Well, that was completely a wasteful day in the markets. I mean we did nothing as far as any significant movements. I’m sure you all felt the same way by mid-day and decided to go out and enjoy the wonderful day – at least that’s what I did with my family.
Regarding the post headline. I really think that the market is grinding out a intermediate head and shoulders pattern on the daily chart. Think about it for a second. Nearly two months ago were were trading sideways right at the same levels we are at now (left shoulder). Last month we jumped higher but again moved sideways (head). Now we surged lower last week and are again trading sideways (possible right shoulder). Get the picture!? So, if we break the critical 880 level I have been talking about for weeks now, I think the pain is going to increase substantially. As least that’s my thoughts on where this madness is heading this summer.
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