The Big Picture

I took the day off from tree-watching to develop a better view of the forest.  Here’s what I came up with. First, recall that harmonic patterns are what brought us to this point in time.  They occur on a regular basis, and are believed to play out successfully about 70% of the time.  Here’s one … continue reading →

Intra-day: August 31, 2011

UPDATE:  1:00 PM I’ve seen some huge manipulations of economic data before, but the July factory orders numbers from Census take the cake. Total for all manufactures goods fell almost 7.5%, from $472B to $437B.  This is huge news.   So, why wasn’t that the headline, instead of… Because, through the magical seasonal adjustment process, … continue reading →

Intra-day: August 25, 2011

UPDATE:  9:00 PM UPDATE:  2:25 PM Another way of viewing today’s H&S; pattern…  If it completes at 1156, this one potentially takes us all the way to 1121, also completing the larger pattern with the 1032 target. UPDATE:  2:00 PM This morning’s spike has been successfully beaten back.  The reversal leaves a head & shoulders … continue reading →