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Little Used Indicator Says Market Is Headed Higher
Great read and interesting to see one indicator suggesting the world isn't going to come to an end tomorrow.
One ought to be careful about putting too much emphasis on summer time price action though. As others have pointed out, volume is very light and there really haven't been any bullish catalysts in the market.
To say this market is anything other than range bound is asking for trouble. As per CRI's S&P 500 blog, the market turned down in June and is still pointing down (
/). I myself can't turn bullish until we start closing comfortably above 113.20 on SPY or the Weekly 13 EMA can work its way back above the weekly 30 SMA. These two moving are currently very bearish so I can't see this being the 'big buy' we all would like, just a bounce in a storm.
Labour Day (Cdn., eh!) is here and the Pro's are finally starting to come back to work.
Let the games resume!
P.S. while I don't believe any crash shall come in the face of Congressional elections due in three months time, 2011 is setting its self up for a horrendous year.
P.P.S. For those US Dollar Bears out there, yes the greenback is being devalued by the day but the only real beneficiary of this is the gold price....and it has been going up (curr tgt is $1406/oz by November)
Now you wanna talk a trade....lets take a look at some OJ Put options!!!
Brian Beamish FCSI
The Cdn Rational Investor
Sep 7, 2010. 09:40 AM
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