The collision of global markets and social mood

Tuesday, April 17, 2012

Complex And Not Over

Yesterday was a rather boring day instead of a key day.  But it did reveal enough of a wave pattern for me to stick to my guns, which I did from the Tarpon Springs library for most of the day.  I'm betting on a complex upward correction that resolves above 1388.13.  Futures are up this morning after probing lower last night.  Europe is up strongly across the board.

Speaking of Europe, we can add another index to the list of break downs in One By One.  In addition to Copper, the Aussie dollar, Canadian dollar, and the London FTSE index, we can now add the Euro Stoxx 50 which has broken below both its October and December highs.  One by one, the markets are saying "bear market rally from 2009."

My bet for a more complex upward correction does not mean I'm bullish.  It only means I'm looking for higher prices before I begin to add to shorts, and that I do not think it's over yet. In fact, this might seem strange, but the way I see this pattern currently, it could even tumble below 1357.38 before re-testing 1388.18 or higher.

It looks like the storm I was trying to avoid may be moving out of the area through which I intend to travel, which is the Florida panhandle.  Today I'm going to try to put some mileage on and trade too.  Whoever says that road trips are all fun and games has never been on a working road trip, haha.