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Friday, May 7, 2010

E-minis [Update 2:58PM]

[Update 2:58PM: Another possible look at a triangle development. 1109 would be the "axis".]

[Update 2:33 PM: Could be tracing a wave [iv] triangle. 1102 SPX would make for a nice (d) wave low as that would be .618Fib times the lnegth of (b).]

http://www.marketwatch.com/story/bullish-sentiment-plunges-with-market-2010-05-07

Mark makes a point that views on the market are now very negative. But one has to wonder, if all these adviser letters just recommended that their clients get out, who is left to be a contrarian?

But really when the market plunges 1000 points after a record rally, what the hell are you supposed to advise?

One could also easily argue the move from high, 1219 to low was an ABC "three" so far....so ironically we need more down waves.

Its a wacky market and outright new highs are not unfathomable. The market screeched down in 1998 and then went on to make new highs.

But a 5 minute low?  We are of course in unchartered territory. Good luck to both bulls and bears.
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