Trading Edges That Last
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Dow 30 Sep 29 to Oct 03 Outlook
Lawrence’s Comment
Pullback as expected. No contest at all when pre-FOMC level was tagged. Sharp reversal again once the pocket near 16950 was tagged. Yet the squeeze failed to produce any continuation action, leading to a straight down fall to Y-1. Closed the week below Y-0 and near midpoint.
Outlook
We just experienced the wildest week in couple of years. This is not V-shape reversal as some may lead you to believe. Hence it is not a good sign of a major top, yet. What it tells us is that the market is unstable.
Even if the stock market is turning lower, I expect the wild swings to continue, meaning it can go as high as B+1 or even Y+1 on one day and then fall straight back down the very next day. It is a day trader’s heaven and nightmare for swing traders.
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