Weekend update

REVIEW

The week started at SPX 2833. After a slightly higher open on Monday the SPX rallied to 2843, dropped down to 2820 in the afternoon, and then rallied back to 2843 on Tuesday. Wednesday’s gap down opening took the SPX to 2802. Then a Wednesday rebound and gap up opening on Thursday took the SPX to 2850. Friday the market opened a bit lower on options expiration. The market dipped to SPX 2834, then rallied to 2856, before ending the week at 2850. For the week the SPX/DOW gained 1.0%, and the NDX/NAZ lost 0.35%. Economic reports for the week were plentiful and mostly higher. On the downtick: the Philly FED, the NAHB and consumer sentiment. On the uptick: import prices, retail sales, the NY FED, industrial production, business inventories, housing starts, building permits, leading indicators, plus weekly jobless claims declined. Next week’s reports will be highlighted by the FOMC minutes and Jackson Hole.

LONG TERM: uptrend

The following is a follow up to last week’s write up on the US – China trade dispute. A Chinese delegation will discuss trade with the US on Tuesday and Wednesday in Washington DC this week. This is just before another round of tariffs are scheduled to kick in on Thursday. Meanwhile, the SSEC continues to makes new lows for the year after hitting a 2 year high in January. It is down 25% for the year. In the charts that follow you will observe that the SPX also made a 2 year high in January, sold off in February, doubled bottomed in April, and is now only 1% below its all-time high.

The Major wave 1 bull market continues to unfold. Intermediate waves i and ii completed in the spring of 2016, and Intermediate waves iii and iv completed in the spring of 2018. Int. wave i was simple, and Int. wave iii subdivided into five Minor waves. Int. wave ii was a zigzag, and Int. wave iv was a flat. Textbook Elliott Wave. Intermediate wave v, of Major wave 1, has been underway since early-April. When it concludes the bull market could end with a Major wave 2 bear market. We are still expecting SPX 3000+ by 2018+ before this bull market ends.

MEDIUM TERM: uptrend

After the April SPX 2554 low the market rallied to SPX 2791 by June. We labeled this Minor wave 1 of the Intermediate wave v uptrend. The pullback to SPX 2692 that followed into late June we labeled Minor wave 2. Minor wave 3 has been underway since then. Early last week the SPX made a new uptrend high at 2863, we saw five waves up from the Minor 2 low, and expected a significant pullback if the market declined more than 7 points. The pullback started last Thursday, and continued into Wednesday of this week when the SPX hit 2802. At that low the DOW displayed clear positive divergences. While the SPX was just oversold. The market then rallied for the rest of the week.

At the recent SPX 2863 high we decided to label that high Minute wave i of Minor 3. We did this because it was a simple five waves up, and similar in length to the three previous Minute degree rallies during Minor 1. The low that followed, SPX 2802, was quite naturally labeled Minute wave ii.

At Wednesday’s SPX 2802 low the SPX was 2.5% away from its all-time high. What makes this important is that not only does the SPX need to make at least all-time highs to end its bull market. The DOW, NYSE and DJ World index need to do so as well. And they were much further way than SPX 2.5%: DOW 6%, NYSE 8%, and DJW 9%. If the SPX were to rally 9% from Wednesday’s 2802 low, it could hit 3054 when the DJW makes new highs. We don’t see this bull market ending until all four of these indices make new highs.

SHORT TERM

After the SPX 2692 low in late June, we were expecting to observe a nice clear impulse wave to continue the uptrend. And we got it: 2743-2699-2848-2796-2863. Then we expected a pullback to the lower-upper SPX 2790’s, and the 2798 pivot range. That concluded on Wednesday at SPX 2802. From Wednesday’s low the market has now rallied straight up to SPX 2856. It appears the SPX is heading to all-time new highs (2873) in the coming weeks. The NDX/NAZ hit all-time new highs in this uptrend back in June, and are still rising.

If Minute iii, of Minor 3, equals Minute i, then the SPX should hit 2973 in the next few weeks. Short term support is at the 2835 and 2798 pivots, with resistance at the 2858 and 2884 pivots. Short term momentum ended the week just below overbought. Best to your trading!

FOREIGN INDICES

The Asian markets were mostly lower on the week for a net loss of 1.6%.

The European markets were all lower and lost 1.9%.

The DJ World index lost 0.4%, while the NYSE gained 0.5%.

COMMODITIES

Bonds are uptrending again but lost 0.1% on the week.

Crude remains in a downtrend and lost 3.6%.

Gold continues to downtrend and lost 2.9%.

The USD is still in an uptrend and gained 0.3%.

NEXT WEEK

Wednesday: existing home sales, FOMC minutes, and conclusion to China-US trade meeting. Thursday: weekly jobless claims, and new home sales. Friday: durable good orders.

