Wyckoff Wave drifting…

The Wyckoff Wave spent the majority of the week drifting lower before a slight recovery on Friday.  Volume was slightly lower for the week. Our indicators show slight supply present.

The Technometer spent the week trading near oversold/neutral.

The S&P was up approximately .7% for the week and the Nasdaq up over .9% for the week.

The Wyckoff Wave spent the week drifting slightly lower.  We have been in the midst of a correction with no indications yet of leaving the trading range.

Thursday we had the O-P touch another new low for the downtrend from “J” while the Wyckoff Wave is holding higher levels above “M” and “O”.   We also had the Technometer almost reach oversold levels on Wednesday/Thursday.  So it will be interesting to see if Friday’s rally can get some participation behind it and get a stronger O-P to support it.  If it does we could finally see a move through resistance at the top of the recent trading range.

We are still hesitant to buy as our numerous other indices do not support a rally here.  Some recently strong stocks could be purchased with a close stop if you choose to.  Some stocks we have been mentioning are (AGCO, ELY, IDCC, LL, LVS, RNET, WMT)

We have been trading since 1982, and the recent past has been some of the hardest trading we have experienced.  We are not sure the reasoning behind it, but we have proceeded to trade less and keep stops close.

The Force Index closed higher for the week and is registering a negative -225.

We are still holding a few short positions and look to cover on a deeper correction.

We are also continuing to look for stocks that are outperforming to the upside, and could lead us higher after this correction has run its course.  Stocks that are having normal reactions, or preferably back up to the creeks.

The bond market was lower for the week.  We are standing aside.
For those of you who signed up for the Free Trading Techniques Course we now have 12 videos lessons in the course.   The current price is an affordable $69.99, and we have had considerable positive feedback from students.
Good Trading,

Todd Butterfield

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