According to Doug Kass, the ramp up to new highs is in anticipation that ECB will surprise tomorrow which he thinks won't happen. Many have been burned so many times, so its best just to let it happen then react to it. The ST sure enough turned UP again which keeps the bulls case alive. The new high based on this analysis is no surprise since our MT is still pointing up. Best signals are the ones that corroborate each others sentiments. So with the ST being down and the MT being up, the outcome might be foggy.. For now though, both signals have come back in sync with each other. Lets see how long this will last.
Note: Our 5 minute count of an ABC has been nullified as a possible count.
MT: UP
ST: UP
PA: UP
Intra-Day Analysis:
11:40am
As noted yesterday, prices needed to push lower today to keep the ST to the "Downside". This has not happened, and although the day is not done it is looking more less likely.
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