wednesday update

SHORT TERM: gap down opening then rebound, DOW -54

Overnight the Asian markets lost 1.3%. Europe opened lower and lost 0.5%. US index futures were lower overnight. At 8:30 Export (+0.3% v -0.1%)/Import (+0.1% v -0.2%)prices were reported higher. Then at 9AM the FHFA index was reported higher: +0.3% v +1.0%. Nevertheless, the market gapped down at the open to SPX 1749 and declined to 1742 by 10AM. Then after a bounce to SPX 1747 the market hit 1741 by 11AM. After that the market started to work its way higher. At 2:30 the SPX hit 1748, then dipped to close at 1746.

For the day the SPX/DOW were -0.40%, and the NDX/NAZ were -0.60%. Bonds gained 3 ticks, Crude lost $1.30, Gold slid $6, and the USD was higher. Medium term support remains at the 1699 and 1680 pivots, with resistance at the 1779 pivot. Tomorrow: weekly Jobless claims and the Trade deficit at 8:30, then New home sales at 10AM.

The market gapped down at the open today, then eventually hit SPX 1741 before rebounding in the afternoon. SPX 1741 is actually the low for the week thus far, as it was also touched around 2:30 on Monday. Right after the open we labeled yesterday’s SPX 1759 high as Minor 3. During today’s decline the market did get oversold, just like the previous pullback during Minor 2. Should the market now rally over SPX 1750, it would suggest Minor wave 5 is underway.

Short term support is at SPX 1730 and the 1699 pivot, with resistance at SPX 1759 and the 1779 pivot. Short term momentum hit oversold and then rose to neutral. The short term OEW charts remain positive with the reversal level now SPX 1740. Best to your trading!

MEDIUM TERM: uptrend

LONG TERM: bull market


About tony caldaro

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141 Responses to wednesday update

  1. One of the lightest volume day… heads up

  2. trondack says:

    Tony, a lot of companies are offering pension buyouts. Do you think there is more risk now, in an aging bull market, than there would have been 4 or 5 years ago? In other words, do you think within the next 10 to 15 years, that you could time the market better than a pension?

    • tony caldaro says:

      More risk now? After the markets have more than doubled? Indeed.
      Actually I think pension fund managers just follow each other.
      Very few can even match the market.
      That’s why most pension funds are in trouble.

    • radrian6 says:

      Your analyses and perspectives on the markets are appreciated. Your cheerleading, however, may not be welcome by all members and recommendations to buy are inappropriate.

      Tony — sorry if I’m out of line.

      • 777daimon says:

        ok Radrian6, you’re right.
        Actually I’m not cheer-leading.
        This (“don’t panic and buy! “) was actually a cheap joke considering the link posted above.🙂
        My targets and analysis posted in other messages are still valid (but some targets have not been validated…yet).
        First we need to see how the market behaves in the 1779 pivotal area. And to see that we have to jump over this pesky area (1754.10-1754.50).
        This is my last message (the 6th – sorry Tony!) – that means that tomorrow I won’t allow myself to post at all ..already have eaten my 3 messages / day for tomorrow🙂
        So, Tony and all, have a great week-end!
        Watch out tomorrow with Durable Goods Orders ! It’s gonna be a tricky one😉 ! Up and down ….and moving all around!🙂
        Have a great week-end all! :D!

    • tony caldaro says:

      777 fixed your post

  3. scorp100 says:

    I read in an article that Ichan had NFLX at an average price $58 and he sold his 50% shares above $300/share. If that’s true, it’s amazing how did he picked the bottom.

  4. JK1987 says:

    a of 4: 1740.5
    b of 4: 1754
    c of 4 … Big down
    1740.50 only retraced 16.6% from 1759 to 1646, too little retrace for 4 of P3.

    DOW big up for the day, new high above Oct 22’s
    RUT big up for the day, NDX big up for the day.

    post #3
    rule #1: max 3 posts a day: done.
    rule #2: market related: done.
    rule #3: no critics about others: done.

