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Pastimes : The Philosophical Porch
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From: Rarebird6/9/2009 9:11:32 AM
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Transcendental Market Fragments:

The Market:

The market moved from a low in the afternoon yesterday to close virtually unchanged in what is likely to be the last gasp of the March rally. A high should be in place on Tuesday which could be an intermediate high preceding a decline into the next significant low.

Infusion of stimulus into the economy has created the conditions for this rally. That raises the risk of overstaying the short side of the market. The other risk factor is, of course, US Dollar weakness, which would tend to be bullish for stocks and commodities. But, overall, the picture is lining up for a dollar uptrend and stock correction for now.

Overall, the markets are beginning to dovetail into a near term move down in stocks and commodities and a move up in the US Dollar.

Gold:

Some are looking to Gold as a refuge from the eventual devaluation of the dollar. They are early and are very likely to get a good shakeout before that happens.

S&P Midcap 400 (Hourly):

I saw what could be a diagonal triangle - this market's favorite termination pattern on both the upside and the downside - in the S&P 400 MidCap Index.

Wave iv may have completed Monday afternoon. If it hasn't, the pattern could drag into Tuesday. But, assuming that's the pattern, there should ne a higher high to sell.

Dow Industrials (Hourly):

Yesterday's move lower was very weak. It appeared that neither buyers nor sellers were out in force and profit-taking from bulls who had paper profits likely accounted for much, if not all, of the selling pressure. I have yet to see any really big selling pressure.

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