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this bull shall have legs. the only problem I see is breadth is not strong on this almost 2% up day but it doesn't matter for now.
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/CL USOIl.. a little back and fill to the 50d? 32.20.. not sure about that red rising wedge.. could tweak the red line a little higher.. so could pop up still.. horizontal resistance still on the daily
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The two wave traders I follow have 1970 and 1975 SPX as targets for either 2 or 4 up. The experts claim that the Bunds have priced in a rate cut to -.40 next week by Super Mario. Others claim to see the BOJ firm hand in the sudden strength of the dollar this morning. Atlanta Fed GDP now dropped their first quarter estimated from 2.1 to 1.9. Only possible conclusion is that somewhat bad news is good for the market, that is we are back to mad cow mode.
brokebybernacke2 wrote:the end in sight, wish I could know exact turn point...sooner or later. fomc in 10 trading days...
I don't see how FOMC can do anything at this point. Raising rates is off the table unless they want to re-ignite the currency war with China. If they say the economy is so bad that we have to do QE4 now Congress will revoke their charter. But there will be a press conference this month so we could get fireworks.