I can't get a chart going right now... I'm just totally out of practice.
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.
Wednesday, August 10, 2011
Tony E-mailed me, asked if monday we had a bottom. I said... "it doesn't feel like "we are going to crash" sentiment, there is still some optimisum. We had a nice run... everyone got very excited... and we rolled back over.
This bounce sort of felt wave 4 to me. feels like a move to 1050 on the spx is in the cards. I nice little bear trap below there would sort of feel "Right" some kind of "look out below!!!
tony asked about my indicator and how I read it... if 10 is euphoria. well we are now at a 2 or a 3. futures are up fairly significantly... I just think that like I say "futures are sentiment" that is not exactly "Negative".
I'm keeping an eye on it... I just think the market will have to test on a quarterly basis that 1050 level. or somewhere in there. It just seems silly not to try.
bla bla bla ... central banks .... Default..... what we need is a nice MEME.
of course "slow growth and a sideways economy" .... well we knew that....
Posted by Eric at 10:02 PM