Full Moon Valentine

Today there is a full moon at 6:53 pm EDT which could give support to the market (and cause me to lose followers if I mention it on Twitter, haha). But the near-term wave count is looking ready for a pullback. The larger one, updated here projecting 1887, is still possible.

I'm not betting heavily on a pullback, just a little UVXY which moves like it runs on nitrous oxide. The 38% Fibonacci level is 1794.75 and lines up with the 1798.03 spot I had my on yesterday. Since price made a new high, 98.03 is off the table.

However, with a mature wave count from the 1737.32 low, price can test all the way back to the 1773 area and still be poised for all-time highs. But the way I'm currently viewing the rally, I doubt that will happen.

Still, there is an odd sense of quiet in markets that I don't like. There is also a stunning amount of bile and hatred towards Tom DeMark's crash call based on the 1929 analog. This reminds me of the release of Robert Schiller's Irrational Exuberance in 2000 which was met by a firestorm of indignation. I know because I was guilty of it then myself.

Here's my favorite from Twitter:

DeMark was on the Glenn Beck radio show yesterday (which kind of guarantees the crash won't happen yet). But at least you can hear it for yourself. I didn't think it was fear mongering. I thought it was simply analysis.



Oh yeah. Happy Valentine's Day.