Beware the boojum…

Posted on Oct 09, 2013 by in Letters

 

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p20049953156&a=214966864

The trendline from no12 is broken  Based on the look of the market we think a bounce is in order, especially considering today's pattern.  But the boojum is lurking out there along with the snark waiting to eat up complacent investors.  Here is the question:  Even if there is a bounce it will be the beta wave and the gamma wave will undoubtedly follow to test the wave low.

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