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We start this month with our resident escape artist and myself, short.
This has not always, if ever, worked out but maybe the signs are good
for the bears to take advantage of sell in May and go away, as it is
the first of the worst six months of the year, by the stats.Never give up, never surrender.
We must hope that the market’s faith in QE can be broken.
Never give up, never surrender.
Closed the Dow short at 17770 for +30pts and will
reenter if we retouch 17800 later today.Never give up, never surrender.
Plan to close out the lower at b/e and keep the higher.
Never give up, never surrender.
Moving stops and see how low we go.
Also looking at Oz stocks to see if they drop.
Never give up, never surrender.
Took the profit and will wait and see where Dow closes today.
Never give up, never surrender.
Euroland looking weak as a new lod is created, so it’s a
lower daily low after a small rally.In which case maybe the US will revisit the tuesday lod.
Never give up, never surrender.
We did see the US follow euroland down and now
the bulls have a chance of a rally but it has to
keep going beyond the first hour and I am
not sure it will, let’s see.Never give up, never surrender.
Well looking at the Dow chart you could make
a case for more down or a good rally. When
it’s set like this there is a danger that the
stop run robots will clean up.I will have to stand and watch.
Never give up, never surrender.
US rally did fail early and now we get the low
and then a setup which will run into NFP.Time is now not on the bulls side but we may
have to wait until monday for confirmation.Never give up, never surrender.
US Dollar Index @ Wed 4 May 16 – Intraday
The MONTHLY chart shows the working count for the price action since the bottom at 70 in March 2008 that projects a top around 103 (red horizontal).
It’s possible that wave-(C)’s 5th topped at 100 last December when the index pushed to a slight new high, technically sufficient to complete the 8 year rally. But since the top labelled wave-3 a credible A-B-C correction has played out into yesterday’s 92 bottom.
If the count shown is correct, look for wave-5 of (C) to top around 103 (red horizontal).
Ftse has found some support circa 6060 but it’s like a cliff ledge
with sharp rocks below.A some what look a like over in the US really.
This sets the run for NFP where we could see supports hold
and a good rally or down on those rocks.Not sure where I want to be trade wise. Flat seems best.
Never give up, never surrender.
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