C-ya!!
C-ya!!
Very quick update right after the bell – I will follow up with some more details later this evening. Here’s the gist of it: As the $INDU breached $12,587 we eliminated the near term bearish case – the $SPX is one tick away from breaching its own $1285 boundary, and the $COMPQ is 4 points away. Which means we are officially still in wave c (circle) of minor 2 (i.e. near term bullish proregressive wave). I’m not sure how far we’re going to rally but I grabbed some cubes before EOD just to be positioned. $1320 on the SPX is a possibility.
Short term indicator is now up, long term still down of course, as the long term bearish reversal is lurking behind the corner. Although I’m down a few bucks for today I could NOT be happier, because this means a harder drop, cheaper options (low VIX), and more downside potential on the financial sector. I choose to see the positive side of this – and as mentioned before: this is my favorite scenario.
