POWER DATA ONE WEEK AHEAD - Provides an 80% Correlation to the SPX

Friday, May 20, 2011

Market Timing-Whats Next -May 19th Morning report

May 20th @ 7:30am

Ive come to the conclusion that I build readership on CRASH TALK, and when Im moderate
about the mkt, it tends to drop off-- WHY IS THAT ?
A Simple answer= PEOPLE want to know WHEN.

In that case, I will IGNORE the END OF THE WORLD on May 21st.
and if it happens, none of us will know about the  next day as there will be
no one to report what happened.

Today looks like a SEE SAW battle with the bullish side somewhat holding onto its gains.

SO what does this week do to the previous charts of the Elliott Expanding flat, and do we still expect a strong sell off next week? - The answer is YES , and YES.

Holding at or under 1350 to me is very telling as it shows the leg up off 1318 as a 4th wave within the triangle, meaning the next move is a 5th wave which should get back to 1290 at a minimum, or as low as 1250 making the may correction appear as a flat.  SENTIMENT is NOW too strong to continue the bull trend.  Until we get some build up of the negative sentiment, the bull cannot grow.

more later


1 comment:

worm said...

Do you have the read for the low time this morning?