Macro Bonfire: Nice Break, But Perhaps Not Yet Broken

Tuesday, October 19, 2010

Nice Break, But Perhaps Not Yet Broken

Price and volume chimed in today on the S&P. But form still has not. This afternoon's action excepted, I've yet to see a juicy, implusive move on a 30 minute chart. We smashed through the area I wanted to smash through, and we're heading down on significantly higher volume than we came up with, but we didn't get to a new high in the VIX today. The rip higher in the USD still needs to vault 79 before I get excited. Right now, it's only a 3-wave rally. All this tells me to keep my powder dry. Patience is the key.

2 comments:

tom ablettOctober 19, 2010 at 6:12 PM
Marz, thanks for posting your thoughts and reasoning, and for opening up your Blog, it's priceless education, especially having the chance to watch it play out in real time. Sure is quiet in here, they know not what they at missing, so far. Good Trading to You.
Tom A.
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Marz BonfireOctober 20, 2010 at 8:53 AM
Thank you, Tom. I'm glad you like the blog. It's fun to write and helps keep my ideas organized . . . a lot of which are quite contrarian.
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Some very kind testimonials

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