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As many of you have suspected yesterday's market action was leading to large increase in SELL PRESSURE, but not yet there. Sorry, we need to wait little more. Even as futures indicate the lower action today. Prudent thing is to wait for the pressure/summation game to play out and while high the SELL PRESSURES are not extreme ( especially in SPX ) and summation line is not high enough for the drop. So, what do we expect? few (1-4) days of consolidation/distribution. After which, BOOM we are ready to really sell the hell out for this market. They are not fooling us. We know what the market is doing, by having a Roentgen ( Gages) machine. Gold as suspected went for the ride with stocks and will come down with it initially, but then watch out and in general GOLD is/will behave better than the market ( that has been true for last 6 years...). Has our beloved $US exhausted the run up? I am afraid we are close, if not there already, we predicted Dollar top in SEP. Not much of a top, but a heroic stand above 80 maybe all we have managed before long term(includes me) Dollar Bears take over.
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