Monday, July 15, 2013

07/15/13: Holding long - waiting for 7/17

Eked out some gains today as the market inched forward and moved stop up to protect gains (provided we don't have a nasty gap down tomorrow)

Market is up 12 out of the past 14 trading days and has ramped from 1560 all the way to 1680.  120 points in 14 trading days.  Seriously crazy but you know, it is what it is.

In the big picture, this could still be one nasty B wave before an even nastier wave C.  I don't know why people are arguing for a wave 1 here, it's too sharp and too fast for wave 1.  B waves can overlap and exceed the start of wave A which was 1687.

The next "possible" turn is 7/17 at around 10am on my chart.  This is really interesting because Bernanke is supposed to testify at...coincidentally...10am on 7/17.

I always say "possible" because my positioning depends on how price moves into that timing window.  My hunch is it's down after 7/17 but if we gap up on 7/17 I will reconsider.

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