Bulls needed a healthy consolidation today and got it. The Dow Jones industrial average rose 23 points, closing at its highest level since early May. Broader indexes fell. The Standard & Poor's 500 fell 1, to 1,160, while the Nasdaq composite index fell 19, to 2,380.The Euro moved above $1.39 Wednesday for the first time since February, while the yen struck a 15-year high. Today, yields on two-year and five-year Treasuries sank to record lows, and the yield on the 10-year note fell to its lowest level in 2010. All eyes will be on Friday's job report. It's a tricky situation, a bad jobs report will increase the odds that the Fed will be more aggressive. We can only trade what we see and not what we believe. Right now, our chart is still on a buy and any dips will be bought.
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Calling tops and bottoms is a quick way to blow out accounts. I like your style. It's so easy to follow and trade.
ReplyDeleteI am interested in global macro investing. I like the 4-Hour and Daily charts. I've been running Rampage against two other high-end systems for the past 3 weeks...comparing the performance of what boils down to: the visually and methodologically complex vs the visually simple. What I've found, so far, is this: judgment still plays an important role in trading but, "The more I use Rampage, the more I respect it." And the more I use it, the more I trust it. That's big.
ReplyDeleteStephen Harlin
Self-director Investor