Last Monday I posted that 1st June was extremely important to me from my astro studies. It either had to be a bottom or merely a half way mark. I favoured the latter rather than the former. By Friday the performance of copper was sending out panic signals - copper leads on so many occasion. The bulls can continue to see support around here but I must say that after Friday's performance on the S&P - to my mind - it is a very faint hope.
My next turn date is 13/14th June. I am rather hoping it might be a low but plenty of time to monitor this as we get nearer. 13th falls on a Sunday so will have to be on the lookout on both the Friday and Monday. The odds favour this being just a short term turn but now might be a good time to give even more attention to the analysis of the US Dollar. Stock markets have been basically travelling inverse to the dollar. On Friday I posted that the dollar's sideways action of the past couple of weeks was a wave 4, taking the form of a pretty little triangle pattern with a strong likelihood of a topside breakout into a 5th wave. So now we need to monitor the pattern of this 5th wave in the US dollar to hopefully get some early signals of a low in the stockmarket. With sentiment at 98% bearish on the dollar http://realitylenses.blogspot.com/
we are getting to extremes. Amazingly it is only a few months since the sentiment on the dollar was at the opposite extreme of only 3% bullish so this deserves close attention.
Thinking about markets over the weekend - for newer traders, there is nothing wrong with making a decision to be in cash. To me there are three position, short, long and cash. Just as big a decision is involved.
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