Wednesday, January 6, 2010

When does it turn?

Tomorrow will be interesting, charts say its going to be down tomorrow. But indications are that the jobless claims numbers tomorrow and the employment situation on Friday should be good. After all Challenger jobs and ADP numbers have been improving. The market has been able to climb a wall of worry over the past 9 months. Will it finally turn with numbers are good?

The green area shows where a potential bear flag has formed on the 1 minute chart as well as an HS formation.
VIX shows a classic bullish falling wedge with a slight over throw today. The VIX made a new low, wow no one needs to hedge their positions. Everybody is very happy and unworried...
BPSPX:CPC 20ma is still rising. I posted a longer term chart to show why I use it
Finally, although the dollar has decoupled from the market lately, its getting ready to make a strong run. Equities will not be able to ignore it.
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