Thursday, December 9, 2010
Nothing Changed for Stocks; Euro Bears Happy
I wish I had something interesting to say today but I don't. Nothing has changed for stocks and nothing signficant has occurred worth noting right now. Volume barely stayed above 1 billion shares on the NYSE, so interest has really trailed off this week. I'm still waiting for the sharp move that should be right around the corner. My guess is that the move will be down.
here. I do feel the market is gearing up for a sharp move, and the evidence suggests that the move will be to the downside. But as long as 1129.24 remains intact, I'd view any decline as part of a larger correction.
Learn Elliott Wave Principle
The euro continued lower last night in the European session, giving the bears some relief for the time being. A series of lower highs and lower lows has been established, but they are ovelapping waves at the moment, so caution is still warranted for the bears. As long as the euro stays below 1.3325, I feel comfortable remaining aggressively bearish. But a break above that level will get me to cover some of my shorts. I'll cover ALL my short positions on a break above 1.3785.
How a "Dull" Investment Can Be a Great Investment
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.