Outlook May 30
Posted by Danny on May 30, 2011
We got a flat week on the Nasdaq.
Markets dropped on Monday and Tuesday, then recovered the losses by the end of the week.
Technically we have now dropped out of the uptrend channel (click for larger image):
Basically we have a market that now has been going sideways since January, and is without clear direction for the moment.
This is probably setting us up for a larger move up- or downward.
With another week of lunar Green Period coming up, the odds favor the upside.
But I would use it to take more money off the table.
Too much risk we will get another leg down, possibly as early as mid June.
Be well, Danny
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This entry was posted on May 30, 2011 at 12:58 pm and is filed under Market Commentary.
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LunaticTrader
Outlook May 30
Posted by Danny on May 30, 2011
We got a flat week on the Nasdaq.
Markets dropped on Monday and Tuesday, then recovered the losses by the end of the week.
Technically we have now dropped out of the uptrend channel (click for larger image):
Basically we have a market that now has been going sideways since January, and is without clear direction for the moment.
This is probably setting us up for a larger move up- or downward.
With another week of lunar Green Period coming up, the odds favor the upside.
But I would use it to take more money off the table.
Too much risk we will get another leg down, possibly as early as mid June.
Be well, Danny
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This entry was posted on May 30, 2011 at 12:58 pm and is filed under Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.