CHARTS: https://stockcharts.com/public/1269446/tenpp

About tony caldaro

Investor
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356 Responses to Weekend update

  1. could be an interesting close. could see one more wave down, but in my opinion all the bulls need to do is keep it at 2860 level and as a good bull market they will just gap it up and go tomorrow. expecting new highs very soon

  2. Bud Fox says:

    Likely wrong, but. SP500 looks a bit tired…..SSO, is about to crest, of not already. Bottom line, in for a change in trend, up to down….IMO

    • Bud Fox says:

      2nd Look….my chart is warning of a major price top. at minimum very over bought. Check back in a week, see what the change if any, is….

  3. kvilia says:

    Phil,
    I agree on gold, miners have to bounce quickly, too. Waiting for GC to make a second hwb retracement tonight to enter the train. Oil seems to be finding its footing, should make a nice bounce as well, at least to 71/72 area. Choppiness produces best trading conditions. I was able to make few very nice trades off of CL targets simply going long as long term it is not bearish.

  4. Jack kendo says:

    first time we have this kind of setup, tripped to 768.
    second time we have this kind of setup, tripped to 666.
    this is the third time we have the same kind of setup, and even bigger.
    extrapolate the first and the second, you come to the third.
    https://stockcharts.com/public/1269446/tenpp

    what i have posted about usd, gold, oil all are coming true, still ways to go.
    cheers!

  5. phil1247 says:

    for upside explosion es

    i dont even want to see 50.5 tested
    i want immediate blast off now straight up!

  6. fionamargaret says:

    DGLD to 105…….short gold….yes, perhaps a bounce first, but down….
    DWT….short oil….oil going to 59/60
    VXX…occasionally…

    • Lee x says:

      How many dollars would you risk on oil and gold ?
      Thx

      • fionamargaret says:

        That is relative to how much one could afford to lose if other variables (Iran, Middle East in general) came into play…nothing in life is guaranteed.
        Oil has a much greater certainty of going to 59/60. I had us going to 73 (correct), then down to 59/60..so far so good…track record is only wrong once on oil…
        Gold may have a bounce first…but think down to get a washout….
        Just be careful…

        • Lee x says:

          What price can you afford is what Im asking ?
          Just trying to get an idea how other folks approach risk .

          Youve only been wrong once ?
          Man I suck 😦
          Thx F

          • fionamargaret says:

            …on oil yes…but you have a big advantage over me (apart from a honed skill set) is you can read the waves in combination…
            Me, I cannot afford to be wrong…..

    • fionamargaret says:

      ..still have 23 for TMF…..but be careful around Jackson Hole….

  7. Bud Fox says:

    Likely wrong, but. SP500 looks a bit tired…..

  8. H D says:

    Nice Pivot Tony! The market has opened on a pivot every week this month so far.

  9. Pankaj shah says:

    in public charts of Nifty wave count is changed now.previously . sub wave 4 is shown as irregular flat in abc pattern ..b is 2.5 times apprx. of a…it does not look proper…it may be proper that sub wave 3 ended at 11171 and nifty is showing irregular flat from there with a ended at 9952, b in progress may end soon around 11636 1.382x of a and c downward may start…what is the maximum retracement of irregular flat ? or we may conclude sub wave 3 ended at 11171 , sub wave 4 ended at 9952 and we are on sub wave 5 ……

  10. Jack kendo says:

    best gift. chart later.
    heavy weighted short 2856, 2857 with the remaining power.
    shorted 2845 ~ 2855 with every point.
    i will be wrong if 2864 exceeded.
    cheers!

  11. emuntrader says:

    Thoughts….
    Currently looking for a completion of the 5-wave pattern before price starts to retrace. 5 wave patterns are accompanied by another 5-waves. So looking to buy the retracement. Thinking Turnaround Tuesday.
    Best of luck

    • Ashley says:

      Lets see if the 2858 pivot holds =) Target 2862, then 2762….

      • emuntrader says:

        Think the high is in. I have stops at any new higher high from the HOD. if we go up. it would be a 5 of 5. 2760’s would probably be taken out quickly. but it does look like a very nice 5 wave pattern up from 2802.

  12. phil1247 says:

    es

    2862.25 then 2866

    straight up or……….
    .. well ……. you know 😉

  13. Jack Lad says:

    FTSE 100 is said to be a difficult chart to figure, but I am not finding that to be the case at all…
    https://wavecount.blogspot.com/2018/08/ftse100-index.html

    • CampFreddie says:

      Jack – Agree its very clear, and very Bullish.

    • mcgcapital says:

      It’s been making lower highs and lows since May though, and there’s zero evidence that trend has finished. Needs to clear 7800 to be bullish. But looking at the weekly, the odds of clearing last week’s low look high. Would also say, I’ve seen this sort of count on FTSE posted by 3 or 4 people on here but none of them seem to consider 1. The characteristics of how FTSE has tended to move over the last few years and 2. The fundamentals behind it.

