This colorful specimen is a chart we have used in NFTRH along with all the other indicators, economic data points and yes, straight technicals we have used to gauge the coming of the current questionable (at best) stock market environment.
We expected today’s market bounce and now chart jockeys are battling it out from the bullish and bearish sides (I’m with the latter on the short-term), but things below the surface need to be considered as well. I see peoples’ charts that make me want to be bullish and others that send me the opposite way. These guys are way more involved chartists than I am.
But personally, I don’t give a damn what someone’s chart says unless I have other intelligence behind their conclusion. The idea that risk aversion continues to percolate below the surface may well be bullish in a few months (along with certain over-bearish sentiment data), but in diverging today’s bounce, it is not bullish in the short-term.
Leave A Comment