And they (da hypsters) didn't get us! Still 100% UCPIX based on daily and weekly charts. The 60 min is oversold, but I decided that with tomorrow's initial claims projected to be 450K (up 52K from the prior week) and the good chance that Rita will add to the short term unemployment rate, staying 100% short for now is the correct move to make.
BUT, I will still be watching the 60 min for the PPO to turn up and give a signal to take 50% off the table. I want cash to short at a higher point as long as the daily and weekly are still in a down trend. The 60 min chart does show positive divergence at the moment but as I indicated the PPO has not turned up yet. Also the RUT closed at it's low for the day which is negative.
Man that $HUI really took off today! Up 4.34% and IMHO a sign that Katrina and now Rita damage is inflationary and the Fed's #1 job is to fight inflation. Interest rate will continue to move up past expectations, IMHO.
Note: RUT down 1.62% and NDX down 1.10% so my move move out of USPIX and into UCPIX 100% paid off. Still have a mix of the two in my IRA for now.
DJ RE broke below the rising support line and may find support at the 245 line, then back kiss the rising support line. A break below 245 looks like 'bombs away' to me.
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