As Mark Twain said about the weather in San Francisco, If you don’t like the weather wait a minute. Midday we were ready to get out the basket and gather up the pieces of the market blown up by the Treasury Secretary. End of day we were giddy. From the ride, not from anything, that like Michael Phelps, we shouldn’t have been smoking. For what it’s worth (not very much in this market) today is a key reversal day. Key reversal days don’t always reverse the trend but at least it’s something to hang your hat on. We have been looking for the bottom of this wave for a number of days — until Tim spoke up. This could be it, so get ready for an upwave. Unless the emotional/political climate changes (which it could with the stimulus package) we see the upwave confined within the trading range and a continuation of the sideways trend begun October 10.
- Post author:WHC Bassetti
- Post published:February 12, 2009
- Post category:Letters
- Post comments:0 Comments