I had a little time to kill this morning, so I did a sweep of a few boards here on SI. Seems like EVERYONE EVERYWHERE is watching the Naz wedge. Not only on SI, of course, but via links to other sites, I've seen a good dozen charts of that puppy. So my question is. . . when too many people are watching something, what happens?
Admittedly, consensus still doesn't exist: half the folks say we might test the bottom of the wedge first. . . half say we should break through the upper trendline now if we're going to at all. (If it really is true that the market does what it can to annoy the most, I can only imagine we get some false breakouts to one side or the other or both.)
In looking for catalysts, well. . . we have earnings, but hell if I can tell how the market plans to react to them (see Intel, IBM, and Microsoft for confusion edification). There's a Book To Bill this week. There's the conclusion of the G8 meeting. And there's no doubt outside events galore that could pop up, but I don't even try to think of those (cuz I'm too busy thinking of outside events that could pop up in my own life). Anyway. . .
Back to my original question for those with far more experience than moi. Everyone's watching the wedge. Does that create even more uncertainty in your minds about how this will all play out?
the uncertain freep |
