Category: Morning Reports
Even though the S&P fell just short of my upside target of 1370 on Wednesday, the subsequent action convinced me that the interim high is in place. The much-awaited pullback, however,end up being much shallower than most people think.
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The MARKET is PEOPLE; it inhales, exhales, and occasionally exhibits mood swings. Therefore, to blindly do what others are doing is to put oneself at risk of being herded.
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The Cloud Computing bunch gave us a scare back in December. Now that the dark clouds have finally cleared, VMW is emerging as a strong cloud play with a silver lining.
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The corrective pattern has unfolded in a sideways manner, as suggested by the alternation guideline. Despite the bearish divergences, I still expect the 1370 upside target to be reached soon.
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Much to the bears' dismay, the S&P continues its upward journey towards what I believe will eventually prove to be an interim top: 1370.
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The market is currently attempting to ice-skate uphill. My short-term forecast is still calling for a 1370 target that should give way to a multi-day correction.
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I continue to expect the S&P to set an interim high near 1370. However, make no mistake about it; the cord is getting pretty stretched up here, and it's setting the stage for a multi-day pullback.
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Pay attention to the chart of $VXX and the Rounding Bottom pattern it has recently formed on the 60-minute time-frame.
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An abundance of stocks appear to be breaking out to the upside on the heels of a
Rounding Bottom,
Cup-and-Handle, or
inverse Head-and-Shoulders formation.
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The overnight pullback in the futures will soon prove corrective as I expect buyers to step in soon and buy the dip.
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