AI
Friday, May 11, 2012 3:32:06 PM
H&S Top -- Forgetaboutit
It's a horizontal channel -- not a top.
1. Right shoulder too high, Left shoulder too low.
2. Considering major S&P sectors, a horizontal channel is a better choice.
3. Energy sector is declining and will hold stocks up.
4. $VIX is staying below 20. It's in a channel, too.
5. Where will money go if market sells off? Bonds? Not at these yields. Mattress? Doubt it. CDs? Those who would are already there.
6. Financials had little effect today. Technology had little effect yesterday.
7. Commodities are down and will help producers.
8. Numerous major sectors are showing bottoming patterns.
It's a horizontal channel -- not a top.
1. Right shoulder too high, Left shoulder too low.
2. Considering major S&P sectors, a horizontal channel is a better choice.
3. Energy sector is declining and will hold stocks up.
4. $VIX is staying below 20. It's in a channel, too.
5. Where will money go if market sells off? Bonds? Not at these yields. Mattress? Doubt it. CDs? Those who would are already there.
6. Financials had little effect today. Technology had little effect yesterday.
7. Commodities are down and will help producers.
8. Numerous major sectors are showing bottoming patterns.
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