As we discussed last week, the Street needs a big, positive close at the end of the year. It’s great publicity, boosts bonuses and gives banks an opportunity to offload some of the crap still on the books. It presents a quandary, as numerous reversal signals have been generated by harmonic and chart patterns. What’s … continue reading →
Monthly Archives: December 2013
Another exciting day of watching the market being propped up. Nothing new from yesterday, really. Here’s the action on the eminis today: … continue reading →
The Eminis are (hopefully) about to bag their own Butterfly Pattern. It’s been an obviously “managed” march higher, with very few wiggles in either direction — not exactly the sort of market one encounters “in the wild.” SPX, which reached its own 1.272 last Friday, is closing in on a little Crab Pattern just for … continue reading →
In our May 29 update on the Nikkei [see: HERE], we noted the index’s reversal at the .786 and theorized about a drop to 13,112 or even 12,343 as a result. The actual decline clocked in just a tad lower at 12,310. Now, the Nikkei is coming up on a Bat Pattern completion at 17,068. … continue reading →
Harmonic Patterns aren’t perfect. But, when this many of them line up, all screaming the same warning, it makes sense to pay attention. In no particular order… SPX has completed a large Butterfly Pattern. DJIA has completed a large Butterfly Pattern and tagged the channel top that connected the 2000 and 2007 tops. RUT has … continue reading →
AAPL’s rally from 385 likely represents a backtest of the broken red channel within the larger white channel. It recently reached our target [see: Aug 19 Update] on Dec 5, a little behind schedule. The white Bat Pattern completion seems to suggest sell the China Mobile news, while the potential for AAPL to reach the … continue reading →
Don’t look now, but the Butterfly Pattern generated by the drop from 1576 in October 2007 to 666 in March 2009 is a handful of points from completing. We’ve discussed this target for over a year [see: The World According to Ben.] It’s hard to believe it’s finally here. Will we get a 1973-style response … continue reading →
I suppose yesterday would rank right up there as one of the more impressive dip buys ever. It was not, as the talking heads would have you think, the market’s acceptance of the taper as no big deal. From yesterday’s Bye-Bye Ben: My expectation? Whether they taper or not, TPTB are standing by with buckets … continue reading →
Finally, the day we’ve all been waiting for. Will they or won’t they? Who knows? But, it’s pretty clear, from watching the talking heads over the past few days, what the script is: bring on the taper, but paint it as a non-event because the economy is strong enough to take it. We can argue … continue reading →
Despite yesterday’s overnight dump and subsequent rally, the path to the Butterfly completion is still very much intact. Though, it bears repeating (the 50th time?) that we might have already seen the top last week at SPX 1813. continued for members… … continue reading →