Archive for July, 2009

Believe it or not…

Posted on Jul 22, 2009 by WHC Bassetti.

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090722spx

As Ripley used to say –believe it or not, and it is difficult to believe, but the March rally is intact, and so is the wave pattern.

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Fool’s gold?

Posted on Jul 20, 2009 by WHC Bassetti.

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090720gldThese are signals in gold.  The fearless speculator has to take them.  Maybe the fearless but wary speculator doesn’t.  Our take is that the nearby tops are of such strong resistance that nothing will happen here.  In other words we wouldn’t make a trend trade till the highs were cleared.  But if you are agile and willing to jump in and out there may be a trade here. (And one of these days…) In this case we tend to think that this is more dollar weakness than gold strength.

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Cabbages and kings…

Posted on Jul 19, 2009 by WHC Bassetti.

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The time has come the cabbage said to speak of many things, of jabberwocks and cribbage, of bings and kings and ringa ding ding…

090717spx

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Train coming. Get off the tracks.

Posted on Jul 16, 2009 by WHC Bassetti.

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090716induFor whatever reason (and reasons are hard to find) the head and shoulders party has been postponed.  Good trading tactics require that you scale out of some index shorts, which we are doing.  The reason for scaling out is that a Basing Point has been violated.  Note that the filter stop has not been touched, and may not be.  But in times of  rabid cross currents tactics should be adjusted.  We will address the larger implications of this in a later letter.

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Head and shoulders beheaded?

Posted on Jul 14, 2009 by WHC Bassetti.

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090714induReaders raise the question, do the last two days invalidate the head and shoulders?  Not at all.  The trendline from the top in June is intact, the pattern of lower highs and lower lows is intact and a few more days work on the right shoulder would add to symmetry.

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