Good Morning – Today is Series S2H NORMAL and the SPILL is DOWN. My daughter’s weddding in Boston was a blessed and beautiful occasion. I am all too happy to be home though. Like Dorothy said in the Wizard of OZ “there is no place like home,” alligators, sharks, poisonous snakes, warts and all… My last moments in the market were Thursday morning, nailing the TOP OF THE DUH (a non spot band of 1.5 handles) 2106.5-2108.
That ended up being the LOD and low of week. One of my final posts was that Bulls would see that low as an RTH ONLY CASH and FUTURES completion of a CORRECTIVE FLAT portendding higher prices; however with the LEAN S2H slightly iffy, it would be tough to accomplish. Upon arrving home SUNDAY NIGHT late, it was clear the LEAN was wrong, the day was S2L, and the last hour high was early and weak at 2:46 with a failing hook at 3:14. There is not time to do the blow by blow for Friday… Now for the TOP DOWN.
The lean is we are still in a bull market from the Obama 666 and is BIG ARSE V in progress from the Feb. 11, 2016 BIG ARSE IV low. I dissected in real time last week the PERMA BEAR position on the current market and it is one with which I DO NOT AGREE: THE BULL MARKET ENDED on a TRUNCATED 5th @2179.99 CASH on 9/22/2016 aka THE DAD for long term readers. This formation is very much the same as the 2104.27 CASH on DEC. Feb. 2, 2015, where the PERMA BEARS were certain the bull market had ended.
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