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Monday, February 22, 2010

This week in Charts, and market may be going higher

I got to tell ya, I am questioning any rationale for market to head lower. Gary of the Smart Money tracker makes more sense to me than the chartists. He makes a case for MUCH higher before the terminal phase sets in. His rationale is good, and even McHugh (another chartist) who remains bearish has their own indicators flipping to a buy.

Only Elliot Wave International still is bearish with no wiggle for bullish.

I am waiting for S&P500 to break above 1,150. A break above that and I got to re-evaluate what the heck I am doing in the market. I may just need to find "religion" with Gary. Gary can't know the future either, but if we break that, he is the last man standing out of over 8 services I pay for. He alone says we go up much higher.

And that has me even more worried. I have this urge to go with the underdog. And out of all the subscriptions I pay for and blogs I read only Gary is it for the significant higher level.

In any event, for now, I'm nervous for either direction, still slanted for lower, slowly buying gold miners (small) just as a hedge for being catastrophically wrong. Also Fridays strength is REAL worrisome for me on the down slant. Fed increased rates, IMF to sell gold, and the markets brushed it off.

If you want to go long or short, really, I can't critique anyone. For me, SPX 1,150 is my guidepost for now. And a break below SPX 1,060 tells me Gary is wrong. It's a race to which hits first and determines for me who I continue to follow for the next few months if not years. For now, the charts.

From WebSufinMurfs FinancialBlog2

From WebSufinMurfs FinancialBlog2

From WebSufinMurfs FinancialBlog2





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