Thursday, February 10, 2011
Stocks Shaky but Uptrend Still Intact; Euro Weakens
Internals today match the price action in that it they were slightly bearish. Volume kicked up a bit today but still light at just over 1 billion shares on the NYSE. The internals and price action suggest the weakness this week is just a correction, but if it is a correction then I think it's likely a very small fourth wave that one slight quick pop higher to a new high should mark a top.
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The euro count I posted yesterday looks good after today's downside action. If the count is correct, there should brief, short rallies and selloffs should be big and strong. I am firmly bearish the euro at this point, and bullish the US dollar.
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.