Patrick,
I fully agree with you that today should be weak, for the same reasons you specified and also not looking for the bigg pullback yet.
I consider this phase as part of the topping out process, which could still take us higher. What I am noticing is that the overall market is starting to slow down its rate of incline. Yes the DOW increased dramatically last week, but the NAZ was flat and only up 17 ponts for the week and the NDX was flat.
I am getting the impression that this topping out process & forthcoming decline will take the form of a ROUNDING TOP chart formation and will take time, maybe as late as MAY/JUNE for the big pullback, but there will be smaller dips on the way.
My more recent call of the interim top at DOW 8888/ SPX 1100 is working so far, lets see if it can hold this week, and then the end-of-month rally to start next week.
I did not think that we would get to SPX 1100 this fast, but since we did I am raising the top of this rally during the 2nd week of April to
9000-9100. Watch, we will hit it this week proving that I should go back to washing dishes >>> gggggg <<<.
Last nite I had called a SELL on the XOI and OSX, and CRUDE is down and some of the oils are already down a little in Europe, so I may only have to wash cups >>> gggggg <<<.
Seeya |
