Wednesday, January 5, 2011
3 down, 2 to go
Today's gratifying 32 point advance in the Dow, along with gains in the S&P and Nasdaq extend our 2011 YTD advance to three days. That leaves just two more days to conclude the "January early warning system" from The Stock Traders Alamanc. If we can finish the week up, that will be bullish for stock for the year. Since 2011 is a pre-presidential election yeat, that is even more bullish. As you can see from today's daily Dow chart, we are still riding the upper edge of the ascending RTC channel.
And as I mentioned yesterday, there is no resistance in sight for what is now another 100 points. Our TTBS (time to bearish setup) is now extended to seven days of sideways action or a dne day drop to 11,624. Failing that, the green swing trend arrow is still up and my long hat is still on.
No trades today, though I note that HIMX, which I dumped two days ago and rose higher yesterday, lost 2.33% today and put in a dark cloud cover. That is a bearish confirmation of yesterday's evening star doji. That's what I get for not waiting for the confirmation. Anyway, watch for HIMX to go lower tomorrow again.