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

Monday, March 1, 2010

Cocoa Puffs

I'm cuckoo ..... nope just cuckoo, not about Cocoa Puffs in particular.

So far this morning we have had new rally highs on COMPQ, NDX and XLF. So the 1-2 case for the start of Minor 3 is officially gone. But that was more or less abandoned on Friday (I Hate to Say It)

So far however, if this is a Z wave like I think with this chart: http://2.bp.blogspot.com/_OpWmYZm7O8I/S4gJbCQPg1I/AAAAAAAACJI/rBy1Eb8gkhQ/s1600-h/0binve-001-201.png, we haven't had anything that could stand for a B wave pullback. By that same logic, if you subscribe to the theory the the move the last 2 weeks is a five, and this move the last 2 days is 5 of 5, then there has not yet been any move that could really stand for 2 of 5 of 5.

Odd, odd, odd couple of days.

Addition - 1:15

Still agnostic on the current micro count. However looking at the ES chart is interesting. The last 5 days have seen us trading along 2 key sets of trendlines. There was the large excursion last week that moved us back up the very next day.

But it "acts" like it is retesting resistance.

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