Not a post, not a weekly wrap or week ahead, an article that I was trying to get out before I have a dinner engagement in an hour, but it's not fair to the article to rush it.
I sometimes post a note like this not to miss a post if I feel it's important, I don't want to hype or oversell this, but I do think this is one of the most significant pieces of the puzzle to come together and it will change the way I deal with this market, none of the recent positions opened will be closed based on what I know now. I believe the indicators and underlying trends are correct, but I think they are pointing to something much different than thought. This shouldn't make you anxious if you've been following trend expectations and some of the recent trades, in fact I think you'll be happy.
The lesson here is more than anything, to step back from intraday trade, from daily trade or even weekly and see the big picture as I often preach when looking at a new stock (starting with a 5-day chart).
I say this because after talking to some of you and having time to look at the big picture which is hard during the day, something has emerged.
I can't make the case without the evidence, but if you want to start looking, July 8th was an important transitional day, something changed smart money's near term views just before and it materialized on the 8th and instead of the market dropping open the first shorter downtrend that is expected to be followed by that "Powerful uptrend" that was forecast almost a month ago I'd say, there was a "Tactical" not strategic change and it is very clear and very fast and again centers on July 8th and the days just before if you want to look at your charts and see if you find anything interesting, if you do, feel free to forward it to me as there is probably a lot more evidence than what I have collected.
It doesn't matter what you think you are looking for and it doesn't matter if you look at stocks, averages, credit, currencies, futures, just if you notice something very strange, very sudden in that area of July 8th and a day or two just before, feel free to send it in and I may include it.
Also I'll explain Friday's SPX target in greater detail.
I hope you are having a great weekend.
5 years ago
