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Whistling past the graveyard
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Summary: What another volatile and interesting week, and one where the technicals suggest the bulls have scored a major victory. One that has the potential to turn the trend bullish for real. We will no doubt visit the larger implications of such a buy signal in regards to it being nothing more than a signal of a larger counter-trend advance within the confines of an on-going bear market. No matter what we will follow our indicators on the long side if they indeed trigger a new buy early next week. The stock market is overbought in the short term, and any pullback would likely stall any new buy. If volume picks up on any sell-off then the new buy maybe would be taken off the table for a while as the reality dawns that the recent rally surge was the ending move of an Elliott Wave 4 sucker move. The economic news continues to remain grim, so certainly that suggests the bulls are whistling past the graveyard. We at AlphaKing are getting ready for some rapid-fire trading (in-line with our indicators, of course.) Our indicators were designed to yield the highest overall return over the long term while minimizing false whipsaw signals, which is why we are waiting rather than jumping in on the long side right now. Have a great weekend! Kevin Wilde, Chief Trading Strategist, AlphaKing.com | ||
