High As A Kite
High As A Kite
10:10am EDT: Jackpot! We just made new highs (as predicted – ahem):
1040 is now a real possibility – remember that we have a fourth wave resistance line at 1045 going back to October 2008.
And 1049 also marks the point where Intermediate (Y) (i.e. the current leg) would represent 68.8% of Intermediate (W) (i.e. the first leg).
The Dollar has been taking it up the rectum and the old perv seems to enjoy it a bit too much. If we breach 77.43 all hell is going to break loose – we could easily see SPX 1,100 in that event.
10:33am EDT: NYSE a/d ratio is currently around 5.5:1 – which is the highest reading since July 15. The Dollar is now creeping back and is hovering around the 78 mark.
Remember – today is OPX day – considering that we had a HUGE move as usually the action is a lot more muted on the two final days. I don’t expect any fireworks for the remainder of today – everyone who’s worth anything has made their money and has various escort services are on speed dial. Hey, where’s my VIP invite?
