RE: RE: Hey Sharpei Guys:
I have to say I understand Mac's conundrum. DC: You are in a position to hold through a potential downdraft for the inevitable riise. We all know this will rise. The dilemma: All the analysts (including Cramer ) are saying take some cash off the table. Ralph Acampora who is a legend (I remember him back in the days of Louis Rukeyser. Who? you say!) Anyway, the LLEN chart looks good to me for a continuation of the 'bowl' or 'handle'. Elliott Wave, as I interpret it, is looking like we hit bottom of Wave 2 today (See: Wikipedia Elliott Wave Theory) which would indicate that the direction is UP from the low today 1610 or so; and the 50 DMA on yearly chart looks like the 50DMA should hold; however, when the likes of Acampora says, 'I am hoping we get more pullback.' And Cramer says, 'I don't like the market.' and too many others too numerous to mention it makes me nervous. As DC reminds us the rally which ended recently was hugely overdone, so more pullback based on 'What goes up, etc.' and it's Summer...and we didn't get the Sell in May, so perhaps it's June Swoon....
So Mac, what I am considering is if there is another intraday rally to sell some into it if you need to sell otherwise you could hold like DC... and I think tomorrow would be a better day than Friday cause if it continues, Friday could be too late. I am just not 100% that a pullback is coming. Am watching the Asian markets now for indications of tomorrow's action.
I can say with a little more confidence that if the S&P dips below 1610 then my Wave 3 uptrend is off the table so I would sell some immediately. It would be unusual...I've not seen that happen..
Now you will be more confused than ever...so ,M: You know how to get ahold of me so feel free.
Sharpei