  5. pio27 says:

    last post for today. 2 predictions. Today is the PIO TOP reversal starts at 2pm because this is not logical. the economy stinks. 2) Redsox in 5

  6. "Old fogLEE" says:

    SPX up against some previous posters resistance levels here..
    in other news

    Cards got 7 hits the Sox got 8 as Ole keg legs Clinton sez

    • "Old fogLEE" says:

      Saw this on my last post “Your comment is awaiting moderation.”
      Well word press I’m already a moderate so go pound sand🙂

      • "Old fogLEE" says:

        “Old fogLEE” says:
        Your comment is awaiting moderation.
        October 24, 2013 at 12:33 pm
        SPX up against some previous posters resistance levels here..
        in other news

        #3 later !

      • lunker1 says:

        LOL how’s did you end up down here? Nipping at that dusty bottle of Old Fog again?

    • "Old fogLEE" says:

      Hey lunk !

      Well it is nippy out so ;>) … I appreciate ur fair and balanced baseball commentary and agree there’s a lot of baseball left. Man that’s 4 posts J K is going to flame me !

  7. bigswingingnick says:

    …”The Baseball wave lives on” 🙂
    ….I wish we had baseball in the Uk and then i would understand what you guys are talking about

  8. lunker1 says:

    the Cards got the bad one out of the way. Sox are sure to face a different team here on out. Holliday crushed that ball. Good to see Lester on his game. will be a great series. impressed that the umps reversed the blown call. 5 years ago that wouldn’t have happened but replay (finally) has opened minds. nice to see BB enter the 21st century. Was lucky enough to see Game 4 to clinch the 2007 Series. Great time in a great town. Was fun staying late after the game, watching the guys and their families celebrate and talk w the other Sox fans that were there. anyone live in STL?

  9. bigswingingnick says:

    S&P fut Hourly vulnerable for pullback to 1740 area imho…Dow will continue to outperform for now imo.

  10. pio27 says:

    this blog is great the market goes up everyday and breaks highs and we talk sports. talk about complacent. POMO and sports nothing else matters. thats great.

    • lunker1 says:

      pio my friend I think you got into the you know who’s parrot food lol. it’s a historic bull market but per Tony it should correct a couple times and then it should have a big correction, but the higher it goes the more I’m wondering it it’s just going to come to a dead stop one day instead of being orderly. until then…..ride the bull.

      • pio27 says:

        corrections are 3 or 4 percent no more. Dow does not count its a price weighted index. This bull market has totally ran over any theories of correction and all the bears. again POMO all that matters and FED. no more overbought or over sold and we all know fundamentals mean nothing

      • lunker1 says:

        only temporarily pio. but yes the market can be irrational longer than most could imagine. but also the higher we go the more we will fall.

  11. Pingback: October 24, 2013 Tony Said | Like Tony and JK Said

  12. Pingback: October 24, 2013 JK Said | Like Tony and JK Said

  13. rc1269 says:

    Tony what do you think of this…?

    sorry not market related!

  14. manunidhi21 says:

    Tony !
    any view about USD ?

  15. jparkins10 says:

    A LD for minute 1, minor v of Int 3?
    If so, an ugly start, and should be finishing soon.

