ISEE all equities at a WOW! 327 reading second highest reading all time to the reading on April 15 and the call buying increased into the close when the action had tapered off (particularly in the Nasdaq). $nymo putting in the same pattern it did in late April to May 3. Let’s see if it can break out of its range tomorrow. Euro needed to bounce and it did. It could pop up to its 20day average but there aren’t any guarantees it needs to. Almost all bonds sold off hard with the exception of eeb (emerging market debt) and IIC (California muni debt) had a massive red bar reversal today.
Completely disagree — look at a daily chart of IYT (Dow transports).
What I see is a new high. Dow theory tells us that what should happen next if the bull is still intact is that the Dow industrials should make a new high. Russell made a new high today.
The alternate wave count is that this is a wave 4 flat, with B setting a new high before C down. Like I said in a post to Katzo yesterday on HOB, I’ll either look really smart or really dumb in two weeks with this call.
I heard that Congress(or certain segments of it) was still trying to extend tax cuts. I thought it was already built into the market that there won’t be any tax cuts (unless there’s a crash). When it’s apparent that there won’t be any tax cuts, the market will panic as funds and individuals sell to capture the lower rate. I need to see when that vote is (haven’t read the article yet)
as a distraction, you betcha.
They’re doin a pretty good job in the just the Markets alone!
..enjoy your commentary Leo.
I truly believe the bulls, sell short positions to the remaining bears, then turn around and buy the calls/longs.
this is the one chart, that has kept me in the game, for now.
http://stockcharts.com/h-sc/ui?s=$BPSPX&p=D&yr=0&mn=5&dy=0&id=p65071811817
S&P 500 Analysis after closing bell
http://niftychartsandpatterns.blogspot.com/2010/12/s-500-analysis-after-closing-bell.html
ISEE all equities at a WOW! 327 reading second highest reading all time to the reading on April 15 and the call buying increased into the close when the action had tapered off (particularly in the Nasdaq). $nymo putting in the same pattern it did in late April to May 3. Let’s see if it can break out of its range tomorrow. Euro needed to bounce and it did. It could pop up to its 20day average but there aren’t any guarantees it needs to. Almost all bonds sold off hard with the exception of eeb (emerging market debt) and IIC (California muni debt) had a massive red bar reversal today.
Completely disagree — look at a daily chart of IYT (Dow transports).
What I see is a new high. Dow theory tells us that what should happen next if the bull is still intact is that the Dow industrials should make a new high. Russell made a new high today.
The alternate wave count is that this is a wave 4 flat, with B setting a new high before C down. Like I said in a post to Katzo yesterday on HOB, I’ll either look really smart or really dumb in two weeks with this call.
I heard that Congress(or certain segments of it) was still trying to extend tax cuts. I thought it was already built into the market that there won’t be any tax cuts (unless there’s a crash). When it’s apparent that there won’t be any tax cuts, the market will panic as funds and individuals sell to capture the lower rate. I need to see when that vote is (haven’t read the article yet)
Awesome day fellas! Broad base buying and good economic news today. Rally continues tomorrow. Seasonals very bullish…………
Whoops, my mistake, we do have one export: FRAUD.
Interesting that the Fed can orchestrate such a scam…the US produces nothing, yet has the largest GDP of any country.
http://www.bloomberg.com/news/2010-12-01/u-s-lawmakers-urge-delay-on-tax-cut-vote-pending-bipartisan-negotiations.html