Elliott counts are awfully muddy everywhere I look, nothing that I have enough confidence in to post. ES continues to do the end of year upwards grind. Very low volatility - coiling for some big moves past the turn of the year I believe.
Monday, December 27, 2010
Monday 12/27/10 wrap up
Buy signal today on EUR hourly Trend/Osc. The slow downward drift last week looks very much like basing activity, so this buy signal today could be a good one.
Elliott counts are awfully muddy everywhere I look, nothing that I have enough confidence in to post. ES continues to do the end of year upwards grind. Very low volatility - coiling for some big moves past the turn of the year I believe.
Elliott counts are awfully muddy everywhere I look, nothing that I have enough confidence in to post. ES continues to do the end of year upwards grind. Very low volatility - coiling for some big moves past the turn of the year I believe.
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If we're painting anything similar to last year, there should be a decent buying opportunity in the next couple of days in the way of a low volume price drop. Other than that, I agree we're basing for a decent push higher after the New Year.
ReplyDeleteActually, I think we're going to see a January correction in equities before we resume any significant upside - but my crystal ball broke a long time ago so we'll see.
ReplyDeleteYes, this was my original thinking but now the phrases "overbought" and "correction in early January" is on the tip of everyone's tongues, it makes me wonder if it will actually happen. Maybe I'm over-thinking it?
ReplyDeleteYou're right - everybody seems to be looking for that. Which is why I always wait for the market to show it's hand enough to have a higher level of confidence before I jump. Fact is that at the moment equities are still in bull mode in my work with a potential sell signal not yet shaping up. So it's up, up and away for now.
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