INDEX UPDATE
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Noticed some signs of bullishness developing but needs further confirmation. However, I did get my CLASS 1 SELL, but am suspecting that such may be weak, and only last a short time.
For those who are bearish, caution should be taken since still feel that the buy on dip mentality is still present, and we have the seasonal factors.
Dont get me wrong, but this market is not strong, but we should not discount the momentum which could push this market up, and possibly much higher. The major indexes can still go higher, but if the RUT and other smaller issues do not start participating, the upswing will not be able to continue. Even if the smaller issues do not participate the DOW could get to the 9500+ range, but watch the downside since it could be very nasty.
With my CLASS SELL signals the normal drop is about 150-250 points with a minimum of 75 intraday points. After the upcoming dip, feel that the upside is tradeable for the the following upswing.
The NAZ/SPX/ETC have set new highs, but the DOW,RUT,TRAN, etc are still lagging. Untill this divergence ends the upside or downside will be limited.
OK, lets see if my short-term CLASS SELL works again.
I have been receiving emails and PM's questioning my position of being bearish. I want to go on record that I had also called the recent CLASS BUY signal, or did everyone forget.
Seeya |
