nice head and shoulders Huh?.... Umn.... The market is this simple, it's the law of buyers and sellers. also notice how the market shows some Real curved Dome shapes.... This shows Heavy Distribution..... If the curves are the other way... it shows the reverse.
There were no buyers at oil at 150.... so it has to come back and find buyers.... there were some buyers at 110. But they seem to be fading....I still say it will shake out in the 100 level. With a gulf hurricane, there seem to be buyers of oil at 110, again.... What will happen after that?
The dollar/euro found buyers at 1.6.... also found buyers at 1.5 and it keeps finding buyers at 1.65. The dollar will go higher as long as it keeps finding Buyers... and there seem to be no shortage of them.... . I can predict that it will go higher.
The Market ran out of buyers at 1300. It had found buyers at 1200. It needs to go back and see if it can find more buyers, They are either at 1200 or lower.
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
Tuesday, August 26, 2008
Market Predictability.
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