Bears are wimpy. They can’t even stick to it for a whole day any more. Let’s face it. We’re pathetic.
I came into yesterday long in my trading account, which I no longer day trade because all the money is made overnight, and NY days are spent in atrial fibrillation. So I gulp and hold. I went out yesterday longer than when I came in.
It sucks, but gotta not fight the tape, and not fight the Fed. Even on days when the Fed ain’t pulling its weight, like yesterday and Tamara.
Here for your viewing pleasure is today at 6:40 AM in NY. My reading of this says that we are testing the high, and have hit a 5 day cycle projection of 3634. So they “should” pull back. BUT, the hourly indicators are bullish. And the 2-3 day cycle projection is 3695.
A breakout could lead to a fearsome move. This whole pattern from 3500 to 3660 could be seen as a base for a launch to 3800+.
3665 and 3668 are the Maginot Lines.
Follow my intraday snark at the Stool Pigeons Wire.
And for the bigger picture visit Lee Adler’s Liquidity Trader: