Reading the message from the market. Poisoned pen letters? Billet doux?

Posted on May 29, 2010 by in Letters

Ordinarily we let the markets do what they want to do on the hourly basis.  And the markets do what they want to to us on an hourly basis.  And there are times when we look at the hourly charts to see what the foretell (if that is possible) on a daily basis.  On this hourly chart we can see broken downtrend lines and the arresting of the downtrend.  In fact you might even see a kilroy (or H&S) bottom forming here.  The exaggerated volume on the 23rd looks like a volume climax.  Old traders, like ourselves, get itchy in times like these and try to beat the market by trading, instead of trending.  Many bleaching skeletons lie on the deserts of past markets of dead traders.  We've left a bone or two in those deserts ourselves.  That's why we constantly encourage our readers to remain above the day to day naked mud wrestling.

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