Robert Prechter’s August Elliott Wave Theorist is free, no strings. I skimmed it and it is a big enough picture of the markets to be very applicable now. A big review of Dow Theory and US stocks and gold, silver, miners, oil and commodities.
Say what you will about Prechter – and he certainly elicits strong feelings both ways – but he nailed crude oil going back to 2007. He has infinite patience; maybe too much patience, it seems sometimes.
Anyway, the EWT is always an interesting read. Go get it for free…
The Euro is gaining the bid as short covering pushes it higher. Today it is popping through resistance and will try to make that a support level.
The target is 120, which would likely be a good opportunity to short it or potentially long Europe again.
We’ll see. It’s a macro market where letting things play out rather than knee jerking to conclusions is likely to work best until we get a read on the nature of this.
Don’t look now but the Dow Transports are working on a short-term trend change to the upside with a ‘W’ bottom and a pop above the declining MA 50’s.
Will TRAN have ended up leading the way to the mildest of market sags before bullish reversal? Well, not until it gets through the red resistance line and then the MA 200. If it does those things, it is going to get bullish and if Dow Theory means much (I still have my doubts) it would eventually spread out to the broad markets. First things first…
NFTRH has been bearish on copper for years now due simply to one chart; a long-term monthly view that is as ghastly as any I can recall.
I mean, sometimes markets are really complex, difficult to manage and screw ups abound. But this right here? This one simple chart has been idiot proof bearish since forever.
The copper market fears that “the plunging stock market could destabilize the economy and impact resource demand,” said Colin Cieszynski, chief market strategist at CMC Markets.
“Copper is now at a big turning point technically,” he said.
If prices can “bounce back above $2.45 soon, it could be a bear trap washout and may signal a bottom,” Cieszynski said. But if they don’t, and $2.45 becomes new resistance, “look out below as a measured move from the $2.45 to $2.95 channel of the last few months suggests $1.95 could potentially be tested down the road.”
Colin, the copper market fears nothing; at least nothing that has gone on lately. The copper market made a top and has been bear flagging through a bear market since 2011. WTF are you talking about, 2.45?? Copper is and has been bearish. Stop whipsawing a world full of MSM reading substance abusers.
Market analysis and news from around the web…
- All Greece, All the Time… –Bloomberg (click graphic to get more than you ever wanted – or needed – to know)
Got to run out, so that’s it for now!
This morning we had run of the mill Mainstream Financial Media hype, with MarketWatch predictably going all Greek all the time. CNBC show’s ’em how it’s done however, layering in alongside Greece sides of Puerto Rico default talk, China stocks crashing and a Fed rate hike Jawbone.
If you know me you know that I just love this stuff. The MSM falling all over itself to a) state the obvious and b) over amplify it 100x beyond its relevance.
Ooh, a scary title.
Horseman 1: Greece is little more than a flash point. ECB is going to inflate to beat the band and as it sees fit in order to paper over any short-term fallout. Dominoes? That can be evaluated later.
Horseman 2: Using the FXT (FXI) we gauged the breakout and targeted the mini bubble well. Now we are watching key support and will evaluate whether it is at a buying opportunity at such time. No theatrics, just market management.
Horseman 3: Puerto Rico? Really? There are a lot more Puerto Rico’s (and Greece’s) lurking out there globally. But as long as global CB’s keep printing, we keep playing this game of macro Whack-a-Mole. Meanwhile this has little to do with US stocks.
Horseman 4: Dudley jawbones a rate hike. Ha ha ha…
CNBC has taken over the lead in the Dumbass Olympics from MarketWatch today.