Patrick,
It appears that the actual numbers are coming in line or better than expectations. We all realise that the expected earnings have been reduced, but for the time being that factor is being ignored by the market.
Patrick, I had always indicated that fundamentals/news will over-ride the technicals. If better than expected earnings continues, it could postpone any pullback or just minimize it. If earnings continue to come in better than expected against adjusted earnings, then the fundamentals are changing.
I will watch the rest of the earnings this week, but for now, do not see too many major companies in the DOW reporting negatively yet.
Patrick, for now I am not changing my position that the interim top will occur this week. We will be in CLASS SELL status by tomorrow if the market is up today, as it appears. The dip should still occur but the key now is how large will be and how long will it last.
For now it is expected that this pullback, if it occurs, should be at least the same size as the last one, in both price movement and time.
If it is less in any of those 2 areas then the market is hinting that it may head back to full rally mode as in FEB/MAR(I doubt that for now), but at the same time I will respect the market.
Personally, I may still enter PUTS for this possible pullback, but I will be relatively conservative and keep my positions small, just in case.
Seeya |
