Some of my readers will recognize my previous work from the Reversion to the Unified Mean (RUM) Wave blog. I wrote it in relative anonymity for a couple years. That work can now be found here.
I think the above title could be filed under, "thanks, master of the obvious" but there is a bit more to it than it initially may seem. As the market made a huge move upward a few days ago it created a lot of room between it and it's short term moving averages. More delta between them (or vertical turning room, if you think of it that way) equals a stronger gravity back toward those short term averages. The last two days the market has resisted that gravity and only moved sideways, correcting slowing back to the already ascending moving averages. This is a bullish sign, in my view, because the bears have not been able to mass an attack that sent the DJIA lower.
Here are today's scores:
I am still holding my long positions with stops at my break even point.
GOOD LUCK TOMORROW!