Full moon madness. And silver and gold

Posted on Jan 22, 2011 by WHC Bassetti in Letters

Wednesday the werewolves and were-market makers and Goldman hammered the financials in honor of the full moon. but the trend in the major indices sails serenely on. This wave is 39 days, and there is still no down wave or retracement on which to base a trendline. Of course you can always go to hourly bars, but all those preachers of gloom and doom who bailed out are now seeing the error of their ways. Try to outsmart the market with a model and you find out how smart your model is. (Usually not very smart.)

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