      Since breaking 7000 in 2015 we’ve only managed to keep making marginal new highs by 100-200 points then have protracted periods of corrective activity. It kind of makes sense because the primary part of return on FTSE stocks is dividends not capital growth. You don’t just get a re-rating upwards of 1000s of points out of thin air.. what’s the narrative behind it?

      If anything, look at the monthly chart.. repeated failure around 7800, clean break under 7500 confirms and it can fall quite a lot at that point. Similar to 2014-15 where we had 6900 in September 2014, then a drop to 6100 in December 2014 and back to 7100 in May 2015. This time we had 7800 in January 2018, drop to 6800s in March, and then 7900 in May. It’s almost the same pattern

  14. Phil:
    What identifies the 19 price at -23.6 as an extension short?

    • phil1247 says:

      20.83 to low fib is the ext short
      19.80 is .618 resistance of this ext short
      it is near the 19.86 -23% previous target of traditional by coincidence
      ergo strong resistance there

  15. Phil:
    What identifies the 19 price at -23.6 as an extension short.

  16. vivelaamo says:

    Last week we had one of the most bullish signals you will ever see.

    Both Holly and Newbie calling crash.

    Happy days for Bulls.

  17. torehund says:

    The currency war.

  18. Theodore Lerts says:

    Still on the sidelines looking for a place to short SPX. Willing to put on the bull suit should we clear new all time highs. Expecting an upward bounce in gold and oil into sometime in September. Peace out.

  19. Thanks Tony
    DJUSS
    wedge or ascending triangle?
    https://invst.ly/8d5h3
    OIL(arithmetic)
    https://invst.ly/8dazf
    EURUSD
    https://invst.ly/8dcs0

  20. fxaprendiz says:

    Reviewing my charts over the weekend I see that SPX may make a marginal new high over 2862, probably around 2868 or bit higher.

    That would have the bulls thinking they are finally getting their wave 3 of 3 going, and the bears left standing capitulating. If this happens on Monday as a final spike, Tuesday should confirm with a retracement of at least 61.8% of Monday’s spike.
    The other possibility is that we are already done with the upside and go down straight from current levels, but I’m assigning only about 40% chance of that happening now.
    The chart depicts the 4 different Harmonic patterns that may form, we have only reached the price level of one pattern, a New Cypher, so the SPX has plenty of other patterns to form before ending its upsurge.
    My 2850 short still hedged at 2835. Will wait for Monday’s price action. Ideally I would go short again after the spike up, or absent that, on a break of 2832.

  21. phil1247 says:

    EURO

    so NOW who’s bearish the euro ??

    5 waves down completed
    extension short broken
    first measured move completed from low
    pullbacks going forward should be supported if we are going to test
    resistance at oval

    gold looks similar
    ready to buy pullbacks

    • fionamargaret says:

      If you read my reply to David Farmer on the Wednesday Update, I mentioned gold, miners, and oil, and how there could be a counter-trend rally…but better to go where the regression suggests…temporary is temporary, and gold is going lower…a washout.. but after every washout….sunshine!

      GLD to 95
      DGLD to 104 (UGLD to 4)
      $WTIC to 59/60 (UWT down to 28)

      • fionamargaret says:

        If you read RJ, he gives a quotation from a Robert Frost poem…and I shall tell you at the end what makes it so interesting….

        “Whose woods these are I think I know
        His house is in the village though
        He will not see me stopping here
        To watch his woods fill up with snow

        My little horse must think it queer
        To stop without a farmhouse near
        Between the woods and frozen lake
        The darkest evening of the year

        He gives his harness bells a shake
        To ask if there is some mistake
        The only other sounds the sweep
        Of easy wind and downy flake

        The woods are lovely, dark and deep
        But I have promises to keep
        And miles to go before I sleep,
        And miles to go before I sleep.”

        The interesting thing is how in each stanza of 4 lines, lines 1 2 and 4 rhyme, except in the last where all 4 lines rhyme as the fourth line repeats.
        A beautiful poem in its simplicity, yet so complex.

        When Tony gives the formation of the numbers, all one has to do is figure out the extension as presented….remember IQ tests anyone….x

  22. bouraq says:

    Chart of the weekend is $DOW at http://www.tradingchannels.uk

  23. J.Wenger says:

    Thanks Tony. Price is our guide…we’re just along for the ride. Apologies – it’s dream cruise weekend here…muscle cars on my mind.
    https://www.invest-safely.com/stock-market-outlook-2018-08-19.html

  24. phil1247 says:

    GDX….

    4 hour chart with nice demonstration of DH method in action

  25. torehund says:

    Major unrest, share to knows ones living around the the pacific rim.

