It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford

Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin

The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Saturday, 24 April 2010

s&p - a long-term count

Here is a long-term wave count from David at www.tradeyourwayout.com,which has some good videos.Of course it is just a view and may turn out to be wrong but it is not inconsistent with the economic environment in my view,and indicates the high level of risk for late entrants to this party.Friday was another strong day and we have almost reached the 0.618% retracement at 1228.Put/call ratio and Vix continue to exhibit high levels of complacency.Some of the foreign markets such as China and France are exhibiting much weaker looking charts over the last few days ie negative divergence.

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