The collision of global markets and social mood

Thursday, January 12, 2012

A Botched Reversal And A Good Omen

I must admit I was encouraged that the market had reversed this morning after being up solidly in the pre-market, but looking at the chart now, not so much. There was a beautiful, textbook, 5-wave impulse down in the S&P. Alas, it was entirely reclaimed by the close. Secretly, though, I'm relieved. I hate when it makes a big turn without me. Somehow now I think it won't. I feel the Dow and S&P will hold up until the Nasdaq confirms their price action by getting above its own Oct. 27 high, too. This means 1308 is still on the table. Keep in mind 1281.95 as a stop.

This afternoon as the sky was dark and looked about to storm again, I was about to cross the border from South Carolina into Georgia when the Georgia Satellites suddenly came on the radio. Then, the instant that I saw the Welcome To Georgia sign, the sun broke from behind the clouds and filled the entire sky and everything in it with a brilliant golden light. What a cool omen, I thought.

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