CURRENT CHARTS


Click HERE to view current charts






Saturday, October 31, 2015

Saturday, 10/31/15 update

We appear to be at or close to a top of some type.
5 waves up can be counted as almost complete or complete from the Sep 29 low:


Technical underpinnings are falling away:


If the market does turn south in the near future, the big question is whether we'll see a relatively limited correction in a new bull trend or if we'll see a resumption of the summer's bear market.  What's particular ominous is that the current run up has seen a decided lack of participation by the broader market as compared to the more narrowly based DJIA and SPX.  Yes money has been flowing into equities over the last month, but it's been primarily flowing into what is considered lower risk issues.  This is a classic bear market phenomenon.  You can draw your own conclusions, but I can tell you that I closed my long ES positions on Friday.


blog comments powered by Disqus