5 days on the SPY..... so.... it's probably time for this to correct. the 142.20 level is now a triple top... think it will last to the next retest.... The financials are up for a new run, I liked what I saw... with my regionals being strong even into the sell off.... Loved to see the Energy sell off.... Not that I'm anti them, but the Naz sold off the hardest at the close.. I'd like to see some financial strength and some consolidation (AKA Wave B pull back)... then we should get our final runs in this move....
Also note, we didn't actually break the uptrend, and are still in the trade channel... I don't think we will stay in it... but good to see.....
Break the trade channel, and then 2 more highs... and we are done.... I'm calling the top... here it comes.
Trouble if oil goes to 100.. off to the races.
We has some indications of Distribution today... but I'd like to see a good long full day of it... or even 2.
I'd like to see a great Orgasmic Bull day... a full on "going to the Moon, market is unstoppable" Rally.
I'd like to see "The Fly" get long, and capitulation out of the bears on financials.
or ... Today was a top... but I'll stick with my thesis.... Once we break the trade channel... 2 more highs.... with a melissa move in between.
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, May 14, 2008
I'm getting ready to call a top....
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