UPDATE: 11:15 AM The market is shrugging off the horrible economic news, meaning it likely has more upside in store. Remember, we have several targets we’ve been discussing for the past few weeks. The big Gartley that started in October 2007 at 1576.09 never quite reached its .786 Fib level in May, coming up 11 … continue reading →
Monthly Archives: February 2012
UPDATE: 11:45 PM Very strange day in the markets… Earlier this morning I posted: Worst case scenario for the bears is yet another false breakdown that bleeds off positive sentiment and overbought conditions, allowing a further melt up. What did we get? Another false breakdown that bled off positive sentiment and overbought conditions, setting the … continue reading →
Those wacky Fed governors are at it again — Bullard going on about how housing won’t recover for years, and Williams pounding the table for aggressive stimulation (QE.) Big surprise, but the dollar is plunging — even as a House bill is introduced to strip the Fed of half its mandate (the stimulation half) and … continue reading →
UPDATE: 1:15 PM AAPL hit the (presumed) Bat target and has paused around 522. If it holds, look for the downturn to resume. If not, then the new target is 529.25. Meanwhile, FactSet reports that, absent AAPL and AIG, last quarter’s S&P; 500 earnings growth would have been 1.1% rather than the 5.9% reported thus … continue reading →
ORIGINAL POST: SPX just completed a little inverse H&S; pattern that points toward 1372 — the same level as the inverse H&S; and just above the May 1370.58 high. I don’t know whether we’ll exceed 1370 or not, but it’s a watershed mark for investors — especially those who care about Elliott Wave theory. This … continue reading →
more later.
UPDATE: EOD NDX is still stuck at the apex of its rising wedge. Looks very vulnerable here, with an RSI TL tag and MACD rolling over to boot. A lot has been written about AAPL, and its ability to bounce back above its recent highs. Remember, we saw its reversal coming a mile (well, 36 … continue reading →
UPDATE: 1:50 PM SPX faces a gauntlet of overhead challenges, seen here on the 60-min chart: Previous High: 1370.58Inverse H&S;: 1372.00Butterfly 1.618: 1375.47Gartley (2007) .786: 1381.50 Rising Wedge Apex: 1392.23 RUT Bat and Crab pattern highs continue to hold. NDX, like just about every other index, spent … continue reading →
Just came across this fascinating quote over at Zerohedge. It speaks volumes. The most chilling part is the last five words of the attribution. “Whoever controls the volume of money in our country is absolute master of all industry and commerce…and when you realize that the entire system is very easily controlled, one way or … continue reading →
ORIGINAL POST: 2:30 AM I’m traveling over the balance of the week, so posts will be a bit spotty. After bouncing around quite a bit, SPX ended the day on a solid down note. We closed below the rising wedge, but not quite enough to put a fork in Wave 2 just yet. I’m looking … continue reading →