What's the Kansas City Shuffle? Really? REALLY? Ok, ok, guess you missed one of my favorite movies, Lucky Number Slevin. According to Bruce Willis, the Kansas City Shuffle is when everybody looks right and you go left. Simple huh? But what a great diversion! And that seems to be what the market is doing this week. The Kansa City Shuffle~! We're looking up and the market goes........ ker-plunk. Now go rent the movie. You'll love it. Bruce Willis, Lucy Lu, Ben Kingsley, Morgan Freeman and Josh Harnett. What's not to like?
Seems we just can't get a break here. We needed a close above the minor resistance of DIA 122.00 Instead, we get the Kansas City Shuffle and BAM! The market takes a wrong turn. But no worries. We're still in the channel. And we need to stay in the channel. Also it would be nice if the 3 day and the weekly chart managed to stay above the 50 SMA. Breaking below that gives a negative connotation to the current uptrend.
On the daily chart we are now below the 200 SMA and we did a slight turn around on the 20 SMA today. Can you see that on the chart? I doubt that support will hold, but again it all depends on the news! It's really amazing. Buffet has been on a buying spree this year, spending some 24 BILLION on stocks like IBM, BAC, WFC, V, DTV, DG, MTB, INTC, CVS! You'd think that alone would lend confidence to the market. <sigh>
No changes in the trends. Below are the daily, 3 day and weekly DIA charts. Look at them, read them, learn to fish.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Up
Medium Term (3 day chart) – Up
Short Term (Daily Chart) – Up
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