Watching the waves…

Well, I just got back from the park.  Almost got into a rumble because some moron decided to shove my friend to the ground.  They started swinging and crap, and I almost got one laid on me for trying to stop it.  I’m stupid.  But I honestly didn’t think it would be worth it for my buddy to beat the crap out of this guy.  But come on guys, if I’m holding my boy back HOLD BACK YOUR OWN BOY.  Sheeez.  I swear people just stand around looking pretty.   If I got hit in the face on accident I would have bit someone’s ear off.

Anyway, thought I’d get that off my chest.  So back to the market… right now, I have a few thoughts on the market.  1)  It’s going to tank hard.  2)  But first it will melt up.  We got to 9,000… hurray!  And we have that ridiculous 10,000 psychological spot to get over.  Lately, we haven’t had the kind of volume in the market for me to call this a bull rally.  It’s that special kind of momentum thing going on… first wave is from light buying, second wave is from heavy covering.   We’ve been “busting” through all sorts of resistances with these weak rallies.  So yes, I’m aware of Friday’s red reversal (bullish), and our “confirmed uptrend” on the weekly.  But the weird thing is that I’ve been doing better on the short side fading these rallies (except the last 2 weeks).

So yes, I’m taking my beach chair and watching the waves on the sand.  What I’m particularly looking for is either a nice FTD (follow-through day), or a serious technical breakdown on price and volume.    Try not to make any huge moves until you see some of the same.  I’ll let you know when I see some myself.  Until then… make love on the court.  Wait, that sounded weird.