Risk on, risk off, Vix on, vix off, shell game continues

Posted on Aug 11, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p82246327493&a=214966864

Just looking at this chart the trend analysis is simple and incontrovertible.  We have an upwave with 4 higher lows and 4 higher highs.  In each of the wavelets contrarians have attacked the wave but have not been able to break to a lower low.  The message is clear.  We should be long and looking to get longer.  We are not proud of the E trendline here.  if someone else put it up we might carp.  Maybe it was our evil twin Karnak who did it.  Nonetheless it's there and it's broken, as is the horizontal line.

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