I know my post this morning made it clear that I am not recommending any more stock or metal trades. Below is a chart of the actual NASDAQ composite index. It shows clearly that the NASDAQ cleared the 50% Fibonacci retracement and blew threw the 200 day moving average. Today was day 15 of this new cycle. I can't believe we could roll over as a left translated cycle with the government throwing trillions of dollars at the economy. I anticipate prices continuing to move higher.
Today was a very STRONG day. QE is a big part of what is driving this recovery but I also think the market is starting to recognize that Trump is putting his foot down and ordering the states back to work. To be at the half way point this early in the cycle makes me believe we could reach all time highs in this first daily cycle.
There is still the very real risk we get the half cycle low. If we do, you will appreciate the fact that I discouraged you from buying today. If we don't get the HCL you will probably be upset with me that I did not get you in. Buying early in the cycle keeps you from having to make these kinds of decisions at the half way point. Personally, I am hoping for the HCL because I would like to own more NQ. I will be ringing the bell when I think we are at a point where it makes sense to start a new position or to add to your positions.
I don't think the S&P will not reach the 200 day moving average this week but we could well be at this point a week from now. I think the 200 DMA is where we will get our HCL.
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