Recent volatility notwithstanding, if this market was going to sell-off I think it would have long before now. It's more than obvious at this point that the powers that be want higher prices. I've had 2 unconfirmed buy signals in the past few trading days, but NYMO has not quite made a 28 day trading high to confirm those buys. However, the sell signal that was issued on 21Jan has not fared well. Not when the broader market continues to hit fresh 2-year highs. That leads me to believe that this is either a complex top or the Seven Sentinels received an invalid sell signal. I'm inclined to believe that latter reason.
Having said all that, I can't simply reverse course in between signals, which means I need to wait for that confirmed buy signal or get another sell signal. That's my official position. But in the meantime if we do get a dip, it may not be a bad idea to buy it as support for this market has been solid.
Here's today's charts:
Two buys for NAMO and NYMO. NYMO is still about 11 points shy of confirming a new buy signal today, but if we rally again tomorrow that may trigger confirmation.
Both NAHL and NYHL are also flashing buys.
TRIN is on a buy, while TRINQ flipped to a sell.
BPCOMPQ is looking bullish again and remains on a buy.
So the system is in limbo as the previous sell signal did not trigger the weakness it forecast (not enough of it anyway). Two unconfirmed buy signals may be enough to predict that a confirmed buy is not far off and BPCOMPQ certainly seems to suggest that. I am remaining in sell mode for now, but hoping I get that confirmation soon so I can officially declare the Sentinels back in buy mode.
Having said all that, I can't simply reverse course in between signals, which means I need to wait for that confirmed buy signal or get another sell signal. That's my official position. But in the meantime if we do get a dip, it may not be a bad idea to buy it as support for this market has been solid.
Here's today's charts:
Two buys for NAMO and NYMO. NYMO is still about 11 points shy of confirming a new buy signal today, but if we rally again tomorrow that may trigger confirmation.
Both NAHL and NYHL are also flashing buys.
TRIN is on a buy, while TRINQ flipped to a sell.
BPCOMPQ is looking bullish again and remains on a buy.
So the system is in limbo as the previous sell signal did not trigger the weakness it forecast (not enough of it anyway). Two unconfirmed buy signals may be enough to predict that a confirmed buy is not far off and BPCOMPQ certainly seems to suggest that. I am remaining in sell mode for now, but hoping I get that confirmation soon so I can officially declare the Sentinels back in buy mode.
