Wednesday, February 04, 2009

Where will the mighty Mr.. Market be on Feb28th?

 Bulls, don't worry, be happy.

End of post...



No, that would not be funny and not fair at all - so here I go...again

Look at SPY monthly - that line in the sand that has been there (on this particular chart) for many months (even before November 2008 was put in place) - SPY still is  above 825 area - and I believe it will stay there for a while - and it will finish February 2009 @960 area.

Why? You all know old adage "The left side of the chart is science, the right one is an art" - this is what I think will happen - time will tell if I was right.


It is difficult to see bull scenario behind insane moves as of last 2 weeks, but look better.

Last 2 weeks - every new bottom is a higher bottom (ascending red line)

After 1/28 top - 2/2 bottom wave down, next move up retraced precisely 61.8% (Blue Fibs)

After 2/2 bottom - to today's (2/4) top another retrace of 61.8% - that was a fast one (red Fibs )

Where /Es is now? You guessed back in the 825 area.

CSCO reported, guided (well, provided full absence of guidance to be precise) - we  LOVE Chamber's talking - for some reasons dimwits from CNBC use his opinion to project on the financial markets and they wrong every single time....

Sorry Elliot Wave fans, no matter how you recalculate your curls - this will not be so highly sought after by the bears of united new world order "wave 3 down" (or whatever the hell its name is in your highly subjective world), but it is a beginning of "wave up" with completed pullback (you give it a good name and let me know)