Wednesday, November 23, 2011

Let's try calling the market bottom @ SPX 1165

I missed the last top by almost 5% (my stop out point). I think if you're off by more than 5% it's time to admit defeat, but we did alright in Nov, by ignoring the breakout, and waiting for the pullback, while most traders who attempted to time the market as it whipsawed sideways for 4 weeks (near the top), most certainly had their asses handed to them. Trading takes patience, and most are in short supply, even I. 

Now It looks like the market is poised to close out the year at new highs - depending how long that takes, but on light holiday volume I think the MM's could milk it higher into early 2012.

One thing is for sure R. Pretcher was wrong about P-3, while my P-D, P-E theory remains intact.

My $22 BB target - in another post - hit perfectly. That points to another larger wave E (of B), in which many stocks are poised to double from here.

Tech may also close out the year at new highs as I expect AAPL to fill the gaps and possibly double top. Gold is also going to have a nice snap back, along with Oil.

Am I bullish? No. I'm only convinced that the money managers are hell bent on dressing up the windows into the end of the year, as they see their fellow traders being promoted to the curb... just as I predicted last year. Those who tried to label me as ridiculously bearish, are now left eating their words. 

I hope everyone has a wonderful Thanksgiving and Holiday season. I'm hoping this slow time will give me a chance to do some extra charting, get my affiliate program up and running, and do some writing. I have a lot to say, but sometimes don't know where to start, or end, so I'm working on a book. We're living in historic times, and I have a good idea of where it's all leading.

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