Really do not understand why I have not seen one chart posted, or talk about this classic double top. Talking heads all saying we are heading to new highs with dips along the way, another 10%? Really? Ok, either I am really right or really, really wrong, but there is no inbetween. And that's fine, took my profits, now house money for me, but a lot of it riding here. This kind of set up doesn't happen every year. So win or loose, I am going with this story. If we meander with low volume, and head into the very long 3 and a half day close, I wonder what Monday will bring. Being long is just foolishness, being in cash is the smart move, being short, well, risky, but the reward could be well worth it. TZA all the way. If I am right, small caps will plunge, and what isn't sold will rotate to safe big cap. Note: an aweful lot of stock pickers publishing that way, and defensive stocks, lots of on air players going defensive, lots of be careful chatter.
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claydoctor
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One more note: my usually very reliable predictor EURJPY paid, that mimicks the IWM, actually went opposite today. Pair was up, IWM down, and I wish I knew why. Watching to see if this corrects tomorrow, or keeps going oppo, and why. Somethings up, that's for sure, something has changed.
claydoctor
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And if I am wrong, about the quick turn down, and Monday comes and goes, and we don't dip even after next week, well, there is always time to get in on the next leg up, because that is what will happen here if we defy the odds, the charts, etc. Employment ADP out today, tells of a no news number tomorrow, but what if it doe snot agree? Watching carefully, as I know many others are. And why did we not pop today, with the OK ADP numbers? mmmm.
claydoctor
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Lets watch the volume on the half day of trade tomorrow, and whether selling picks up about one hour before (10am) Europe closes. 11am est.