Intra-day: June 29, 2011

UPDATE:  6:45 PM PDT We closed up almost 11 today at 1307.41, coming within 3 points of overlapping [i] down, which seemingly everyone believes would invalidate the bearish count.  Other indices such as RUT and COMP did overlap this wave.   Here’s the daily chart again, with my original projections from a couple of weeks ago … continue reading →

Cliff Diving

While there is plenty of speculation that this will be the week we experience a flash crash, I don’t think it’s likely.  And, if it should happen, it won’t be the market disaster that many expect — for the simple reason that such severe drops almost always retrace significantly in a relatively short amount of … continue reading →

As regular readers of this blog know, I’ve been banging the ‘market tops are alike’ drum for a while  (previous posts here and here.) I view 2007 as particularly similar to the current market.  In my opinion, we’ve completed wave 1 of (1) down and are in the process of tracing out corrective wave 2, … continue reading →

Not Terribly Slick

The White House’s brain trust thought this would help? US Plans to Release 30 Million Barrels of Oil From Strategic Reserves http://www.cnbc.com/id/43508255 Come on, guys; everyone knows that markets are very much in sync these days.  This little stink bomb took crude down $4 and an already fragile market down another 20 points. While lower … continue reading →

Intra-day: June 23, 2011

Once again, the financial establishment must be wondering how to cancel the Bernanke Show.  Though, that’s not the real reason the market is down 21 points to 1265.  It’s the economy, of course.  With a little help from a bone-headed move to tap the strategic oil reserve.  And, this morning, we get a little taste … continue reading →