tuesday update

SHORT TERM: POSITIVE
Today looked like a continuation of yesterday, with some subtle differences. Yesterday, the market rallied in the pre-market, and was sold off immediately on the open, closing near the lows: a 1% down day. Today, a pre-market rally carried into the open till about 10AM, whereupon the market was sold off again into the close: a slightly down day. Prior to todays selling, the DOW made a new intraday high for this uptrend, which was confirmed by DIAmonds.
 
I continue to label the last four days activity as wave iv of 3, and expect another rally to carry the market to new highs, before wave 3 completes. See NAZ daily and NAZ 112905 charts. If we are in the midst of correcting the advance from the late Oct lows, then we are probably about half way through it. The next few days should tell. Either way, I’ll be adding to my long positions tomorrow. Best to your trading! 
 
INTERMEDIATE/LONG TERM: BULLISH      

About tony caldaro

Investor
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5 Responses to tuesday update

  1. Anonymous says:

    Hi Tony:I have been reading your column on this blog for about a couple of weeks. I have been following a lot of theories regarding market direction. Even have spoken to market technicians at UBS and from stockcharts.com who happen to be really good.as far as i can understand you believe the S&P could go to 1350 or so and nasdaq could go to 2500-2600.as far as S&P is concerned, there is a lot of debate.some people think market would pullback to 1225-1235 ara and then make the LAST attmept to run to 1275 before we go into the bear market. some people think after this pullback, we would head to 1300 and then a little pullback..and then to the powerfull rally.i would like to know what you agree with that. if you believe we could to 1350 on s&p ..why? i meant, why could we not top around 1275 or so?thanks a lot for your time. and i hope you read this comment.

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  2. CRMH Group says:

    Well, still bullish but I don\’t think we can afford to go very much lower before we lose momentum and the whole picture gets messy.GDP tomorrow (and employment on Friday?) could make things interesting. Good luck!

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