Hi Sam:
I continue to follow the Preferred Chart I posted at the same time, although it has structurally altered a little bit.
The commentary I posted for members tonight said the following:
"The Preferred Series should correct lower early tomorrow, and then resume its move higher. It will stumble and correct lower again on Monday, and then move higher into midweek before a serious correction which, once again, challenges the lows of March 22nd. I don't think it will hang its toes over the edge, the way it did on Wednesday. But it could. At the moment, I think the challenge will be met, and the index will turn higher again. The final week of April, the index turns lower again. And at that stage, if my interpretation of the Preferred is correct, we will break lower than March 22nd. Searching for a bottom."
Sam, that's what I wrote earlier tonight, and I still think this is the scenario that plays out. I do not think we have seen the bottom. But the bulls will feel good for a while here. They will look good for a while. In the short-term, I trade on the bullish side of the fence, more than the bearish.
Thanks for the kind words.
Best regards,
Temple |
