- sparked by worse than expected chicago pmi data, market participants on the whole are behaving pessimistically today...
- i continue to believe in the rally, and as noted below, have been a buyer of weakness...
- last week, ECRI said the following: U.S. Economic Recovery is 'Far From Fragile':
"A weekly gauge of future U.S. economic growth climbed higher in the latest
week, while its yearly growth rate reached a new all-time high, reaffirming
projections of a brisk, uninterrupted recovery..."
"...Last week, ECRI Managing Director Lakshman Achuthan told Reuters that the
group expects an "unstoppable" recovery with "no relevant roadblocks." Fears
over mounting unemployment, debt-laden consumers, and dips in recovery are
typical of recessionary times, he said.
"With WLI growth climbing to a fresh record high, the economic recovery is far from fragile," Achuthan said on Friday..."
Disclosure: Long NQZ09, Long ESZ09.
***remember this is an illustration of what i am trading and my thinking...my trading plan may change without notice...this is not a recommendation for you or anyone else, to buy or sell this or any other security...trade at your own risk***
Posts
So far the market is retracing quite nicely, 50% of the down move just about with confirming tick +1k ticks along the way. I think getting above 1055-1050 and this may have been a big shakeout as volume was considerably lower than the last selling session.
ReplyDeletei am in the shakeout camp too...i would like to see the ES close above the 1053ish pivot for some more confirmation of the shakeout concept...
ReplyDelete