I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Tuesday, October 20, 2009

Wakey Wakey Eggs 'n Bakey

I think more than a few of the bulls that were holding out for 1100 got turned into pigs. Bears ... time to feed. You guys like bacon right? :) . Just kidding.

Like I said in my last several posts, including this one (Whew! One Crazy week! However I Think Next Week Will Make Last Week Look Like a Walk in the Park :)), I am not trying to call this "the Top".

Is this the end of P2? Is it the end of a Minute wave with more upside to come?

I don't know. I just know we reached a top.

The signs were pointing to it the last couple of days. Time for some shorts to start paying off.

Current Count - Last wave looks done.

Daily Chart - Lots of weakness. Second hit at downtrending RSI with no breakout. Very sad for the bulls. Stochastics and MACD are downturning. The CMF distribution trend is still intact. And breadth is still declining.

And speaking of breadth ... yep, it still stinks.

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