Pretty Psychotic action this afternoon esp. the close...Hedge some gains in the resource stocks - as the short term renko charts turned down - and not sure if near term support will hold in the a.m. - at the moment we keep getting hit with selling as we approach 70 OilHedged some gains in the indices also when SPY cash traded at 970 - have to see if the afternoon drop is bought as a pullback tomorrow a.m.Gold stocks sticking out like a sore thumb today - that must irk the Fed planners to see the DOW plunge 450 points in 10 minutes yet the golds hold up...The theme still being played based on the Fed minutes seems to 'weakness' I've often thought in the back of my mind that the market was waiting for the Fed to lower the Fed Funds back to 'Greenspan' times...The key now IMO will be that the market does not begin another leg down after yet another interest rate cut.If it does not - then we can assume that the 1% rate was what the market has been waiting for...Q's held up by the way..nice
Nice, more psychosis today. Renko charts are wonderful. I use them to see long term patterns. I not used them for shorter term.
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