But Irvine is a national treasure, so this cannot possibly stand. With that in mind we are looking forward to a strategic reply of real tapering in the schedule this Wednesday. In any event, it certainly is a very good time for an inflection point on the chart, whether it's the "pullback" everyone expects, or something more sinister. The wave count is mature and putting up bearish wedges.
The little squiggle I drew this morning did manage to catch the excitement late in the session today. Yawn.
The larger perspective of a top kicked off by a possible taper in POMO purchases this Wednesday. They aren't going to pull the plug all at once. Of course not, that would crash the markets. A taper, even a little one, would give us something better, a real market again.
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