I won't be making a video again this week...
Of the $SPX daily and weekly charts...
We're in the busiest weeks for earnings reports, and that can cause a lot of volatility to the indexes...As far as the recent move to the upside early last week, it was waaayyyyyy overdone and was nothing more than a suckers rally IMO...It was more like a Pump Before The DUMP...
Earnings can be (and are) manipulated, as you will see this coming week when many of the biggest banks/brokerage houses report...News for the overall economy continues to be very weak, and I'm still thinking we'll see 950 before we see 1250-1300 like some of the Elliot Wavers here on IHUB are calling for (chichi2)...Even Pretcher put out an article this past week calling for Dow 1000 (not a typo) over the next few years...
http://www.nytimes.com/2010/07/04/your-money/04stra.html
In my last two or three videos, I called for the Head & Shoulders chart pattern that's formed on the weekly chart to yield down to 950 or so, and if/when that happens, I'll get back to posting videos again...This chart pattern is still in effect IMO, and the fall to 950 (if it happens) will most likely not be straight down, but will have a few oversold rallies like we saw two weeks ago...The 50MA on the weekly chart is and will continue to be a major area of resistance IMO...
So for a while to come, I'll be enjoying the summertime and spending less time paying attention to the market...I am 100% cash except for a small position in one microcap biotech stock (CYCC), and I continue to accumulate physical gold and hide it in various places, in and out of the country...
Happy Trading!...
zigzagman
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