The Dow rocketed up 100 points off the open in what appears to be a terminal pattern. Anyone who has decided to short-term play the corrective pattern by trading long should consider pulling their money off the table, as this market is extremely overbought, and waning fast.
I will most likely have some more updates later, however today is a busy day in the off-line realm.
If you have any questions feel free to email me: Derek@investophoria.com
Cheers! And happy Friday!
SATURDAY MARCH 6 Updated Chart.
Major Market Crossroads
Furthermore, the average person's perception of ongoing reality compared with their expectations for the future are extremely disjointed. The current situation (the tangible) is still extremely bleak, according to the consumer confidence index. Expectations for the future, however, are filled with hope and rallied beautifully with the stock market. The future is an intangible thing, just like a financial asset, and the psychology/optimism towards the intangible is highly elevated compared to the stark realization of the physical here and now.
The next few trading days are key to determining the next few weeks/months.