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The market is pulling in a bit this morning, but when put into context of the previous rally we have seen some profit-taking is not all that surprising. In fact, moving a bit lower from here is likely, as the latecomer bulls might need to be shaken out a bit first. The main scenario I am on the lookout for is a rather orderly pullback, rather than the wild swings that spin charts out of control into loose and sloppy patterns that we saw earlier this summer. As this consolidation/pullback plays out, I am playing it cool still, not trying to force the action but rather allow it to develop.
Treasuries are bouncing a bit, and I am not seeing too much hot action in equities underneath the surface. One exception may very well be Google, which had been a previously notable laggard. Note the weekly chart below, as Google is now back to the very top end of its multi-year range. Here again, bulls want to see a quiet consolidation up at these levels even if there is no immediate breakout that holds (likely to be some churn first). The question then becomes the how of the consolidation, rather then the what.
In sum, the consolidation not many thought would even happen is here. Hopefully this is the last bit of patience, but as I turn 32 years old today, one thing I take pride in is how much patience I can have when it is needed.
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Happy birthday Chess, you rock
Thanks, raul. Keep up the great work yourself!
Go out and treat yourself to a fine meal and the beverage of your choice ! You’ve earned it !
Happy Bday, dewd !!!
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Thanks, Mr. alf!
Happy Birthday. Cocktail hour starts at 2pm for you today.
Good thinking, thank you!
happy birthday and great job
Thanks, E1than!
Happy birthday, sir. Did you ever pickup some http://shop.coolmaterial.com/products/steel-ice-cubes ?
I suggest they be put to good use immediately.
Thanks, charlie. I am going to get on that soon.
Happy B-Day chess, just turned 32 myself, Have a safe one! 🙂
Thanks, slim!