friday morning

HAPPY NEW YEAR!
Short term: stocks open quietly, but the growth sector rallies on Apple’s positive news.
In honor of the passing of President Ford, the government and all exchanges will be closed tuesday, Jan 2nd. As a result we have a very rare four day weekend in the marketplace. Enjoy your NEW YEAR celebration!
Overnight the Asian markets were mostly higher, with India’s BSE again closing lower. China’s SEC continues to astonish, as it soared another 4%, to another all time high. Europe came in 0.25% lower, somewhat pressuring our stock index futures in the pre-open, but they turned positive when trading was beginning. Bonds are about 1/4 point lower, Crude continues to pullback, and Gold is having a quiet day, down about $1. Thus far, not much has changed on the charts. Today will probably be a quiet day, unless we get some last minute end of year window dressing. Which is most likely to be to the upside. As for early next week, I would think there will be a lot of money that needs to be invested first thing. That might put the top in this five month uptrend. Be careful in the market, and have a safe and happy new year.
MEDIUM TERM: NDX downtrending, SPX uptrending … split market continues
LONG TERM: bullish.

About tony caldaro

Investor
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5 Responses to friday morning

  1. tony says:

    Hi Frank and Greg,
     
    Thank you!
    Greg … I do see the potential wedge in the DOW.
    But potential wedges come and go as most of the bears have found during this bull market.
    The 25 point overlap on the hourly chart doesn\’t bother me as much as the fact that the DOW is in a 5th of a 5th.
    Either way, it\’s not a good time to be bullish.
    Based upon OEW analysis there have only been impulse waves up to this point in the SPX/DOW.
     
    Enjoy your holiday! 

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  2. Greg says:

    FWIW:  I\’m still tracking a potential diagonal triangle in minor wave 5 (most visible in the Dow)  To me, these minute impulses count well as 3\’s.  Also, we have a 25 point overlap on the hourly chart to deal with.   If this is right, we could be in micro B of minute v or minor 5.  This would call for a bit more sideways and a pop up to finish the whole move.  Could be a good short opportunity coming up! 
     
    I\’d like to hear your thoughts on this. 
     
    Thanks,
    Greg

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  3. Greg says:

    I agree.  Thanks for everything you do Tony.
     
    Cheers to you and yours!
     
    Greg

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  4. Frank says:

    Hi Tony,
     
    Thank you for all the great advice and work!  Wishing you a SUPER 2007!
     
    Frank

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