Greetings everyone! There are several chartist websites, all EW’ers, that I visit to help me in my trading. They are not always in agreement but it does help me gauge where we are at, up or down and strength of move. Tim made a proposal that we could go up until Jan. 7th until the Trade talks. As I look at these different websites it is becoming apparent that the next move might be down. Why?
We have not even cracked 40 on the VIX showing no fear in the markets.
Would the Chinese want to trade from a position of brothers in business and hi fives or a position of strength? The Chinese have about a week to whipsaw Trump and get his attention before any purported trade talks. What would happen at the trade talks if the Chinese wealthy pulled vast amounts of monies out of the market before those talks?
Traders are sitting on the sidelines looking to hold onto gains and start the New Year afresh. (Not a slight against Tim in any way but how many traders scored well over the last 2 months and are looking to end the year what they have because the next move down “won’t happen immediately”. ) How many traders are on the sidelines because we are going higher and will creep back in or are looking for delay/reprieve before the trade talks?
We have already seen how quickly this first stage moved and our made assertions about capturing more but many stepping to the side at the same time – including me.
Several websites suggest we are here –
But what if we were here –
This was a keeper from Lawnmower Man Seeker Squirrel today.
Below are some of the articles from just this weekend –
ALL good news for the economy, yes?
IF we do go up more how much higher will we be going?
I closed all my calls on Friday and bought some puts into the weekend. On Monday I will be strengthening that with more positions. The Chinese may very well whipsaw Trump into submission before the trade talks.
A note for newer subscribers and lurkers to Slope – make sure these are your trades win or lose. It’s YOUR money – if you choose to take another’s ideas and trade them it’s YOU that pushed that ‘CONFIRM’ button. Everyone here has had losing trades – there is no blaming others here – these are YOUR trades and your money. Every education costs money – especially this one. Just sayin’.
Have an excellent week and an incredible New Year!!