Wednesday, August 1, 2012

Down with ECB? Yeah you know me.

Markets await ECB news

As expected the US Fed did not deliver additional easing measures.  Tomorrow we get news from Mario Draghi and the ECB about what measures are going to be taken.  The market is still poised for a little snap down, but my gut feeling is that they will come through with a strong set of countermeasures to their current issues.  We will know soon enough!

 The proprietary daily scores are still showing a solid red score for the 4 hr chart.  There were not any "red" returns on the internal numbers again today, so that is a good sign that the market could go higher with positive ECB news.

DJIA 4hr Chart

The 4 hr chart slow stochastic is showing a crossing point on the red and purple lines.  What I do like is that the red line has cooled off a bit.  It could move back up from here if we had good headlines.

DJIA Daily Chart

 The daily chart is still showing some room to decline on the slow stochastic and the RSI.  It could go either way, but the RumWave is still showing some very bullish projections about the next 10 or so days.


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