Just a few minutes ago a friend of mine asked me if I thought the market was going to go up or down tomorrow. He has a habit of asking others to make his decisions for him. I simply said to him what a man with two penises says to his tailor when asked if he dresses on the right or the left..........."Yes"~
Let's face it folks, if I had the ability to forecast the market in advance I would be on a boat headed for the Tahitian Islands, never to return.
But I digress. After hearing the news this morning about better claims numbers and the easing of Italy's bond yields, I was hoping for a turnaround candle on the chart. Instead, price was turned back to the downside at the 200 SMA, not a bullish sign. We are left with a neutral candle that leaves us hanging again, wondering what tomorrow will bring. As usual for the last few months, it's all about the news! We are still in the channel, although only by the skin of our teeth. I'm hoping for an up day tomorrow, lest we break below the bottom of the channel. That would not be a good thing and could take us on a downward run. A close tomorrow above today's high would signal another run at the top of the channel.
Keep in mind that tomorrow is Veteran's Day, and while the market is open, it is likely to be slower than a usual Friday. Everyone will be taking off early for a three day weekend.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Up
Medium Term (3 day chart) – Up
Short Term (Daily Chart) – Up (with just a wee bit of concern)
No comments:
Post a Comment