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Wednesday Road Map
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Wednesday Road Map

by The MoleJuly 28, 2010

Since it’s still the summer doldrums and many of you guys have mentally checked out I will afford myself a quick drive through update for Wednesday.

Here we go:

Basically the same picture as presented in yesterday’s update. Today looked like a bit of topping action and after an early morning spike (don’t we love those) we turned on a dime right at the 1120 mark as expected. We may see a drop towards the 1100 mark tomorrow but as of now I expect it to be contained. As of now it doesn’t feel like this thing is over and done with – lousy volume and distribution patterns notwithstanding. As ‘thespookyone’ put it a little while in the comment section: Breadth leads price right now (and trumps volume).

Soylent Blue? We should be so lucky! But trading on hope is a recipe for disaster. So, plan for Green and take Blue as a gift to the bears if it should present itself.

See you on the other side.

Cheers,

Mole


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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