    recent closed trades:
    -on 2013/10/23 closed remaining portion of uvxy, a 30% allocation from 2013/10/10 shorted at 37.28, closed at 26.74 today, 2013/10/23, for a profit of 28%. also today, closed the remaining 10% allocation of uvxy shorts from 36.04 from 2013/10/10 at 26.74 for a 25.8% profit.
    -on 2013/10/22 closed a 10% allocation of uvxy at 25.03, shorted at 36.04 on 2013/10/10 for a 30.54% profit.
    -on 2013/10/17 closed a 5% allocation of NUGT shorted 2013/10/03 47.22 @ 47.22 for break even.
    – on 2013/10/16 closed a 5% allocation of uvxy shorted on 2013/10/14 from 35.96 @ 30.23 for a 15.93% profit.
    – ON 2013/10/09 reduced remaining total allocation of uvxy from 7.5% to 0% after being stopped out at 40.85 from initials longs from 2013/09/25 at 30.87 for a profit of 32.32%.
    – on 2013/10/08 reduced total allocation of uvxy from 15% of total to 7.5% by selling at 45.01, originally purchased a 30% allocation at 30.87 on 2013/09/25, for a 45.8% profit.
    – on 2013/09/25 the remaining 6.25% allocation of uvxy shorts were closed at 30.85 for a profit of 30.59%.
    on 2013/09/03 the 25% allocation was shorted at 44.45.
    – on 2013/09/25 a 30% long allocation of uvxy was bought at 30.87.
    – on 2013/09/27 the entire 5% allocation of nugt shorts from 53.53 shorted on 2013/09/23.5% were stopped at 52.91 for a profit of 1.15%.

  17. 777daimon says:

    now it’s better…. at the start of the day I had some chills on my spine, thought the market has problems.
    no it hasn’t.
    bulls, keep pushing!

  18. jparkins10 says:

    Good stuff, rare that his content is unlocked
    TF Market Advisors ‏@TFMkts
    Unlocked TFMkts: Duration vs Maturity … some basic numbers given recent spate of “how much can bonds lose” articles

  19. pio27 says:

    Mr C
    If Beltran is done for the rest of there series I think we have a better chance of seeing the a 20% correction than your Cards winning. although I would like to see both

  20. Looking at the probability that today’s overlapping move continuing from yesterday’s SPX low is the Upward B of 4…….After a Wave 5 of 3 truncation at 1758.16……With a Downward C of 4 coming after the Upward B of 4 completes..

    SPX .618 resistance near 1751.42…

  21. gary61b says:

    over a week ago I sent out a oil chart with a potential Head and Shoulders, here is the damage so far

  22. JK1987 says:

    Tony Thanks
    oew labeled 4 of P3.
    Now SPX is over 1750 at 1750.18.

    “Should the market now rally over SPX 1750, it would suggest Minor wave 5 is underway.”

  23. bigswingingnick says:

    Dow a good place to be imho to play the long side, a quick squint at hourly charts shows Dow relative strength.
    Of note in Dow fut hourly chart is negation of neg/div and green trend acceleration lines.

    • bigswingingnick says:

      Here’s what i’m looking at on Dow daily… pri-iv to start near top yellow line…Dow made a lower low recently and the start of a potential rollover can be seen and anticipated imho.
      Good trading to all.

      Btw S&p looks like it wants to flush but Dow a less volitile long position imho.

  24. mjtplayer says:

    Hey Tony,

    Good game last night, Lester pitched very well, as he usually does in big games. The ‘Cards looked nervous, especially in the field, a couple bad errors and stupid plays. Your young ace gets the nod tonight, big stage for the 22yr old and a lot of pressure, on the road in the WS, at Fenway, in the cold. If the ‘Cards lose tonight and the big 2 pitchers both lose, it’s panic time in St Louis.

  25. selhai says:

    For info, with the DOW/SPX relationship at 8.83 last night, DOW 15710 will be SPX 1779. Well, well. Last month, the SPX hit 1730 at the DOW high.

  26. joseph3000 says:

    anyone knows a good ETF Bull 2x for Nat Gas?

