SHORT TERM: US markets closed, DOW (YM) -60
Overnight the Asian markets gained 0.4%. European markets opened lower and lost 0.2%. US index futures traded lower overnight, and closed early due to Hurricane Sandy. At 8:30 Personal income was reported higher: +0.4% vs +0.1%, along with Personal spending: +0.8% vs +0.5%. Also PCE prices were reported positive: +0.1% vs +0.1%.
The US futures markets ended their overnight session lower: SPX (ES) -4.75 and NDX (NQ) -14.75. Bonds gained 6 ticks, Crude slipped 40 cents, Gold lost $2, and the USD was higher. Tomorrow: Case-Shiller at 9:00, then Consumer confidence at 10:00. US markets may even be closed tomorrow. Best to all in the storm’s path.
MEDIUM TERM: downtrend likely underway
LONG TERM: bull market
It seems we’ll have pos. div. on weekly before market seriously takes off, and Nasdaq is ahead of the game.
Tony – do you feel when the uptrend resumes that the SOX will be off to the races? Based on the charts looks like B has bottomed or nearly bottomed and with the 2-year tech cycle should be a strong liftoff, what are your latest thoughts on this??
Hi DJD
the SOX will be off to the races
European markets are suggesting a rebound for tomorrow.
I will keep in eye on this chart (the same posted on sunday): http://scharts.co/PAPVI5
Rebound or breakdown ?
Woke up this morning and we still have power but I have an uprooted tree down across my driveway. If there were to be an opening bell, I’d be missing it.
I hope everyone here made it through Sandy unharmed.
Hello tony. If We assume we reach your bull target for about 1550-1600 mid 2013. Do you then expect the markets to enter a major bear market and what will be the target and time horizon? thanks
Per, a 2-3 year 50% decline
Hi Tony, You think it likely we go back down to 800ish therefore? Sorry to ask the obvious. It seems a lot but I guess for a wave 2 it would be standard action.
Alex,
When the liquidity ends investors are likely to panic.
In 1937/38 the market lost 50% in only 13 months.
Good morning, Tony.
Another Fukushima ? http://www.reuters.com/article/2012/10/30/us-storm-sandy-exelon-oystercreek-idUSBRE89T08F20121030
think positive Mario
They knew what was coming days before all this mess. Fukushima didn’t have that luck. They were caught by surprise.
Only hope Exelon took the proper emergency measures
Hey Tony I respect your work, but if you look at a monthly chart of the spx, since 2009, you can’t really call it an impulse wave, so how do you? Respectfully Greg
Just as labeled Greg,
tony
Thanks, Tony.
It must be getting rough … the only local channel I am still able to receive is WPIX – Mr G. says it is “showtime for Sandy.”