I feel it in my bones, and my bones have felt a lot!

I'm anxious to see Tuesdays action as we'll get to see if "sell the news" still rules the day. New Treasury Secretary Geithner is scheduled to unveil the "new" TARP plan that will save the planet. If the markets sell off hard after that announcement then it may be business as usual. If they hold in well or even, heaven forbid, close positive we may be dealing with a different animal.

The running triangle not withstanding, this market is beginning to feel different to me. Perhaps it's fooling me. The market is good at that. It just feels like it wants to go higher, regardless of the bad news. That's why tomorrow is such a big deal to me. Lets see how it handles big time news.

If you're trading remember to remind yourself that you shouldn't care what direction this thing goes, only that you get it right. If you're  bearish right now, and this thing takes off make sure you have stops to protect yourself because it could blow this pattern away and just fly up. Don't get emotionally attached to your position.

Same thing if you're bullish here, and a lot of people are moving that way. Even Bill Fleckenstein is bullish for crying out loud! Be careful of that pattern activating and shocking the world with a giant downside move. 

This week will tell us a lot so stay tuned. 
 


 

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