12pm update - in a holding pattern

Mr Market is flying @ 1407, and appears to be taking a break, before the final lunge higher. Primary target remains sp'1425, by late tomorrow/early Thursday.


sp'60min

sp'daily5

Summary

Things are still on track, which is very pleasing to see.

The intra-day waves are very small, and its merely allowing the hourly cycle to reset, and be primed for a good 4-6 hours rally Wed/Thursday - which would then hit my 1425 target.
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re: MMR, a Forbes story to explain the last few days. Seems a major investment 'davy jones' well is having problems.

*looks like a fair few knife catchers are getting involved in MMR this morning. Very risky trade.


I remain patiently waiting for sp'1425 :)

11am update - sp'1400 being tested..again

Despite the econ-data coming in better than expected (such low expectations!), market is having a micro wash-out this morning. Whether 1400 holds or not this hour, is probably not that important. Underlying trend remains to the upside.


sp'60min

Summary

So far, the algo-bots seem content to keep us above sp'1400. I really don't think its too important if we drop under for a few hours. I'd guess we'll close near flat by the close.

Regardless, the current index moves are still 'mere noise'
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McMoran (MMR), is something I used to follow kinda closely, I'd not checked it until this morning... its been an ugly two days.

Dedicated to all the patient bears out there..who like to take risks...



back laters :)

10am update - morning chop

The main market is likely consolidating largely sideways whilst the smaller cycles reset, and become ready for their final lunge to sp'1425 late tomorrow/early Thursday. Everything..so far seems to be on schedule.


sp'60min

sp'daily5

Summary

Note that even though we closed lower yesterday, and opened lower, the MACD (blue bar histogram) cycle is still ticking higher, although we're starting to lose the power of the first 3-5 days of this 'stupid bounce'.

RE: the count on the hourly chart

If we do generally trend sideways today, its probably the wave'4..with the 5 tomorrow/Thursday

*special note...

Clown network'1 (CNBC) are wheeling out the Buffett tomorrow for breakfast, so they'll be quoting him ALL day. We've seen how this works out for Mr Market many times..... UP.
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**GDP revision on Thursday will be kinda interesting, although far more important,..the Chicago PMI - due Friday morning.

As things are, I'd like to be re-short ahead of that PMI number, and across the weekend.
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