  27. kloutt says:

    here is the channel in TF so far ….. QE 4eva is pipe dream …. FED has $3.448 TRILLION on its balance sheet and sooner or later they will be squeezed just like any other trader

    Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts
    Millions of dollars
    Federal Reserve notes and collateral Oct 16, 2013

    Federal Reserve notes outstanding 1,471,157
    Less: Notes held by F.R. Banks not subject to collateralization 298,030
    Federal Reserve notes to be collateralized 1,173,127
    Collateral held against Federal Reserve notes 1,173,127
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,156,891
    Other assets pledged 0
    Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,542,947
    Less: Face value of securities under reverse repurchase agreements 95,099
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,447,848

  28. bigswingingnick says:

    Tony has marked a tentative minor4 on the hourly chart…thanks Tony.
    Currently long Dow and looking for 16650 ish.

  29. jparkins10 says:

    Tsachy Mishal ‏@CapitalObserver
    The Rydex leveraged bull/bear ratio reached an all time high yesterday with 8.2 times as much money in leveraged bull funds

  30. pio27 says:

    Overbought conditions are being worked off. Not sure about what wave count we are in but the only numbers that matter anyway Is POMO is 1.25 to 2 billion. There was the Bernanke PUT. Now the new sloga is NO SELLIN with Yellen. Market has one trend and that is up. There is no resistance because they will just keep goosing it higher.

  31. $SPX $SPY $NUGT $UVXY $AAPL, market update for wednesday (within blog remark’s sect.):

  32. mmmiiikkkeee says:

    Walter Murphy disagrees with soulsurfer (below) on the Zweig Breadth Thrust. In comments written Wednesday afternoon he says “The surge of the past 10 days eliminated many of the breadth divergences that were evident at September’s high. Both the NYSE all-issue and common-stock daily cumulative advance-decline lines, as well as those for the S&P 500, 400, 600, and 1500 indexes, have made all-time highs. This resulted in a Zweig Breadth Thrust signal for the first time since October 12, 2011 (though there was a near miss last November). All of this suggests that the market is not at risk of a major top and that the S&P is positioned to challenge important resistance in the 1779-1829 area.”
    One of them is wrong.

    • 777daimon says:

      ”All of this suggests that the market is not at risk of a major top and that the S&P is positioned to challenge important resistance in the 1779-1829 area”
      that’s what I’ve said also.
      Take a look at the very big picture : all the uptrend from the lows of 2009 has a resistance line and a support line. Since 2009 lows the uptrend R line was tagged 3 times and the S line was tagged 2 times.
      Now we are very, very near the R line.
      Do you, guys and gals, remember what happens to a R/S line when it is tagged the 4th time? 😉 ?

    • blackjak100 says:

      I saw that, but he’s the only one suggesting it occurred that I see. If it really occurred, I would think it would be talked about everywhere.

      I don’t disagree the S&P may be going to the moon in short order. However for the first time in a long time, the NYMO is not confirming the 1760 high. It confirmed the highs at 1687, 1710, and 1730 just before they were hit. My point is if we are going to the moon in short order, I do think a correction is coming fairly quickly FIRST. This also seems to confirm my count that 1740.50 confirmed some type of fourth wave low and 1759 will be breached one more time in the next few days before this correction. I think Tony is working with a similar count.

      • mmmiiikkkeee says:

        Walter Murphy is an extremely careful person. He has,in fact, been skeptical of the market so in claiming the ZBT he is modifying if not giving up his previous view.
        I suppose his definition could be different but that seems unlikely.

  33. lunker1 says:

    I look at the whole QE thing like this. The economy is old motor that’s tough to start. So QE is the starting fluid that gets the engine going. Stop the spray and the engine runs a little and then quits. so more spray and then then engine fires up again. So the question is will the engine finally fire up and run or will it blow up from too much spray? I live in Fort Myers. Real Estate has picked back up. Homes are being built again. Labor is very tight. The snowbirds are arriving and it looks like they’re spending some money. Europe is holding it’s own. P/E’s are on the rich side but 2014/15 earnings are forecast to be +10%. Yes QE will taper and then will end and ok so maybe the stock market corrects 10-20% or more but at this time I’m not seeing events on the horizon that would cause a large move to sub 1000. Not saying it couldn’t happen but just not seeing what would be the driver.

