John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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Don Green

John Pitera

sixty2nds

To: John Pitera who wrote (21117)	7/31/2018 8:58:31 AM
From: robert b furman	3 Recommendations Read Replies (2) of 33421

Hi John, If one thinks that big wave started at 1810.10 and topped at 2872.87 a minimum 38.2% retrace would take us to 2466ish 50% to 2341 61.8 to 22.16 In another 30 points it becomes a very rare running flat. Henry has a read that a symmetrical triangle has just been broken out, of that takes us up over 3045. Message 31722164 Clx studies say this week and next have a tailwind up. 2cs has reversed from a toppy appearance at 2848. So we need to say it's not a sure read either way. I'd look at the most recently announced earnings have been generally stellar. Buy backs are huge (LRCX just bought back 800 million in a quarter! Msft has hit a new high on good earnings. Facebook and netflix have peaked with subscriptions slowing and regulatory oversight increasing their costs so they become truthful vs featuring other than truthful people with other than opinion being expressed. Hard to expect a big retrace in light of huge earnings increases. Remember it is all about supply and demand for the shares. With the companies buying back their shares in such large volume, the poor market makers are pulling out their best moves to accumulate inventory. If you had a hard time getting inventory (and were the market maker) how excited would you be about creating shares by going short - only to see the company buying up the inventory you just took a chance on creating? Always good to hear from you John. Gardens doing well ! Bob

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