I was looking for a correction in New York this week – wow – we...

I was looking for a correction in New York this week – wow – we do seem to be getting it and probably not with quite the tail-wind that we might have expected. Still as a Simple Little Chartist, all I care about is the pattern the markets make and as mentioned yesterday, I have a few worries.

It is still the charts of Europe that have me most concerned – perhaps it is just a clearer picture and everything else will fall in behind. In fact I am nervous about updating them every morning as they look so horrid. I had thought that the sell-off in February in the S&P could be a bottom – or for Elliot Wave Fans – a nice big Wave 4. Initially this appeared to be the course the S&P was taking (led by all the lovely Tech charts) but I am even concerned now that I might have even been too optimistic on Wall Street.

Still too early to throw everything to the winds – all we can do is see what is dished up to us. The fact that I am having a “nervous breakdown” about it all, means nothing.

Metals were a bit better but the whole commodity scene was a bit mixed. The US dollar weakened a fraction. Don’t know why, but the Canadian dollar was really whacked.

As I have mentioned before, I felt that the Australian market had the potential to do some catching up but the way everything rolled over yesterday doesn’t seem to support the slightest green shoots that might have been trying to pop up.

This leaves the trading end of the market exposed to off-shore sentiment and likely to make trading even quieter than it already was this week. I am concerned that many people are allowing themselves to be left frozen at the top of some of the runners. As I keep saying, just remember that we are all just fodder for the “professionals”.