Notice in the longer perspective, the WEEKLY Timer Chart shows the UP move is still in tact. What we saw Wednesday and Thursday, in a rear-view mirror, could be nothing more than a bump till the WEEKLY sigma levels are breached.
Here is a short note from a loyal HA subscriber who is a money manager in Boston with over 40 years in the security markets. Over the years, I have come to value his uncanny prospective. His note was sent to me in response to a talking head's column on MarketWatch, trying to justify a call for a market crash in August. I thought it would be wise to share it in entirety:
"Frankly, another talking head
trying to get attention.
QE is only part of the market
move. Confidence, energy independence, knowledge economy, return of
manufacturing to the US, rise of middle class in China, reduction in China’s
wage differentials, reduction in US military expenses abroad, RE appreciation
and demise of prop desks.
Fact is, there are damn few
sellers ex algo’s."