Next Friday is also a New Moon. Lately, full moons have been nailing bottoms, so here is an excellent setup for a New Moon to mark a significant top.
Also, there's the matter of that Greek rent payment due on 8/20. So we certainly have a trigger for this low-volume toppy mess to get pretty real pretty fast.
This weekend I will work on a longer blog presentation I am tentatively calling "A fast-collapse model of the U.S. equity markets, 2012-2013". It will discuss what I expect from a 5-wave impulse down, where the first wave down targets SPX 980 to 1000, and the larger event narrative that supports the entire monstrously-bearish outlook. All IMHO, of course!
 |
| Dog days of summer ... kill me now |
5 comments:
IMO we just hit the bottom of 4 and are starting on 5. I am looking for 30 to 40 spx points up. Then the fun starts. I'll clear out and get short above 1420
Could be, yes. Of course, we have got all of next week to make those 30 or 40 handles. Slooowwww ...
Nah, Daize, I think we finished off A of 4 at the open, and B of 4 at the close.
So another couple days of watching the paint dry, before a final (?) pop to the top.
Check out Barnhardt's latest post:
http://www.barnhardt.biz/
CG - could well be, but hard to tell. It is possible we started 5 as we had an impulsive 11 SPX points up from low on Friday. Closing price, which IMO is best, there is not enough to tell. Opex week should be good for a weak 5. This is very typical 4 behavior.
Post a Comment