Monday, July 25, 2011

Market Thoughts ahead of the speeches at 9 p.m.

I do not see how 9 pm national address, without any agreement, could be good for markets. I feel that President may spook the traders tonight. Fear mongering may be escalating a notch, by competing views being displayed in the middle of a TV primetime (Mr. Boehner's address follows the President's speech). I respect everyone's views, but mine is to sell ahead of the speech. If I am wrong I will cover and admit defeat. Charts are supporting my view: 15min200 is a resistance, uptrend channels have been broken and are now resistance, divergence in momentum is widening, etc. Our politicians are like a sell signal, every time they go on the television. How sad... 

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