Not a lot to go over tonight, as it was a sleeper day. The spx is in a range and until it breaks to the downside, it will be business as usual for the bulls. The market has a strange way of lulling traders to sleep right before a big move happens. Our preferred pattern would be to the downside and hard. But the market will do what it is going to do. Here is a piece from Woody Dorsey sent to premium members.
MARKET COMMENTARY: 6/12/19 by Woody Dorsey:
Market Energy: Markets are always and only about Energy. I study the Market Energy. Follow the Energy. Yesterday’s trade exhibited a rare case of the “Leaping Salmon” pattern. Pops we allowed in my profile into 6/11. The quality of the reversal own is instructive and makes the market really easy. If you are short, absolute stops may be placed near the 2910 level.
The energy is due to be declining from here into the end of the week and into (Dates are for members only-special pricing in link below) I will update you on Thursday after the close to diagnose the status of this pattern. Big short covering rallies can occur within severe corrective episodes. The trade into 10/10/1987 has some resonance to this pattern. I am also aware of the 5/3/2011 pattern. These are all possibilities. There may still be Tariffs in the future. Don’t be dismayed by the rationalizations of talking heads. Never Deny Denial but don’t force your opinions on markets. As I say, stocks are easy here. Your stop is 2910ish. Negative profiles are beginning to manifest.
MARKET COMMENTARY: 6/12/19 by Woody Dorsey:
Market Energy: Markets are always and only about Energy. I study the Market Energy. Follow the Energy. Yesterday’s trade exhibited a rare case of the “Leaping Salmon” pattern. Pops we allowed in my profile into 6/11. The quality of the reversal own is instructive and makes the market really easy. If you are short, absolute stops may be placed near the 2910 level.
The energy is due to be declining from here into the end of the week and into (Dates are for members only-special pricing in link below) I will update you on Thursday after the close to diagnose the status of this pattern. Big short covering rallies can occur within severe corrective episodes. The trade into 10/10/1987 has some resonance to this pattern. I am also aware of the 5/3/2011 pattern. These are all possibilities. There may still be Tariffs in the future. Don’t be dismayed by the rationalizations of talking heads. Never Deny Denial but don’t force your opinions on markets. As I say, stocks are easy here. Your stop is 2910ish. Negative profiles are beginning to manifest.
