More of the same.
More of the same.
Well, we all knew it would be a wonderously slow week. Granted we have gotten some decent moves, and some reasonable downside resolution, it looks lack-luster at best. I have heard the word “controlled” thrown out a few times, and I tend to concur. Certainly not the massive blood-letting we would expect if P3 down was starting.
We know this week is chalked full of funny money… POMO today, OPEX Friday, GS downgrade a day before earnings… To go back to yesterday, and the whole bit about Barry and the “most hated rally ever,” I tend to concur. It certainly is the most hated rally that I have ever seen (in my 2 years of trading). 😛 However, is it hated because of the price movement, or hated because of the underlying reasons for price movement. I mean, really. I have seen some pretty suspect moves. Such as the day the /YM futures dropped 555 points and got halted (on a day that the markets weren’t even open), and a few more choice manipulations, but those were all one time events. This rally though, has been nothing short of a unending stream of monitary manipulation. Disgusting really: As a representation of what the US is standing for, to other countries, and most of all to the citizens it was “designed” to protect. However, we all know POMO funds are getting mighty low, so perhaps the upside really is wearing out. I maintain that I am looking for at least 1 new peak, and likely 2, but I don’t suspect much this week.
Here’s a little update of the chart I tossed up last night. So far so good. I highlighted the gaps for easy reference. Note, we gapped down today, could it be the first in the series? Or is it going to be just another easily accomplished bullish price target? Time will tell. But I have noticed two things this morning that are fairly pertininet (IMO). Number 1 is that the /NQ seems to be throwing a “left-hand monkey wrench” into the system. No new lows from yesterday (yet) and no clean 5 wave drop.
Drives me crazy...
Anyway.. I am keeping a close eye on my indicators, as at this point, with POMO, it wouldn’t take much to push the tape to yet another slight new high. That would keep the above count validated. If not, I need to see some clean 5 wave patterns playing out with NO overlap, and I haven’t seen that yet.
Crazy week, crazy market. Here is a tune that either expresses your views on trading, the market, or both…
Skål!
