My accounts are up on the day, but it didn't feel like it. Stock futures went into a triangle last night but finally broke down to retest last Friday's lows before bouncing back into the close. DJ futures tapped their 50-day again.
I can't even think about going short until 3/25 when I1 peaks, so I want to be long here. Long stock futures is more leverage than I want so I'm content with 4% SSO. Until the 50-day is broken I will count on I1 to pull out another rally.
I have an order working to short Euro near it's old high. The 3wave upward correction has a pretty obvious count requiring another small rally to complete.
The old high will probably be slightly exceeded but I have my order in selling at 139.99 basis June Euro. The dollar is absolutely detested out there, reviled and scorned. Neat, huh?
EWI pointed out a trendline on the weekly DX chart.
The precious metals only have 2 more up days until they enter the period of a potential high.
Even if the absolute highs occur within the plateau period there is a subsequent strong rise into the end of April.
Looks like there's going to be a meltdown - of some reactors, and maybe the market. It's a tsunami of bad news. Be careful out there!
ReplyDeleteSteve, I don't think I1 accounts for things like natural disasters so how do you reconcile that with your trading strategy in times like these?
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