Although I never turned on the "green light" I had a small UDOW position running last week that turned out to be a winner. I took my profits Friday because I'm still a little uneasy about things on the weekly charts.
Here are my daily calculated scores:
The SPY chart is very similar to the DJIA. What I'd like to point out is that the Slow Stochastic blue line is continuing to roll over. On previous waves this predicated sizable corrections.
All that said, I don't have a good solid feel about where the market will move next week. The three other blogs I read all spoke of an upcoming May correction, and I feel that they are probably correct in their timing.
I read of an upcoming IMF (international monetary fund) meeting this week.. those are always interesting as European officials tend to throw out some kind of off-the-cuff remark about dangers in the Euro zone that send the market screaming in one direction or the other. I also heard a report on CNBC that succinctly outlined exactly how Cyprus' bailout will not be enough money and they will need more. This could be an interesting week.
GOOD LUCK NEXT WEEK!