    • torehund says:

      I dont think anybody knows when the engine will run on its own, but we need higher interest rates and inflation to diminish and eat away silently the debth burden. Increasing rates will put extra strain on the consumer, and they will demand higher wages. This stalemate With very low interest rates only increases the debth burden, thats for sure.

  34. blackjak100 says:

    If this recovery is as artifical as it seems…doesn’t that line up with a cycle b wave nearing completion and not a bull market? If B wave rallies are sucker’s wave, this makes perfect sense!

    I work for a sub contractor who does work for the largest homebuiler by sales in the Twin Cities which is Lennar. Our owner has a personal relationship with the division president. He told our owner yesterday that ‘sales have fallen off the face of the earth the last couple of months’. The homebuilding stocks told us months ago this could happen. If sales fall off the face of the earth with an uptick in rates which are still historically low, what does that say about the housing market when rates are no longer historically low?

    • torehund says:

      It heading for the hills, its like facing a commando soldier unarmed, and its 1929 on a global scale…
      The big fear was when Nikkei threatend to plummet in the end of 2012, and we are once more at a perilious Junction. If the wedge on Nikkei doesnt resolve upwards we could fall to unheard of Levels. But maybe the FED has some Power to thrust the markets, that we dont know of..or will China attempt a stimulus ?

      I interpret Obamas Speech during the closedown as “airing the probability” that the american dream will not arrive for a very long time. Increased tension in Europe With poor unemployed workers heading farther North in an ever escalating tempo is a sign of decompensated social insufficiency in the south. Workers and immigrants are sadly arriving at Places where great economical strain is openly visible.

      Banks here in Norway are attemting to prop themself in order to survive a 40 percent loss on mortages e.t.c. That implies that somebody in Finance must be feeling the emerging heat of deflation yet to manifest itself in the markets.
      Well we hope for the, best but maybe its now time to invest for the worst…

      In the western world many more has been given the opportunity to get proper education, own their house, and receive a good pay for their working efforts. But when too many attempt to sit on the same side of the boat it sadly rolls over, as in stockmarket as in real life. Thats natures uncanny way of punishing equality.

    • 777daimon says:

      well, how about 3400-3420 on spx in the autumn of 2016 ? ….
      the cycle ‘b’ wave I know it’s the bears’ most wet and puffy dream but better review the charts: 2 rising wedges on daily and weekly broke to the upside until now.
      they both have targets at 1925 and 1965 defining the target are for December 2013-January 2014.
      If 1754.10 and after that 1779.52 in cash are taken to the upside, after a brief pullback (maximum 40-50 points) prepare for the most bullish porn ever seen , near 2000 in SPX (until the end of Dec’13 and start of Jan ’14)!
      This view is not based on any form of EW , but purely on TA.
      When 2 rising edges brake to the upside what does this tell you ? It’s bearish ?!?

      • 777daimon says:

        english revisited (lol on myself!) / caps is for changed words:
        “well, how about 3400-3420 on spx in the autumn of 2016 ? ….
        the cycle ‘b’ wave I know it’s the bears’ most wet and puffy dream but better review the charts: 2 rising wedges on daily and weekly broke to the upside until now.
        they both have targets at 1925 and 1965 defining the target areA for December 2013-January 2014.
        If 1754.10 and after that 1779.52 in cash are taken to the upside, after 1779.52 IS TAKEN, NEXT IS a brief pullback (maximum 40-50 points) AND AFTER THAT prepare for the most bullish porn ever seen , near 2000 in SPX (until the end of Dec’13 and start of Jan ’14)! IT’S ALL ABOUT BANKERS’ END-YEAR BONUSES IF YOU KNOW WHAT I MEAN!
        This view is not based on any form of EW , but purely on TA AND HUMAN BEHAVIOR.
        When 2 rising Wedges HAVE BROKEN to the upside what does this tell you ? It’s bearish ?!?”

