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Wednesday, June 15, 2011

Still Playing the Bounce

I know... another round of horrid economic news, escalating unrest in Greece, etc., etc...

Yes, the economy is still melting down.  No, there's nothing we can do about it.   There's still no miracle cure, no silver bullet and no pain-free long-term solution.  But, that doesn't mean they won't try.

The two leading options right now are that we're in a triangle ( expanding or running flat), trying to finish out minor 4 and launch 5 of C of P[2], or we're in [iii] of minor 1 of P[3].  Yesterday, the triangle felt right.  Today, P[3].  I'll talk later about which I'm expecting and why.

But, either way, we should see more of a bounce than we got yesterday.  I'm calling this (1261.90) the bottom for now, looking for a rebound starting tomorrow.  My initial target is 1328 on June 21-23.

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