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Wednesday, February 9, 2011

Wednesday, After the Close!!!

Corn Futures are still in a steady uptrend.
When I mentioned back on Monday that I thought this week would be boring, that was an understatement. The SPX has been in a corrective mode for the last two days consolidating before the next move higher, most likely the iii wave(blue). This 3-4 combo(black) as labeled in the above chart is now starting to take too long, in terms of time. Possible that we might already be working on the next 4th wave combo (iii-iv blue). The line in the sand is very important for this count, as no part of this 4th wave can enter into the territory of the proceeding 1st wave, in this case 1308.86.
I scanned a couple hundred charts today, and the majority of the markets and their individual components all seem to be in a consolidating phase today, they were VERY few charts worth posting today showing important changes.
Breadth for the day closed at 1.64:1, on light volume, 946M, traded on the NYSE. A slight improvement over yesterday, but still extremely light volume considering that there are no holidays this week. Momentum is weak, but as we have seen in the recent past, the markets can still keep making new highs keeping the trend bullish. The markets are in desperate need of a correction, we are now closing in on 10 straight weeks with-out a decent sized correction, and the longer this drags out, the larger the next correction will likely be. The phrase "The Straw that Broke the Camel's Back" immediately comes to mind. If there are any interesting charts to post after Stockcharts gets their updates finished, I will surely post them.
The Trendfinder II is updated today, but there are no changes.
** The new web-site is up and running, including the updates. I still want to wait for at least a week before starting to switch to the new web-site as the primary site, just in case there are any bugs in the server or code that might cause problem. But you can start visiting the site now, or if you are a fellow blogger, changing links now is fine. The final move I need to make next week involves switching the feeds over for all those that subscribe to the E-mails, something you will not notice.
The "Urge to Splurge" - New Trend, or Echo of the Old Mania?

2 comments:

  1. emerging markets (the darling of everyone especially CEOs) are breaking down....

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