05/07/2010 After Bell Quick Summary


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OK, wrong, wrong and wrong again, all After Bell Quick Summary this week were wrong, the market simply ignored all the odds for green days. Is this another signal of trend change?

I don’t know if you still believe the next odds anymore – very very bullish Monday plus according to the Stock Trader’s Almanac, Monday after the Mother’s Day, Dow up 12 of last 14.

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The bottom line, the chart below doesn’t look good to me, seems a Symmetrical Triangle is in the forming which most likely means we’re still in a wave 4, so there could be a final wave 5 down before we could see some meaningful rebound. And after the rebound, since the down momentum we witnessed this week was so strong so there should be a 2nd leg down to test the panic low, either forming a lower low or higher low, not until then would I seriously consider some long positions.

SPY60min

Have a nice weekend!

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