Charts I’m Watching: Feb 28, 2013

Yesterday was a great example of the beauty of Harmonics.  In conjunction with my RSI work and channel work, we were able to rack up 23 points on a day when the big picture is still fairly negative (remember Italy, the sequester, negative GDP, retailers’ horrid guidance?) By drawing important Fibonacci lines in the sand, … continue reading →

The Big Picture: Feb 27, 2013

ORIGINAL POST:  6:00 AM SPX ended yesterday just below our 1497 trigger point at the neckline.  I know the bulls would love to blow through this level and negate the H&S, but I think they’ve really got their work cut out for them, especially given the political mess in Italy and the looming US sequester. … continue reading →

Charts I’m Watching: Feb 25, 2013

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Charts I’m Watching: Feb 22, 2013

ORIGINAL POST:  09:25 AM UPDATE:  09:30 AM SPX overshot our initial target by just a couple of points yesterday, reaching the channel 25% line at 1497.29 before getting the bounce I expected at 1499/1500.  Note that SPX completed a Bat Pattern down to the .886 in the process (larger white pattern.) The .618 Fib of … continue reading →

What Recovery?

It was thoughtful of eurostat to include the US in their chart.  Funny, that’s not the chart one would picture based on the MSM’s steady drumbeat of “recovery!” Germany, which had previously taken an ambivalent attitude about the soaring euro, might change its tune following its worst GDP print since Q408.  The main culprit?  Exports, … continue reading →

Is It or Isn’t It a Recession?

ECRI’s Weekly Leading Indicator (WLI) came out Friday at 130.2 — up from 129.6 the week before.  Further, they reported that the index’s annualized growth rate increased from 8.2 the previous week to 8.9% — the highest since May 2010.  I wondered: are they retracting their Sep 2011 recession forecast?  Are things really getting better? … continue reading →

Charts I’m Watching: Feb 5, 2013

The dollar is taking a breather after a strong reversal off the latest .886 and channel bottom, but appears ready to break out. The EURUSD back-tested the broken channel line and rising wedge lower bound, and is likely about done. SPX fell 19-pts after we shorted last Friday.  We positioned for an intra-day bounce, but … continue reading →