The recent action in DJIA looks anything but strong. Despite UVXY falling hard, DJIA struggles for a few points here and there and it looks to be tracing out a 5th of 5th of 5th. Note the fractal relationship between I have been labeling as 3 and then 4 for some time now and the more recent 3 and then 4 of one degree smaller. I think we are being set up for a great swoon in June when the earnings data falls well short of estimates and then, more importantly, forward guidance is reduced. Time will tell but this is not what I would call a bullish chart. This looks like a doddering old man with a cane struggling to take each next step.
Tuesday, May 19, 2015
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