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Have you ever seen Black Ice? living in New England I've seen it a lot. It looks like solid dry black pavement, but Suddenly you see someone walking along and Whoosh! , their feet fly out from under them and they are flat on their back. Invisible Ice. Well on occasion, I've seen something similar occur in the markets. You're going along and all things look solid and safe when suddenly...Whoosh! things slip away. I want to mention this now and first off, so that THAT image sticks in your mind when I cover the weekdend report.
Our recent consolidation that was looking a little Bearish in many ways (as shown in prior reports) Got Draghi juice and suddenly looks a little more normal. This is the SOX index on Friday
Does that mean we'll break out in Bullish fashion soon? ...
Read MoreDid you see the $USD? Did you see the QQQ's? Did you see $Gold? Looks like "Happy days are here again" ? Well the markets certainly did react strongly after the ECB announcement, but will it last? Can it last? It really raised more questions than it answered, so lets look at some charts.
SPY - Which was struggling below the 50 sma got a bit of a boost yesterday
In some ways , the 3 Q's looked even a bit better...
Read MoreMany times when markets move , they are often setting up for the next trade. As things are setting up , Its not always possible to tell if the set up is Bullish or Bearish. I have mentioned here what I am seeing in the markets, but with the ECB meeting taking place and the results of that meeting not being released until (supposedly) 8:30 Eastern time, the goal is patience. Often traders & investors dont realize that over trading can cause one to slowly give back the gains recently made. So while we need to invest to make money, we also need to learn patience to be able to avoid knee jerk reactions and head fakes. While we wait....Quick review.
NOTHING has changed with the SPX,QQQ,DJIA, etc
Like yesterdays report 'Groundhog Day" mentioned, as time goes on, not much has changed. One thing I did notice is...
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