Wednesday, 16 May 2012

11am update - still watching

This mornings rally is certainly stronger than yesterday - and bodes well for the overall near term idea of a rally into opex Facebook-Friday.

I'm still waiting. I want that 15min cycle floored before I'm hitting buttons. If market prices keep going up -whilst the cycle resets, I'll just sit this whole thing out, and wait for the next cycle peak to re-short for wave'3.




If yesterday was the conclusion of minor'1 of 3 , then 2 is underway. Anyone with 'serious money' would have a stop at the floor of sp'1328 (or 1323 if you consider overnight futures important).

An important issue I was just dwelling on (via daily cycle chart)..if wave'1 was 10 days, then wave'2 UP, should probably be at least 3, maybe 5 days. That would get us as far into the middle of next week. Something to consider into the weekend.

Facebook Friday...dow +150/175...looks very viable. For the bears, the whole sight will be a pitiful joke. A near 100 PE social media (not real 'production') stock, whose revenue source is entirely unreliable. The whole thing stinks of MySpace..and that never ended too well.