Over the course of the past seven years, I’ve had no shortage of charts and time cycles sent to me saying that once THIS thing happens (and you can fill in the blank as to what “this” might be) then the market will turn down hard and fall persistently. Well, “this” hasn’t made one bit of difference, at least not beyond a couple of days, for many years now, so I am understandably cynical (if you need proof, look no further than Brexit).
I will say, however, that there is a confluence of information I’m getting about the weeks ahead that I find interesting, even if it means a relatively brief downturn. I won’t divulge the information that’s been shared with me confidentially (and it’s not CIA stuff, folks; I just don’t like sharing charts that have been sent to me without the permission of the creator), but my confidence about this autumn is pretty good.
Of course, there are a lot of other “THAT” things happening, including the pointless Fed meeting next month and the beyond-pointless speech of the little old biddy tomorrow morning. But there’s nothing we can do about them, and frankly, 9 out of 10 of the worrisome events turn out to be absolutely nothing. We have to keep focused on what’s immediately in front of us.
The key number for me on the ES is 2165.50, drawn in green below. If we can muster our way below that, I think the downside should accelerate. If not, I may have to whip Marty out.
Speaking of September, I bet some of you didn’t know tough guy actor Jerry Orbach was a Broadway star, did you? Try to remember…………
