nice news today.
I've yet to listen to the CC, so I'm looking forward to that. I'm actually perking up a little here, starting to believe in the little engine that could again<gg>
So far in the BIG picture this is really just the first stick in a possible new uptrend. Important to remember though that since the July/September double top last year it's been a grinding series of lower highs and lower lows.
stockcharts.com[h,a]waclyymy[dd][pb50!b200!d20,2!f][vc60][iUb14!La8,17,9!Lf!Lh5,5!Li5,5!Lg!Lc20]
This weekly stick coming up will mark the first new higher low, which is good, but there is a lot of cycle work and evidence that points to the strong possibility of some real pressure for the COMPX over the next few weeks before the continuation of any decent uptrend in the market. This is good in my opinion...healthy.
A retrace to 1850 or so on the compx, some real fear and bearish sentiment, is what this market needs here. If it comes, the buy opportunities should be very compelling for intermediate trades.
I'm not going to rush in here, rather just let the action settle down and watch closely for the consolidation waves to come. Sideways to slightly up with a nice long tail (or two <g>) for the next few weeks would be excellent on the weekly chart... a real base.
Good trading, and best wishes,
jm |
