We have a lot of ground to cover, so let's get to it. What a week so far, huh? :-) The Big Speech takes place in a few hours tonight, and who knows what will be said and how/if/won't change thing on the charts tomorrow, they're going to move the way they're supposed to move regardless. The Senate will also vote on Benny tomorrow, so buckle up.
After finding support in many charts today in various ways, I think we need to stay hyper aware of resistance above now, and it won't be easy due to multitudes of gaps residing above, but we'll just stay diligent. We're looking to reload for more. I don't make predictive calls most of the time, as you all know. It's not my style. But I will say this: many of the bulls I know are still looking for that IHS target to come to fruition, and many bears are already in the "here we go down the mountain," mindset. I fall into the second category in all honesty, and have for a very long time. But as a precaution, if you're in the same frame of mind as me, please use caution on counter trading the corrections, because they can rip your lips off before you blink. The one quality that has stood the test of time in a bear market are the violent moves that can occur. So, be nimble, careful and not so over-confident that you reduce your capital to take the journey down.
Tomorrow's calendar: before the bell will be Durable Goods Orders and Jobless Claims. 10:30 is Nat Gas Inventory, and at 11:00 is the 3/6 note, followed by the 7 year note at 1:00. Don't forget we have GDP numbers before the bell on Friday.
Earnings include: MMM, T, BAX, LLY, F, OXY, POT, PG, RTN before the bell. After the closing will include: AMZN, JNPR, SNDK and RMBS. But this is just a brief snapshot, so study up on the full list here if there's an important one I've missed that you are watching.
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Okay FX addicts.. you have a new addict amongst you- I think we’ve lost MoneyFarm to your grips, so take good care of him for me!
Crank it up! Let’s trade!
“In the day we sweat it out in the streets of a runaway Ameri-kan dream
At night we ride through mansions of glory in suicide machines”
Keirsten
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DDT here with few boring D-Wave charts – be careful trading next 2 days – we have plenty of ABCs and deep 4th
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