Ricks Picks

Will Pathetic Little Bounce Turn Savage?


The Dow was down nearly 800 points before buyers finally got traction and turned things around. The 300-point rally that ensued was so crappy looking that we can only assume it’s going to continue. Perhaps I’m just another permabear all too eager to play the contrarian, especially since the stock market has not gone our way for more than a few consecutive days in more than nine years.  Maybe this time?  In any event, it is a long climb from here (to 24,978, to be exact) before even the hourly chart turns impulsively bullish, so we’ll simply bide our time until Mr. Market shows us another hole card. Meanwhile, notice in the chart that the Indoos reversed almost precisely from the pattern’s secondary pivot (shown as a pink line at 23,358). This is mildly bullish — enough so that we should remain open-minded to the possibility that a crappy rally will fool shorts right up until the moment they panic.

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none April 3, 2018, 12:34 pm

Cave in number on DXY 88.253

The DXY inflection point has move to 88.253 this is a ‘cave in’ number for the market, suggesting a yearly move lower of 17% +/-.

This would be about nearing the 75-76 level DXY.

This recent break of a pass 3 year low point points towards a 4 year lower trend from the 2017 time frame high print.

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