After the reaction had dutifully presented itself the same chart was marked up with a logical support zone on Thursday:
Now on Saturday morning, here is the current specimen. So far, so good:
This is not meant as a smarmy, self-congratulatory post because there are sure to be challenges directly ahead and anybody can cherry pick short time periods when they look good. But this post is meant to illustrate that with the NFTRH service I knock myself out trying to keep relevant information front and center for my customers.
This weekend NFTRH191 is going to dig deeper into other aspects of the global asset world and now that I will have more time available to be a 100% market-focused, a new portfolio is going to be set up that seeks to model in a more diversified way than the 'Speculation' portfolio, which is often non-diversified and focused on individual themes; like that of the recent gold sector opportunity for instance. These are both my real (not theoretical) world portfolios.
An article I wrote recently was mocked for its bullish tone over at that bastion of trend following, Seeking Alpha. That is the surety that trend followers have. In this case, people convinced (evidently by weeks of bearish activity) that the market was going down further (SPX can still ding 1200 before the Fed meets on the 20th, though I now have my doubts) did not want to hear reasons why they could be wrong.
Bears can be just as stubborn as bulls at times of potential trend change. It's what makes a market. And for the balance of 2012, I think this market has a chance to be pretty actionable.
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