Well, what a week. What an ending to the week as well. Apparently Russia is not like the US and they will use the new moon to their advantage when it comes to raids and invasions. We'll have to follow the news on this one closely. Apparently the markets did not like this action at first, but they were not long to discover it has bullish underpinnings - death, destruction, destabilization, increased lending needs, increased military sales - all are positives. Well, to "them, they are. To the rest of us pawns, it's not so glorious and funny. Maybe O will finally get his much needed war.
As for the charts. Well, we discussed the near perfect top scenario all day Friday. The red rising wedge of death throwing out a pink ED, which threw out a green ED, which both failed and then the blue ED popped up to complete backtests of pink and green and hit the upper resistance diagonal of the red rising wedge of death all within a long yellow channel that has not broken down yet. That's a lot of stuff. All that culminated right when the Russians invaded. Did TA nail the top to the minute? We'll have to wait and see. That may have been one of the best technical reversal points I have ever seen. Apparently the PPT had enough of the red action late Friday, rammed some green shoots up the markets keister and shot the minis back up 17 points to correct most of the 21 point 45 minute tumble. As usual, they made a statement, do not short or else.
I'll be around. I'll update the chartbook this weekend. If you see it, post it.
Enjoy the weekend.
GL and GB!
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