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I've been speculating for some three decades and I've learned to listen
to my body,
If I put on a trade and it seems too easy, I'm going to get burned.
If its tough love with the willies in the stomach, then all will be
fine.
I started as a floor trader trading wheat. I had Minneapolis, Chicago
and Kansas City to
chose from and the charts for the most part resembled each other, all
were wheat just
different varieties. If two of the three broke support, I shorted the
third knowing the odds were in my favor.
At major tops and bottoms there would be a divergence and I'd get
burned.
Well today US equities seemed to have the runs, whereas they aren't
following
the DAX and FTSE in extending the pattern higher, so I decided to take
a bigger look at the big picture.
Here are the three DAX, FTSE and SPX
http://finance.yahoo.com/q/bc?s=^GDAXI&t=1y&l=on&z=l&q=l&c=^SPX,^ftse
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Unless US stocks get some support and follow Europe to new highs, we
may start the process of a global correction, not consolidation.
Currently the trend is up,
but this index may test the 196 moving average which also coincides
with the point and figure chart.
http://stockcharts.com/gallery?$DJW
I don't want to alarm folks, but if 196 level doesn't hold, the big
picture is scary looking whereas the CAC, DAX and AORD
will head to 3400, TSX to 8000, FTSE to 4400 and HSI to 8500.
More to Follow...
Kevin Bantz
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