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It appears that today's rally can be attributed to Carl finally going short. The market is even more Contrarian than Carl!
In response to what andi was saying below about Market Makers trying to trap people. As someone who has a specialist/MM background, specialists don't trap people. It's all order flow!!! Order flow, order flow, order flow! It's actually very similar to what Carl is doing and a good specialist will understand what order flow is dictating. Fundamentals don't mean a hill of beans in the short term, it's all supply and demand.
DL, what's your opinion on Richard Ney's books?
Carl - your insight is fantastic by the way...been following your blog for almost a year now.Think tomorrow might be quite a down day...that 1050 that you mentioned today could come into play.Keep up the good work!
DW, I agree. What we saw on Tuesday was only the first one down. Carl's earlier chart shows the next one down doing more damage than the first one. What we saw today was, most probably, the wave B up of a three wave, ABC, correction. However, if previous high is exceeded by the current up move, then we will go higher, a more unlikely scenario IMHO, but then I am often wrong.Having had more time to look at the move up today, I wonder what Carl thinks. Correction or continued rally?
OK Carl, you are right it's heading for 1120. Amazon and Microsoft both beat expectations, and their stocks will be up close to 10%.So since we are getting to 1120, we need to get ready and know what to do when that happens.Since we are almost there, can you tell us what happens after 1120?
You guys continue to talk about GLAMOUR stocks like Microsoft and Yahoo and Apple, but you fail to recognize the energy sector which has propelled this market higher on the WEAKER DOLLAR.This morning, mining equipment giant Bucyrus (BUCY) came in with BLOW-OUT numbers that were litterally 50% above analyst expectations.Go ahead and punch up the charts of BTU, BUCY, or JOYG.I dare you.:)
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