Saturday, May 09, 2009

Ridonkulous !


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The McLellan Summation Index ($NYSI on has me convinced that Mar 9/09 was the low, and everyone is waiting for a pullback to see whether that was the low. However, this pullback refuses to materialize, as every reason to sell (eg. hitting resistance levels, bearish candlestick patterns, technical indicators flashing warning signs) has only been temporary, and resolved to the upside.

The bullish strength of this current market must be respected. For me, that means now is not the time to be agressive, but rather, it is more a time to sit and wait to see how this all gets resolved.

The Euro has been just as tricky. I was leaning towards a short bias as it approached significant resistance @1.35, but that was resolved to the upside. I'll need to do some more analysis of the Euro charts in different time frames to see if there is anything interesting enough to trade off of.

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