Yes, you heard it right. Wax on, Wax off. Market up, Market Down. It's simply a case of insanity. Today it seems the referendum in Greece is "off". Seems they might have realized the stupidity of that idea and are now back-pedaling as only politicians can do. And here I thought our politicians were self serving idiots. At least they stick to their self serving idiocy to the bitter end. Then again perhaps Greece is a good example of how the rest of the world views our political games over the last months and years. Food for thought!
So it's back to rumors and innuendo to run the market. Screw fundamentals. Forget the company's business plan. Never mind that they are doing well and making a fortune. No, let's just do the herky jerky based on the insanity of the Grecian politicians.
But I digress, two days ago Greece's Prime Minister spoke and the market tanked. Today he spoke again and the market is up. What will he say tomorrow?
In addition the ECB (European Central Bank) cut interest rates by 25 basis points. Now the rate is 1.25% The market liked that also. So the Dow was up just over 200 points today.
The Charts
Will we go up again tomorrow? Will everyone dump their holdings at the end of the session to avoid holding over the weekend? Will the politicians say something "good" stupid or "bad" stupid? Dunno!!
But I did notice that I drew a channel at the becinning of all this insanity (See September 15th). And for some reason I extended the lines. And low and behold we seems to be bouncing again in those parameters! Is this the "new" channel? Hard to tell just yet, but at least it's an uptrending channel! Check the trends. (In one of my upcoming reports I'll discuss my reasoning behind the trend table). Below are three charts. The daily, the three day and the weekly.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – Up
Medium Term (3 day chart) – Up
Short Term (Daily Chart) – Up (Depending on the Political Insanity of the Day!)
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