Wyckoff Wave Still Looking Higher From Here.

The Wyckoff Wave was down for the weekm as IBM got crushed on Friday.  Volume was average.
The O-P was down for the week.
The Force Index was down for the week.
The Technometer is below neutral.

The Optimism Pessimism Index and Wyckoff Wave are moving in unison.

The Wyckoff Wave was sideways until late in the week.  The sharp selloff in IBM hurt the Wave’s performance.
Our Technometer is still below neutral, so we still think we will try further upside from here.

Charts on a few ProTraders positions.
KEYS we purchased as you can see the OP was downtrending and price was holding, while the Technometer registered oversold.
KEYS was down slightly for the week and we are still long.  Technometer is once again nearing deep oversold levels, and we have another bullish divergence between the OP/Price.

At our BUY marking, PAGS had the OP work lower while the stock was making a backup to the creek while an oversold Technometer reading.  This one took off which is normal action after a backup to the creek.
Last week PAGS traded higher as expected.  Technometer is overbought and last week could have been an upthrust, so we will monitor closely.

TRIP was slightly lower last week.  Digesting strong recent gains, and lets see if it can hold in and turn higher once again.

The Wyckoff Wave Growth Index (WWG) surged higher last week as expected off the oversold Technometer.
The Technometer is now neutral, and allows us to work higher still.  We spoke of the bullish divergence last week between the OP/Price.  This lead to last weeks sharp rally as expected.

The SPY finished the week higher as well.
The Technometer is still below neutral and price stays strong, so we look for continued strength here.
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The bond market was up slightly for the week.
Our Technometer had been oversold two weeks ago at the lows, and neutral last week.  This lead to a slight bounce off the lows, but the Technometer is now back to overbought.  we spoke of last week, did allow an oversold bounce.  After a little more possible strength, it looks like we want to continue lower in the established downtrend.

The GDX finished the week down slightly.
We are short and expect markdown from here.  Technometer is still oversold, and we have the OP going to new lows while price is trying to hold.  This is a bullish divergence, so we want to see GDX move lower here or we are going to get out of short position.

The long dollar ETF, UUP was flat for the week.
We are looking for still further upside.

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Good Trading,

Todd Butterfield