Wednesday, 9 May 2012

2pm update - fearing the Bernanke

I intentionally got stopped out just earlier of my index long position. A minor gain, but still, considering the pretty dire open, I am pleased with such a nice turn around. I am however a little concerned about the Bernanke (9.30am EST) tomorrow, so I'm sitting it out until then. I may go long again early tomorrow, if the cycles look weak..but not too weak!

VIX remains weak, and as I type..the indexes are all going green. Those bears have got to be getting real mad now!


*special note, see how the IWM (Rus'2000), never did take out yesterdays low. That was one sign that the underlying minor wave'1 from yesterday WAS indeed complete.


Bulls will want a close over that red 10MA !

More later...!