Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Tuesday, January 5, 2010

The SPX

I told Tony, that those that were calling bottom, decided to equivocate. Many expectations are for a few more days of run.


When I look at this technically, I sort of have to agree. Looking at the move since 12/09, seems like a bit of an Elliot wave. That is something to watch.
I have 2 targets, which are shown with arrows. I don't see an exhaustion pattern yet. Again, I will say that this market is defiantly ready to blow it's Wad.

And in a Fit of Hubris, on my TV good old Joe Kernen has Marginalized, any economic weakness and any such voodoo as "Climate Change"... and he is the smartest guy he knows.... so obviously. 1400 spx.

lets also point out that expectations for the NFP are for a Positive number(that is my sentiment Read), I actually just looked it up and consensus is -50,000 to 40,000. Which is a big Zero averaged, according to the Screen. I'd be curious to see the data, because that is actually -5,000 for the middle of the range.

Overall, I don't know what to say or predict, I'll try and look at sectors today, but the market running which was up in the materials sector... well, I'd say is long in the tooth in it's rotation. Which, again doesn't mean it can't go on for another 4 weeks.

1 comment:

Tony said...

Naz March 2000.

119

New Economic Indicators and Releases

What does Blue Horse shoe love?- Blog search of "BHL"