Mr. Market this morning is trading at 1216, up 10 points. The Dollar is down a couple of ticks, and the Euro is up a couple of ticks. Oil is down a few pennies and the Gold is up a couple of bucks. The 10 year US note is now trading over 3%..l this first time since the end of July. The daily chart shows a small H&S that could count to 3.5%,
All the Bulls are excited about the Vix Buy signal and the break out of resistance at 1202, and all the Bears are discouraged and about to throw in the towel, if they have not done so already. All though I am Bearish longer term, it is always fun to watch the locals run the stops.
Our Momentum Change indicator has signaled a new short term Bullish outlook as of the close last night. We do not have a recommendation for action with this new signal, although if we can get a pull back to around 1202, there may be a chance to scalp a few points.
We do have several timing tools that are pointing to an end of this rally next week, probably about mid week. So we will be looking for a pull back to the 1202 area to set up a Buy recommendation, and then we will be on the alert for a momentum peak next week.
Good Luck Trading!
Bill
No comments:
Post a Comment