3 countries are now in a war to devalue their currency vs the dollar. What the effect of that and th US response will be are both unknowns. The only thing that I can see with surety is 5 min charts on the 3 major averages continuing to decline into negative divergences.
This is without a doubt one of the strangest days I've seen. By the way, it's not just the 5 min 3c charts that are negative, but every index, every timefame with the 1 minute vacillating.
I DO NOT like the price action I'm seeing playing out, I also trust my indicator as I have been in similar situation in which it has always come through. So for now, I'm not making a call to a bull market or anything like that. I'm just going to wait this out until I see something that suggests otherwise.
5 years ago
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Well, there we have it, markets finished near highs for the day and week.
Another terrible week for being short net short on the markets (which is the overall WolfOnWallStreet plan).
Seriously, in my view, 3C needs to come good and very very soon (i.e. next week at the latest).
We've already passed the 3 most probable outcomes that Brandt outlined a week or two back (the last one being to test and reverse at $130 SPY).
Daily 3C has made bad calls a lot recently, and it hasn't seen big moves, so my confidence is shaken in it's mid-to-longer term calls. ala This big reversal down.
We have two more POMOs next week also apparently?
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