Last week an NFTRH Key ETF (FXI plus a whole slew of others) update imagined a potential inverted H&S as a low probability potential (ref: blue artwork).
Today the probability is improving a bit with a lurch above the MA 50′s. Also, the Emerging Markets have a constructive look about them. Also here at home, the Semiconductors.
Not only that but my work this weekend compelled us to consider a bullish Ascending Triangle in the Dow along with a Dow Theory signal.
Today could simply be a blow out of the shorts, with a drop to come after they are cleaned out. Of course, with the Semi’s above 10 year support it could be something else as well. What ever it is, it’s a trader’s market for now.
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