to play out we should not breach today’s highs – if we do I might kick that one to the curb as well. Process of elimination – something I learned as an engineer. Seems to serve traders well also.
For the record: Today was a great example of the old aphorism ‘Buy the rumor, sell the news!’
Cheers!
