Welcome new reader!

Financial news I consider important, with my opinion, which is worth as much as you paid for it.
Please click HERE to read a synopsis of my view of the financial situation.

Thursday, February 25, 2010

Same Question, different day, down or up?

Who knows, market can go much higher, but I have been in the camp of lower since Jan 19th. The market rarely does anything in a "straight line" and what we saw recently was a counter trend rally.

Another tidbit is Elliot Wave International, one of the services I pay for, states we are the most "overbought" since Sept 16, 2009. While this doesn't prove the market is heading lower, any extremes are usually corrected back to the mean. Therefore it is more likely.

For more information on this statement, and a chart, see Slope of Hope. I didn't get reprint permissions. So I am still holding shorts, waiting for the other shoe to drop.
The question is, can the jan 19th highs hold and the next leg is down, possibly catastrophic wave c.
From WebSurfinMurf's Financial Blog

No comments:

Post a Comment