SHORT TERM: rebound continues, DOW +6
Overnight the Asian markets lost 0.4%. Europe opened higher and gained 0.1%. US index futures were lower overnight, and the market opened three points below yesterday’s SPX 1957 close. At 10am Consumer sentiment was reported higher: 82.5 v 81.3. The market hit SPX 1953 just past 10am, bounced to yesterday’s high at 1958 by 11am, then dipped to 1952 by 1:30. After that the market rallied into the close, and ended the week at SPX 1961.
For the day the SPX/DOW were +0.10%, and the NDX/NAZ were +0.45%. Bonds gained 1 tick, Crude slipped 10 cents, Gold slipped $1, and the USD was lower. Medium term support remains at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Last night the FED reported a decrease in the Monetary base: $3.963tn v $4.007tn. Today the WLEI was reported lower again: 54.3 v 54.5.
The market opened lower today, rallied to yesterday’s SPX 1958 high, made a slightly lower low, then rallied to Wednesday’s SPX 1961 high. With the SPX reaching 1961 it appears yesterday’s second option, Minute B underway, was correct. Since the entire pullback from the recent SPX 1968 high was only 23 points to 1945, after a 117 point Minor wave 3. It would appear quite odd that SPX 1945 would have ended Minor 4. So we now have a Minute wave A (1947-1961-1945), followed by a Minute B to 1961, expecting Minute wave C next.
Short term support is at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Short term momentum ended the week overbought. The short term OEW charts flip-flopped again today, ending positive, with the reversal level SPX 1956. Best to your weekend!
MEDIUM TERM: uptrend
LONG TERM: bull market
It was a good day for the $RUT (+.74%) and the A-D line (+1031) as the small cap stocks outperformed the large ones. I generally consider that a good omen for the market uptrend, but it certainly would be nice to see more strength from the DJIA.
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The “AIrBag” roadmap for monday:
http://standardpoor.wordpress.com
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What elegantly-worded thoughtful replies to the Climate Change link I provided – well done.
Soul, your amusing touch of irony in your conclusion did not escape me.
Maybe on another slow day, we should discuss “not raising the minimum wage, but giving every household a minimum income (paying for it by the cutting back of social services, soup kitchens, etc.,that would no longer be needed to the same degree).
Let everyone have some dignity.
Have a great weekend Tony and all.
X
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Fiona, Obama has made sure no-one believes in global cooling and that no-one believes in Coal. He has called the bottom in both, congrats to him. And thanks Soul for Your eloequent analysis, I feel a bil less mad after reading Your thoughtful analysis.
There is a glut in the Chinese energy supply until reactors come into play from 2016 until 2032. Still keep some uranium juniors as rising tides lifts all boats.
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http://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014.html#.U64789JDt0a
Be sure to read all 4 pages.
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http://www.screencast.com/users/springheel_jack/folders/Amusing%20Pics/media/9c72e083-b623-4ec6-9c6a-e7977a990401
Interesting!
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..good to see that they too misses on the forecast, scrying never was esy :).
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http://torehund.wordpress.com/2014/06/28/kol-two-x-waves-to-mabe-a-c/
Good weekend to Tony and the gang.
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