      • torehund says:

        777, keeping all options open, as miserable as it looks now we could hope its some kind of fundamental weakness at a Maximum (even up in the skies). Feels almost too bearish to fall, but the Techs are a bit nasty right around the corner, or super bullish…lets be open and humble.

    • Cliff Uzan says:

      Hi BJ,
      He is absolutely right. Its scary how quiet it is. I am a real estate broker in Los Angeles, Ca and I see more inventory and fewer sales. Also, I deal a lot in the rental market which has definitely slowed. Wall St and Main St are comparable to fantasy land and realty land. I think this recent government scare and shutdown is a reminder that we’re really close to financial chaos. An unforeseen rise in rates would cause another real estate crash. Even if rates don’t rise, with ever rising inventories, real estate prices may still decline to meet the demand of those few who can afford to purchase a home and get a ____ loan. The lending market will not change, its stuck.
      Without a more permanent solution to our fiscal responsibilities, not just kick’ in the ole can down the road until February, people are going to be cautious. The shutdown and political wrangling has definitely had an effect on the economy, much deeper than most people on Wall St. believe. I believe that people on Main St have learned to live with much less the past few years and that they will be somewhat better prepared for, what looks to be, deflationary markets to come.
      Getting back to the market, I think were set for a sell off that could last weeks. Time to cover longs and look to go short. Some of the hi P/E small cap stocks will get pounded without the prospect of growing sales, when numbers for sales start coming out.

      • torehund says:

        Many good ideas have emerged in the small cap Space, and pricing of Products reflect what it took to bring them about. But market can not absorb expensive ideas at this time. So if small caps decline to record lows, there could suddenly be opportunities to lower the price substantially on ideas and goods. Excellent Products for a lower price is whats happening in the solar field, but still its a bit too expensive for the developing countries to buy them in large scale.

      • aultraman says:

        Hey BJ,
        I’m a mortgage broker in NorCal, and my refi activities have totally dried up. All of the brokers I know have been working on purchases only – which I’m sure has already slowing down. There are still lots of cash buyers, but those that got in early in the game a few years ago are starting to sell now. So I see nothing but a slow down in the real estate/loan market.

      • "Old fogLEE" says:

        Thanks to all of the posters on this subject.

  35. 5wavemodel says:

    I am looking for a higher open to SPX 1750-1751 that would complete a corrective wave, and set the stage for another move lower.


  36. M1 says:

    spx and dji counts are still confusing to me.
    NDX count is more clear. I see Cycle wave 3 unfolding from 2008 lows at 1019 and now it is 1.63 times cycle wave 1.
    Cycle wave 4 should start at any time.

  37. Alright I am back on my AAPL analysis. Jury is still out.

    Here is my alternate count

    original count

    Appreciate your comments and feedback.

  38. lunker1 says:

    Play Ball!

    • torehund says:

      Jennifer it seems like the demand rebound post Financial crisis has come to an abrupt end.
      So most folks and buisnesses are stuffed up of goods for a while. Whats scary is that this rebound only created very tepid Growth alongside Heavy artificial stimuly. Airliners were maybe the last ones to uprade their fleets, but With higher interest rate passengers will disappear. The bull is strained and the only way big comps are going to increase their profit is by rising prices, choking a weakening demand even further. Smells of stagflation agead.

  39. dono16 says:

    sorry, that’s Primary C

  40. dono16 says:

    Tony – the daily and weekly $RUT charts don’t seem to agree and the current intermediate (?) v wave of Primary B looks awful strange/long. Is one of these charts out of date? Thx

  41. Thanks Tony. EW analysis on most of the stocks is aligning with your wave count. In fact AMZN and LNKD already completed their 5th wave on a daily charts and started downwards. We are almost there for a correction. Nibbling on some November PUT options.

