S&P Update

Fall to previous high as support and move onto a newer high?

FAZ

Bought 50% at 9.00, contemplating a stop at either today's low 8.8 or yesterday's low of 8.3.

Update: 8.8 stop should be sufficient.

Update: Crappy stop, low was 8.77. Currently at 9.32, I pick some horrible stops!

Trendline Update

Still holding, but frequent tests mean eventual break.

Bank Failures

Last week we saw 4.

Nat Gas

It is amazing how poorly nat gas has been doing.



We really need to learn how to use it to replace gasoline.

Meanwhile BDI is moving up a bit.

H&S

A H&S within a H&S. Interesting.

H&S

Pattern is still developing. Dont't fall in love with it. Market action is very wild.

Possible H&S on S&P

If we break 833, watch out. Target is around 800. These H&S plays do not play out very often in this market.

BDI

Wonder if it can make a new high.



It is hard for me to have any opinion on the medium term for this market. I think we will be range bound for at least several weeks. Yet we manage to have powerful moves both to the upside and downside, so I will try and continue to ride these moves the best I can.

Absurdly Accurate

The trendline has been extremely accurate. I do not expect it to hold much sooner. We will eventually go through a consolidation phase that will break the bottom trendline.