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Do I spy the great mother ship (and biggest of the big cap stocks) heading
for a hard landing???????? Are there problems lurking in GE Finance????? The
weekly chart of GE suggests that the answer is yes. No wonder the guys on
CNBC are working overtime to talk up the market, their options must be
pretty deep in do do.
Overall, my market horizon these days is a few hours. The basic technical
work I do with counts, regression channels, and symmetry is all surrounded
by mysticism. The market does not feel healthy and I suspect that if it does
manage to break above its range, it will get a sharp burst upward followed
by an unbelievable hammering. More likely I think, is an event or news which
drives it downward out of this range.
Perhaps most striking to me is the utter complacency and lack of fear which
exists among market participants ... if only one has faith and patience,
Uncle Al will have everything fixed up and the good times will roll on for
another decade. I don't think it's gonna happen folks which is why (aside
from trading) I'm very content clipping coupons and thinking there might
just be a bonanza in gains if Goldilocks gets a real haircut.
Earl
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