SHORT TERM: gap up opening again, DOW +323
Overnight the Asian markets gained 1.3%. Europe opened higher and soared 3.1%. US index futures were much higher overnight, and at 8:30 weekly Jobless claims were reported lower: 294k v 298k. The market gapped up to SPX 2041 at the open and continued to rally. The SPX had closed at 2026 yesterday. Around 11am the SPX hit 2061, its highest level this week. After a pullback to SPX 2055 by 12:30, a bounce to 2062 by 1:30, and a pullback to 2057 by 2pm, the market moved higher. At 2:30 the SPX hit 2064, pulled back to 2059 by 3:30, then bounced to close at 2062.
For the day the SPX/DOW were +1.80%, and the NDX/NAZ were +1.90%. Bonds lost 11 ticks, Crude rose 30 cents, Gold slipped $4, and the USD was higher yet again. Medium term support remains at the 2019 and 1973 pivots, with resistance at the 2070 and 2085 pivots. Today long term investor sentiment was reported higher: 58.5% v 57.2%. Tomorrow: Payrolls at 8:30 (est. +243k), then Wholesale inventories at 10am.
The market gapped up at the open for the second day in a row. Unlike yesterday, however, it was not immediately sold after the first half hour of trading. Today the market rallied until 11am before some pullback activity occurred. Also, while yesterday’s action created several very short term waves: 2025-2012-2030-2020. Today displayed only a higher continuation off yesterday’s SPX 2020 low to 2064. With the market gapping over yesterday’s SPX 2030 high at the open, we updated the hourly/daily charts to display a Minute wave two at Tuesday’s 1992 low. It certainly looks like the market is now in Minute wave three. However, the market should not drop below SPX 2030, on any pullback, unless this entire rally is some sort of B wave. Short term support is now at SPX 2030 and the 2019 pivot, with resistance at the 2070 and 2085 pivots. Short term momentum hit extremely overbought today, and ended there. Best to your Payrolls trading tomorrow.
MEDIUM TERM: uptrend
LONG TERM: bull market
the ELLIOTT WAVE lives on 
Thx Tony.
My Count : SC 3, C 1, P 3, Major 3, I 3, Minor 3, Minute 2
(My Alt. Count): SC 3, C 1, P 4
https://opader.wordpress.com/2015/01/09/my-count-and-my-alternate-count/‘
I’m expecting tmw to be uuuuuuuuuugly.
VSG Opader,
http://balancetrading.blogspot.com/
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Correction:
My Count : SC 3, C 1, P 3, Major 5 (not 3), I 3, Minor 3, Minute 2
(My Alt. Count): SC 3, C 1, P 4
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http://www.amateur-investor.net/AII_Daily_Report_Jan_8_2015.htm
Thanks Tony…….and everyone who put their ideas out there.
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Much thanks Oh Furry Queen of The Pond!
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Tx Fiona and nicely done.
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Fiona, Your broadening top and diagonal top predictions didn’t play out. Let’s see how your H&S plays out. For Bears no pattern and no strategy working out. Today might be their most waiting day and it may bring some good news. GL.
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..get ready Your dancin shoes after that nasty double 5, grease is the world…
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tore, I saw this on SA yesterday.
http://seekingalpha.com/news/2212005-knightsbridge-inks-15-long-term-capesize-contracts#
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yes, Greece is to be turning, and so Will shipping. Good opportunities.
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Hobo’s thoughts on Bitcoin
http://www.endofbull.org/2015/01/bitcoin-is-inherently-worthless-so-why.html
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Thanks Tony
SOX up nearly 3% today.
I guess if you look hard enough you can find something negative about today. 😉
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Up volume / Down volume, with one day to go, highest weekly reading since 2012.
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Just came home and going over some of my watch list charts. I started feeling some thing is not right. Though we saw 2 up days in the market indices, it doesn’t look good at all in lot of individuals stocks. If at all down move starts tomorrow great opportunity coming for short selling or buying PUTs. On SPX 2070 and 2100 range is not easy to takeout without few more weeks of back and forth action. That does bodes well for ‘jobas’ M4 count (https://jobjas.wordpress.com/).
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Looking ripe for JDST
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Gold is ready to collapse.
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Starting tomorrow, next leg down should be starting. Bought cheap February Silver ETF $14 PUTs.
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After hours… Earning misses and store closings. Uh oh???
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Today’s market quacked liked an impulsive duck so I’m calling it an impulsive duck. Should make it near spx 2080 or even ATH before any real pullback but do it at just the right spot to keep everyone guessing. Thanks Tony
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