  42. Thanks Tony!

    Btw, no zweig breadth thrust. today was last day to get >61.5. never made it. so forget all price-extrapolations based on IF it would have happened, and let’s focus on 1779 OEW pivot (it’s there for a reason;-) )

    • tony caldaro says:

      whew, that’s a relief😉

    • torehund says:

      Soul and all, market has that dull feel, but it feels dull and tired. Nothing for sure but after a long upturn we all get a bit tired of owning, sitting and waiting. Maybe thats what market feels right now, almost to tired to buy some inverse, lol.

      • yeah, the market does have that tendency to tire one out. that’s why I like swingtrading as it still keeps me on alert so to say, instead of just sitting on it… kinda boring know what I mean!?

      • torehund says:

        Soul, haha thats why I am attracted to the most volatile of the smallcaps, THEY MOVE. I tried bluechips but unless you stack up a lot you just fall asleep and loose to.. I have had 2 bancruptcies along the way and a Third one is coming my way, however these incidents really Wake you UP ! The EW system is great as one has to know that the general market is backing the wave Counts when sitting in these smallcaps. I envisioned this as a possible end to small cap advance for a long time ago, however one can never be sure. I didnt want to strech it further, although my very bullish Count is still alive technically. Last mont the fundamental News and macro on all fronts Pointing downward, so my super bullish Count is asleep. Normally I loose some on the inverse as timing is just a bit off. One have to learn to be patient when its warranted. I am not good at short time trading but would like to improve. If I do get better I will run smaller patterns.

      • torehund says:

        but its always hard to sell an undervalued small cap, its like selling a dream, these Stocks make baggers and send folks to the poorhouse. In a downmarket they are like poison, and if market liquidity dries up there are no one around to inhibit a collapse. Sitting in them for months and even 1-2 years is a Damocles like experience.

      • Hey Tore, ever try options trading on small caps? Heart attack central. lol. Seriosuly though I LOVE selling options on small caps. The premiums can be huge. I don’t like buying them so much because they are so pricey, but if you sell then you win if it moves your way or does nothing. Improves the odds. You can often double your money in 6 months on a stock that goes nowhere but it realllly boring. Low maintenance can be very nice.

      • torehund says:

        Twosidedtape: I am not at all into options and other Advanced trading, I wish I could learn it though. My trading platform isnt Advanced either but then I have only been trading Stocks since the Financial crisis, so I hope to learn more and be better at Shorter patterns. My gains has this year been coming from bottom opportunities and waiting out bottoms on some shares that I faultily bought too expensive.
        Somehow, if one lurks around and buy when there is a Crystal Clear opportunity it Works out fine, contrary it falters when one gets too involved in the fundamentals. It isnt easy to pick bottoms, normally you will have to let the bottom come to you. Thats an art.

    • Soulsurfer. I’m not that familiar with the zweig breadth thrust concept. I understand how it’s calculated since I’ve just looked that up and I can see that we’ve only had three zbt’s since the 2009 low if what I read was correct. I know we haven’t got one here yet but I’d be grateful if you could explain the significance if we did get one and how it would fit in with the wave count. My basic take is that if we saw one it would probably be a signature for a much larger move higher than currently under consideration?

      • bobby, not to be disrespectful; but what’s the point of discussing the implications of something that didn’t happen!? there was no ZBT, which fits with the current preferred wave count.

        IF there was one, it would suggest that the market would increase by on average 24.6% over on average an 11 month period. However, it doesn’t say HOW it would get there…

        But, since there was no ZBT, there’s no reason to speculate.

  43. "Old fogLEE" says:

    Graci Tony

  44. oneandonlyuniverse says:

    Mr. T,
    Good info.
    Should get real interesting in the next 10 days.Opportunities are tremendous.

  45. RDC says:

    Thanks Tony as always.

  46. llerias7 says:

    I thought you were looking for the OEW 1779…but this train only stops at 1800´s station…

Comments are closed.