SPX 1340 to 1360 has been on radar since it began flirting with 1260 resistance back in Q4, 2011. Now QQQ is steaming toward its target.
I don't want to sound like I have got it all knocked, because I have some definite confusion brewing as to the nature things; as in are we heading right to the inflationary 'recovery' now or pending one more liquidation. It does me no good to get the targets right if I then make incorrect conclusions from that point.
I have incoming info from my most respected source on the Emerging Markets that gives me pause with respect to the interim deflation scenario. This goes double when considering the deplorably over bullish sentiment toward the US dollar (bearish against the euro) that NFTRH has been tracking the last few weeks.
An email update is going out to subscribers tomorrow morning that will probably end up being more like a mini NFTRH. The broad market is doing what I wanted it to do, but as I look around the asset spectrum, I am not convinced that it is then going to go according to the currently favored plan.
Anyway, the QQQ post somehow morphed into a brain dump. See you in the morning dear subscribers. Lots to discuss.
Edit (6:07) After writing this post, I checked in on my virtual acquaintance over at Slope of Hope, and he is losing hope. Now, I don't want this to sound smarmy because Tim can trade circles around me (I am the intermediate cycle guy after all), but what he expresses in his post is something of a prerequisite to any coming bearish scenario.
Still, I am confused. I had the targets up higher, and I had the Emerging Markets breaking out of triangle consolidations. I have not got a single bear position and other than a one day trade last week in DUG, have not touched the short side due to the upside targets. But now I am questioning my own ability to short my conviction as the markets get up to targets. Like I said, lots to discuss. Much of it may have to wait for NFTRH171. But I hope to hit some major points tomorrow morning.