Tuesday, August 7, 2012

Kwestion of the Week

Are we grinding higher or gearing up for another move to the downside? 
It seems like we're just spinning our wheels here.  If we've got a date with the bottom of the channel we've been running up, that's somewhere around 1340.  If we're grinding higher, we want to see a close above this upper trend line of the channel.  If this move up has been a B wave in a correction then there's a considerable drop ahead.

They say things like bad things happen in threes.  Maybe that's like an impulse to the downside for markets...  I just feel like everything goes great for a while and then BAM!  Everything falls apart all at once.

The Fed and EU didn't make me feel any better about being long.  It made me feel like the markets were going to force them to take action.