stepping up to the plate wednesday., page-3

Langadan - and in the green corner we have......

Overnight I was listening to the BBC and the commentary from the “experts” were unbelieveably negative. I fully expected to come down this morning and find the Dow had collapsed. Instead of that it was up over a hundred points. My thought was that if the market didn’t go down on that type of sentiment, it didn’t want to go down.

So at this stage, I am going to stick with the path for the market I outlined last week which was to test the previous week’s high, then form a right shoulder making a higher low and then continue on up to test the high of this year. I am thinking then that we would probably need a month or two – probably a bit more - of working on that resistance but before the end of the year, we would see new highs for this year. As usual, all comment relates to the SPX but our market will run along behind.

Very short term a few things are getting a bit overbought.

Until such time as my outline is proved wrong, I am going to just go with it.

I am interstate for the next week and away from all my charts so I will leave it all to you.......