Kangaroo market — boxing and waltzing…

Posted on May 31, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p88572661534&a=214966864

We have now spent 8 days trying to put in a bottom for this downwave.  The result is like boxing with kangaroos -- they usually win we understand.  The fact that each attempt to drive the market down has been met by buying (seen from the long tails -- or lower shadows) indicates we are on support.  Against this support the big short term traders are trading on news -- mainly from Europe -- to exacerbate volatility and create short term profits.  For themselves it goes without saying.

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