There are some charts in my head I'd like to share, but... It's been a crazy day. I like big days one way or another cause I just get to kick back and watch things.... assuming I'm betting the right direction.
This is it...... So we are in Wave A of this current uptrend..... In order for it to be larger than the last one and for it to be more likely to hit 1400+ it needs to end in the 1380's to have a shot at the 1400+ range.... short of that we may..... just top out at 1400............
We should get a nice Wave B pull back, then a slow move up.... Now.... The reason I keep talking about these slow captitulative moves... where we all fall asleep.... is that it's a fairly common thing..... what has to happen is over the next months we need to prove the bear by quarterly earnings..... then after 2 quarters of progressively crappy earnings we may get a nice equities washout....
but a nice slow inching up, after this wave B pull back will be interesting to see.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Wednesday, April 16, 2008
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