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, May 10, 2011

May 10

[odd, it didn't publish earlier]

Well, there has been absolutely zero follow through on last weeks move down. Instead we got a very strong reversal. And it was strong enough to cause my 60 minute trend chart to bottom and is now turning back up.

I am highly unsatisfied with the timing of this wave, it is very out of place. If it was a pause it should have only lasted about 2 days. If it was a more meaningful correction it should have lasted a couple of weeks. Right now it is in a very funky 1 week state which is very odd. It is now highly out of proportion with the waves around it.

There are several possibilities but I don't like any of them at this point (I lay out probably my leading one, but frankly it makes me want to puke). So I am mostly in a wait and see mode right now.

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