I'm in no hurry.
Today's market meandered its way to a modestly lower close. No big deal. I'm on the sidelines in cash (for the purposes of this blog anyway) and I suspect I'll be there until Friday or Monday. Fortunately, I'm off work most of this week so I can prep my blog a little earlier each day. Here are today's scores:
What is interesting to me is the RumWave score. It is starting to turn green. "Great!" you might say.. closer to time to buy. Here's the problem.. the chart that goes along with the RumWave scores shows something pretty sinister if we don't get some kind of temporary bounce. I don't post that chart (because it's my little secret.. sorry) but in order to complete the wave from here, without a bounce to reset a couple things, we would be looking at a massive massive cliff dive in the market. I really don't think that is in the cards, so the more plausible outcome will be a little bounce leading into Friday's "Main Event." Let's just watch this fur-ball from afar for a while before pitching into the fight.
GOOD LUCK TOMORROW!