comments and outlook 07-22-2011

Sure did not anticipate the run today - seems the bailout news from Europe popped the market from the open.  Sometimes the news wins and the cycles lose.

Tomorrow the 34TD cycle is down, the 5.6TD cycle is down, the 2.8TD cycle is down.  The 22TD cycle is up.  The longer cycles (20 week and 65-70TD cycles) are down.  So the bias should be down.  Maybe we take back today's gain? Of course we could always get a debt ceiling agreement tomorrow....  or not which could hit the market.

A visual of the SPX:

GL traders.  Be careful buying dips Friday.