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, May 28, 2010

Bounce, Happy Memorial Day and Thank You

First, I would like to wish everybody a Happy Memorial Day and to say Thank You to all of our Veterans and Armed Service Members.


Bounce. Looks like a bounce down off the 200 day MA. Oh, then I guess I mean drop.

Today's action was confusing but I am going with a LD with a 78.6% retrace. No good. Blankfiend makes an excellent point regarding the diagonal.

In the larger count I am still sticking with the LD. We did not break higher today and hit the 50% retrace. Trendlines are still converging. Also, the second peak today at 78.6% bounced off the trendline. Bounce? again, I mean drop.

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