Good morning. Here is something to begin your opex Friday....
IWM - weekly cycle, bullish outlook
This is similar to the SP' chart I've posted a few times lately, the 'p3 ain't even started yet' theory. Without question, we have a bull flag being confirmed, and a move to 85/87 within the next few weeks looks comfortably viable.
The Swans are not being allowed to land
Despite all the Black Swans circling (and there are a LOT of them)..none of them are currently permitted to land by the Bernanke. I kinda picture him with a ground to air missile battery, and he is very much still in control. Occasionally he'll fire off a few missiles, take out any of those Swans that are looking to land.
near term: a break above the recent high of 83 - 84/85 confirms the bull flag
1-3 month target: 90-92.
It looks like the ultimate psy' level of 100' will not be reached..unless we see the market go parabolic - in the style of the 1999/ early 2000 tech bubble.
Good wishes for Friday.
UPDATE: 11.25am EST
Exited IWM puts earlier, am now long via iwm Calls
Yeah, the Permabear is now Long. A very difficult few buttons to press, but its my 'best guess'.
It could easily be the sign of a top (often is), but..the weekly chart says UP UP UP, at least to test 86 within a few weeks. I've done all I can.