It's raining; it's pouring.
Today the market was snoring.
It bumped it's head on the back of the bed,
And it couldn't have been more boring~!
Remember that nursery rhyme? Huh? What? Nooooooo. Never! Not me~ I wouldn't think of changing the words!! No Way!!
It really was a boring day. Nothing much moved. Volume was weak, which in this case says, no one is willing to make a commitment over the weekend. Be ye bull or bear, no one wanted to commit to a direction for Monday. Just hold and wait. And speaking of wait....... OMG~ Look at the charts!!! Could it be? Is it real? Is it a reversal candlesick on the DIA? The SPY? Hot damn and full speed ahead!
Uh-oh. Wait a minute. Not so fast there buddy. DANG! Seems that candle is a weak candlestick and that doesn't quite fit the reversal standards. Sheesh. It's RED for goodness sakes. That's a no-no. And the QQQ's? Damn! Looks like grandma's undies hangin' on the drying line. In a word........ kinda saggy.
The Bulls aren't completely dead........yet! Ok, a few died on the QQQ's. But we still have two outta three of the majors. There are still a few cards left to be dealt. Me? I'm a holding my powder until I see the whites of thier eyes. Monday should give us a signal, and tell us if we're gettin' somethin' nice for Christmas or just a lump of coal. There was talk of something getting done this weekend on the Europe fiasco. (Yea, shaw~!) Hey, feels like we're in Vegas and it's crap shoot city. And the odds stink in craps~
Two changes in the Trends. SPY, DIA, QQQ, daily charts below.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – sideways
Medium Term (3 day chart) – Down
Short Term (Daily Chart) – Down
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