Can you look at the crystal ball TA and tell us what will happen to the market in the next few months? What cards flipped out of the tarot deck? Was it “the fool”, or the “the temptress”? Maybe it was “the hanged man”. Please let us know…
You’ve told us a lot of things that we shouldn’t be doing. Those are easy calls. Why not share some of that magical know how that you got from your buddy Mr Elliot Wave, himself and let us know what the future holds. It’s DOW 10,000 time now. How long do we have before the 2012 movie starts to play out in real life?!?!?
Don’t hold out on any positive commentary. We are all trying to get rich here!
SPX is my near term target for the top. Subject of course, to revision based on what the Fed ends up doing w/ quantitative easing.
Watch the dollar, and the fed. The Brits just shut down their QE program. Some of the Fed board is pushing for QE 2.0. That will further the dollar decline and of course strengthen equities. Eventually, they’ll have to drain the liquidity swamp and hopefully stop the dollar decline. That will be your sign.
Got to run. I’ll be back with more tarot cards and tea leaves later.
Thanks for the insight but I missed the part where you said that I should be buying, selling, or holding! I saw you said to ‘watch’ but people who just watch aren’t making any money!
I need to correct my statement above. It should read “The Brits HINTED at shutting down their QE program”…and also SPX 1124 as my near term target top…I don’t type well when hurried. Watch the forex and the bond markets for hints…
Watching is not always a bad thing. Especially when the market is at certain inflection points. In the intermediate term, the trend is still up until proven otherwise. And though the trend is up, the possibility of topping soon is in the cards, such that there is risk in “buying” at these levels. Hence why I’m watching spx 1124. There is fair probability we pull back to 1050 before 1124, so I am somewhat short with appropriate stops in place. Longer term, I’m bearish on the market out towards the end of Q1 2010 and am positioned myself accordingly. A little voice in my head keeps telling me that everybody and their brother is going to get burned on the dollar carry trade, and fairly soon, b/c when a trade becomes that obvious, well it usually becomes the wrong trade… IF the Fed announces continued QE beyond what is now scheduled, and/or we convincingly break spx 1124, I’ll happily turn much more bullish…
edited to add: 1124 is the 50% fib retrace from '07 SPX high to the 09 lows.
Yeah, I have mixed emotions on it. I wouldn’t short anything here at this point, but so many people are expecting a pullback, you almost wonder if the rally will keep going. I’m buying a little here and there, but I would not buy any large caps at this point and certainly not any gold. And nothing with a P\E over 10 or so.
