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

Friday, December 4, 2009

I Hanker Fer a Hunk of Cheese

Hey, if I am feeling like a rat in a maze, at least I deserve some cheese right?

My count from yesterday looked like a good one: Whew!!! So Much For That Theory. And with the higher high this morning on very strong breadth, I think that confirms we are at the beginning of 3 of Minor C. And per my larger wavecount (which I will show in my next post), Minor C is the last wave up in P2.

Interesting note: The dollar is up pretty substantially this morning. Yet the market is behaving like it was a drop. Things are getting disjointed. Breadth is becoming even more fervent in both directions (as I was first observing here Recipe for Disaster). Throw in this Dollar reaction and divergence, the INDU/RUT risk spread (Another View of Risk) and near all time high sentiment readings after a pullback the last couple of weeks, then we have a pretty good case for being very close to a top.

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