Paranoid - Tuesday, page-2

How frustrating can these blessed markets get!

Cannot ignore the long lower tails left in all the Wall Street indices in overnight trading. Because all the waves have been overlapping in the SPX, it makes it very difficult to decide just where we are. But as mentioned yesterday, I have decided that I should perhaps concentrate my efforts on broad indices such as the RUT and WLSH. Looking at the RUT, I think it has bottomed and will now rally. Also, to put in a spike low like that on the new moon is worthy of attention. How far the rally will take things, no idea. Perhaps it is still the long awaited fifth wave. Now I will go and hide again!!

The XJO is still a bit overbought but we have got above all the sideways trading of the past few months. I mentioned yesterday when we bounced so well from the morning low that it could well be forming a little bullish flag. See how that progresses today.

The price of oats in the US has moved sharply higher over the past couple of days. Perhaps this is an indication that the long decline in all the grains is finally coming to an end.

Very little changed in the metals. I asked yesterday if anyone on Hot Copper was familiar with the COT figures on silver – obviously no one is. The fact that no one else is worried about this situation probably suggests we need to give it more attention.