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good morning
this is a mkt guru oppenion(mark dunken)(actual quote:
My preferred scenario here is that the rally from the Sep. 1 lows is a Wave
4 rally in most big board averages, and a new low under Dow 7400 and 939.98 in
the S&P 500 cash index is likely by weeks end. I think the turning point I've
talked about for this week will likely come in as a low on Thursday or Friday,
and from there we could see a 2-week rally into early October, before another
decline to lower levels into the late October time frame. This is all subject
to significant change but in my view does represent a good road map for what
may happen over the days and weeks ahead, especially given the current Ewave
pattern and internal technical set up. If we do get a new low into weeks end
then the weekly charts will likely show a 5-wave decline basis both the "bar"
and close only charts, I would then consider that the first led down of this
correction or Bear Market, whatever you want to label it.
Given the scenarion I've just laid out, I will not look to do any put
positions for this possible decline, as premiums are excessive, and
risk/reward not as attractive as previous rally peaks. I will stick to the
Futures here.
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