The Chart du Jour
Marty Armstrong sits somewhere in jail, the victim of either his own agrandizement and trading ego that could not admit a loss, or the victim of some malevolant conspiracy that has left him as the unfortunate fall guy. His company, Princeton Economics, has just a handful of employees left, and is probably not long for this world.
But let us do a bit of a test today to see how Armstrong's models fair, for March 23 is due on his cycle maps as a "panic cycle day" within a "panic cycle week" for the DJIA. This translates that it should be an absolutely "wild" day -- perhaps with some sort of early intraday spike higher -- but with the definite potential for a reversal lower later on.
Given that Cisco also finally reached our 146 1/2 target most recently, we'll allow for a bit of an overshoot (particularly since we are working off of a monthly chart), but the Fibonacci rhythm here should be deemed complete. Fully baked. Done. The 14-month RSI also stands at an ungodly high level of 94. Is anyone left short this one? Somehow we doubt it.
Given the huge volatility that we have been experiencing recently, it may be difficult to tell if Armstrong's "panic cycle day" hits or not. Every day seems like a panic day of late. Nonetheless, if Thursday proves exceptional for some reason, think of a poor middle-aged man who was formerly voted the best Economist in Japan for two consecutive years sitting in the New York Correctional Facility -- some element of brilliance now wasted, two children missing him at home.
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