So far, so good. We are still in a chop mode. This morning we see the futures grind higher. We could see a 2% or so pullback anytime (100 or so points), and maybe that happens today after the CPI, who knows? But I still don't see much happening this week as it's OPEX and most likely it will remain in a tight range.
As I said in the prior post we appear to be tracking out the 2011/11 pattern again, but 3 times faster. I'm not positive about where we are in that pattern but I think we are around the high going into 1/20/11, which was followed by an ABC sideways (tight range) pullback into around 1/31/11. And that was followed by a rally up into the 2/18/11 high before a 7-8% pullback, which would be equal to roughly topping between August 5th-10th I'd estimate.
We could be going into the 1/31/11 top now and the 7-8% pullback is coming later this week and next, but I don't think that's the case. I still lean toward that pullback happening in August, so we'll see.
I don't have anything else to add so I'll end it here with a short post.
Have an blessed day.
