Wednesday, March 16, 2011
Real Panic in Japan
We got the faux panic on Tuesday in Japan which cracked the ES, but today will be the real deal. Just look at dollar yen. It is around 76.5, shooting down below 80 in a flash in after hours. The Nikkei is set up a huge fall because of yesterday's big rally. Panic levels to look for are ES 1244, which is around the 1250 SPX level. But the real buying level is when we get to 2010 support levels around 1225-1230 SPX.
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3 comments:
If you see that support so does everyone else. My time cycle research project tells me that when we have an exceedingly long cycle the next two are shorter. The last run (up) was very long (actually longest in the last 5 yrs) so this down and the next up should also be short (30-40 days). I am expecting a final market top in late April or May 2011.
Japan has bottomed you now have a BoJ put just don't own the yen, US possible saw lows and held support by the weekend all will be clear and mkt will surge in past 12months we have had euro sov debt, lead indicators tank and surge, north v south Korea, middle east, Australia flood, Haiti, new zealand and now japan quakes... Next 12 months have to be easier
I agree about the time cycles, it is what I have observed watching markets over the years. The next rally off this pullback will last at most 60 days and the next pullback should also be short but if we double top sometime by fall, the down leg will be extended, like 2007.
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