Les,
I called my broker, and the part of GDP number that appears to be getting more negativity is the export number.
If one is trading for the short to intermediate term, this may not be a bad time to take some more off the table. Sure the market can still go up, but considering that this rally actually started at 9800, it is not unlikely that we get some sort of pullback. And with
the rates moving as it is thats a bit ominous. If the rates closes near its highs, it would have created a HIGHER HIGH which is a confirmation of the uptrend in the rates.
The market is so use to buying on the dip, that I would not be surprised if we do close positive, off the lows. Probably a good time to do some exiting. Subjectively, many over the weekend may absorb the issue of the rates rising so much so fast and get nervous, which may not play out so well on Monday. Only a guess.
My CLASS 1 SELL signal on the DOW, although it was almost negated earlier today, has been salvaged, and still in effect.
seeya |
