Wednesday Road Map
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.