21 November 2010

Friday had a gap down and then some strength into the close.  The McClellan Summation still declined and is still in a negative trend, but not by very much.  The rate of decline also slowed from Thursday. 

My medium term indicator is holding at around 50% long and has risen the past two days.  My short-term indicator is at around 49% Hold Long and has climbed rapidly from the 16% low from last Tuesday. 

As I sit here drinking my kale, onion, celery, green cabbage, broccoli, and carrot juice (trying to be healthy), I see that the AUDJPY has made a new high on the finalization of the Irish bailout - very encouraging for stock market bulls as this funding carry trade remains positive.  It appears to be at the upper-bound of its ascending channel.  Considering the stock market broke its descending resistance line on the GM day and tested it on Friday, there may be some positive action for the next few days at least - also add-in that it is Thanksgiving week which is perfectly suited for a low-volume melt-up as no humans participate.  While this happens, for the other longer-term bears out there, I like this product to help protect my adrenal glands and mood - also ensure adequate levels of magnesium are ingested to induce relaxation.  US Index futures (NQ, ES) also gapped up tonight on the news.  Dollar is sitting on support, the previous high resistance line. 

Now, we wait for bad news to show up out of Portugal, Spain, Italy, then France, and maybe Germany.  Then UK and the US.