Note to subscribers: I’m out of town at a convention this weekend, and since the markets are closed on Monday, I’ll provide my weekend update tomorrow.
Last Friday and through last weekend, many were predicting a downturn for the markets, and the bearish perspective dominated the Internet. However, on Friday we took on the LONG trade deciding that the choppy and negative performance of the indexes was a corrective wave and that the ascending triangle that had formed would break upward and reward us nicely. And, on Tuesday of this week those LONGs did indeed pay off. Again this weekend, the indexes appear to be resting on critical inflection points. Will they break up or down from, and what does this next move mean for the bigger intermediate and long term picture for the markets? The Dow chart above shows two possible EW counts, one bullish, one bearish, which will carry the day? I’ll give my opinion on what I believe the markets will do this week tomorrow in my subscriber weekend update. If you’ve been thinking about a purchasing a subscription to a market newsletter, then we’d love for you to give us a try. Receive intraday, daily, nightly, weekend updates, analysis and access to a real time portfolio that is up an amazing 79% since March 2011. Click on the first link on the right side bar under Blogroll and follow it to the subscription page where you will find a number of subscription options.