It’s not over till it’s over…

Posted on Jul 12, 2015 by in Letters

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p48048650177&a=414449998

Among the many gurus, savants, yogis, yoginis, fakirs, fakers (see D. Trump)  we consult on a regular basis one has the  felicity to cut to the heart of the matter -- Yogi Berra.  The struggle at this juncture is not over.  The support line at the bottom of the (potential) H&S pattern, as well as the trendline from Mar09 are lending strength to contrarian efforts to make a profit off this over-sold condition.  Wednesday's sell off created an obvious oversold market and true to form contrarians bought it -- preventing a potentially disastrous slide.

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