Here’s ES, 1-min scale:
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RSI could use one more low, ideally at a higher level than the last to increase the odds of a rally. The Nasdaq has diverged from the S&P 500 already though, and copper has a clear upslope in RSI:
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EDIT: Here’s that higher low in RSI on ES that I was talking about and breakout from the downsloping trend:
Just one question, how much money have you lost over the last 2 years. ALL of your calls have been wrong. Really you should give it up!
The truth, you are absolutely incorrect. Follow the blog every day and you will see many good calls.
Highlights include:
1. accurately calling the bottom for SPX months in advance
2. calling a top in commodities
3. dollar bull months before the dollar bears realized they
were wrong
lowlights include:
1. missing most of the 2009-10 bounce
2. bearish on gold when it was in the low$900′s
Many of the calls are not easily tradeable by a non-market professional with 9-5 responsibilities. To counter your claim, I wish a model portfolio with size of positions was available.
Mike also seems to discount the effect of politics on the markets, choosing to focus on the fundamentals. I do still feel that, at least for a while, fiscal stimulus, QE, accounting changes, etc. can prop them up just like the banks . Some time ago I disagreed with Mike on the general direction of the market in the intermediate term, not based on his fundamental analysis, but because politically, with over half the population participating in some form, major downward corrections will be punished at the polls. Even with the recent swoon, I feel the 9,500-10,500 range is still in play until the US bond vigilantes wake up.
Overall, Mike has been performing an admirable and self-less service for his readers. I ask you to provide a link to a blog you fee is more accurate.