The Morning Call
The Market
Technical
Monday Morning Chartology
As
you can see, after taking out the lower boundary of its short term uptrend, the
S&P promptly rebounded and pushed up through the downtrend off the May22
‘outside down day’. It speaks to the
resiliency of the ‘buy the dippers’. As
I have noted before, until this crowd is punished and badly, it will continue.
I
was a short hair away from stepping on my own d**k on Friday. You can see the progress GLD made off not
only the second of what appears to be a double bottom but also above the upper
boundary its shortest downtrend. So by
our Buy/Sell Discipline, it looked like it was time to start nibbling. Ooops.
The good news was that because GLD was down in pre Market trading, I
waited till after the open. Better lucky
than smart. In any case, as you know
from my flash Subscriber Alert, I didn’t follow through; and even if I had, I
would have been stopped out. Bottom
line: GLD is back in an untradeable pattern.
The
VIX tested the upper boundary of its short term downtrend and retreated---a
positive for stocks.
Update
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