More tears are shed over answered prayers…

Posted on May 18, 2017 by in Uncategorized

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p70142979615&a=266398464

You (we) complained about the somnolent nature of the market.  Here’s a slap in the face from the market.  A nasty, ugly chart — the result of Trump and politics  –they tell us.  Could be.  A 43 point drop in the SPX (372 points in the Dow).  But let us look at the context.  The nasty gash on the chart from today is still within the congestion zone defined by the two horizontaal lines at the top of the chart.

Too late to hedge, and probably not recommended until price falls out of the congestion zone.  We don’t think this is the start of a downtrend.

We are grinning and bearing it.  And will add on when we see the downdraft is ended.

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