Preview Of Weekly Update – 07/02/11 © ™

  • Short Term Since June 15, 2011
  • Correction Completed On June 15
  • Buy – Speculators
  • Intermediate TermSince Feb 2011
  • Correction Completed (or Step 1 Of 3 Down Completed – Confirmation Needed)
  • Buy – Speculators
  • Long TermSince Mar 2009
  • Step 2 Of 3 Up Possibly Completed
  • Hold – Investors
  • Very Long TermSince Jan 2000
  •  Step 2 Of 3 Down Completed, Rally Phase Of A Wide Ranging Megaphone Formation
  • Follow Long Term Strategy

I’ve been out-of-town for a few days but everything unfolded as expected.  The bottom was on June 15th and we are now in rally mode.  The target is somewhere near the May 2nd high.

Is a head and shoulders formation unfolding???  I doubt it.  Everyone is talking about it and that makes me very uncomfortable accepting that point of view.  We may achieve token new highs on this rally and that will destroy the head and shoulders.  More on Saturday.

I’ve changed the synopsis at the top of the page due to misinterpretations.

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