  26. torehund says:

    Thanks Tony !
    Inflation running wild fosters growth, AS consumers tend to think its better to convert money into stuff or SOMETHING when the going is still good, and fiats stil buss a lot 😉 Its not that times are GREAT by any means, its the opposite. The result is the same runaway inflation plus growth thats hilarious, but not for Hillary that missed the train😤

  27. Bud Fox says:

    Well….now I think we know whne the big market top will
    fall into place. LIkely, October 2018. Now, you know what happens
    most often in October, Right a big crunch, down. That, also suggest. A
    big top, in October as well….that is what my work is looking for. So, the being’long this market (SP500) suggests. October will live up to it’s history of making huge price declines,
    as well….So there is time to be long, then there is time to get short… 🙂

  28. H D says:

    Thx Tony. So China is just about to finish its bear market and US is just about to finish its bull market? Interesting observation.

  29. 123 abc says:

    TSLA: suspect Telsa is in Primary-iii→Major-2 bear market…?

    • Anne Day says:

      Not sure which way, though. But big moves should be coming shortly. Buying straddles seems to be a reasonable short term strategy.

    • frommi2 says:

      My count for TSLA looks a bit different and has the top where you have the small b wave. The whole sequence is an ABC and now it goes straight to zero/bankruptcy.

  30. Bud Fox says:

    I enjoy reading other, equity market opinions of a Bull, or Bear trend. Lately the pattern,
    in these topics has shifted ti the Bear camp, in an extreme manor. I like the tone of
    searchme2017 ….he/she seems to have the nuts/bolts in order. OEW market trend is up.
    Yet, there are the https://banyanhill.com/exclusives/70-stock-market-crash-to-strike-august-1-economist-warns/?z=1000790 comments. Think, I am not wise enough to see rubbish, when it
    is in front of mw, So….I share it for other;s more wise than I…..Bud

  31. Bud Fox says:

    Hi…while I am a hard’n reader of the OEW work. I have come across, in the net. A brazen description of a major market decline, aka crash…Maybe, some of you have already seen
    th extreme bearish comments on the net. That said, jump in an fills the gaps of my commentary..
    Frankly, I do not see a crash pattern, as yet. Thus, still in the Bullish camp. A Primary W3 advance is underway, if I am correct, Yes, I felt is equally important to share the downside, as well as the extend ed upside I am seeing…Yes, I am long the SP500, at this time…

  32. jobjas says:

    Thanks Tony.
    SPX projected – without a valid count likely to be whipsawed on both sides

  33. Lee x says:

    Thx dude

  34. 123 abc says:

    A most excellent OEW weekend update, thank you Tony, very appreciated.

    SPX

    BTC




  35. Ashley says:

    Hi Tony, never mind the big 3-4-5 and using your count could this count signal the end of your biggest wave 1??? And if so what is your correction target should wave 5 truncate, “fail”, or end in an ED???

    • Ashley says:

      This is the thing about triangles and ED’s, when is it done??? Im thinking this looks like an EPIC BULL TRAP =) So sleep tight bulls, Im not going long yet LOL

      • Ashley says:

        The primary labeling should say MAJOR 3-4-5 I know…..

        • Ashley says:

          Everyone calling for a breakout of that LONG trend line, very few bears left…. This would get some BEAR attention but Im thinking we get weird here and go down again on pos divergence setting up the last ABC a bit higher at that line thats held SO FAR .)

  36. Philippe V says:

    Hi Tony, your following sentence hardly shows that you have any confidence in your current count: “It appears the SPX is heading to all-time new highs (2873) in the coming weeks”. Considering that SPX is about 24 pts away (less than 1%) from its ATH and that your count is Minute iii of Minor 3, travelling 1% should take hours, not weeks!
    Market action from what you call the bottom of Minute ii at 2800 has been less than stellar and doesn’t look very impulsive. I know that you don’t like to waste time with alternate counts but rather go “all in” and concentrate on what you consider to be the most likely count but I think it would be wise to at least consider the possibility that the current move from 2800 to Friday close at 2850 could just be Micro b of Minute ii.

    • ttsden says:

      PV Smarts.. You don’t and cannot provide lucid directions with alternates, can you?
      Decisive and illuminating as we go along. Each of us already embedded with own doubts therefore we accept the gift of Tony’s with a much appreciation. Many Thanks Guru.

      • Philippe V says:

        A «lucid direction » is a confident one. When your level of confidence in a count is not at the top, then there is no harm in offering an alternate view.

  37. phil1247 says:

    Chris

    from friday with the 2835 and 2832
    i was just giving the -23 and -618 targets
    35 hit.. 32 did not

    same on the long in afternoon
    56.5 was a sweet level to exit

    ” almost impossible to push past -618 target without a pullback first “

    • Vishal says:

      Phil,
      how do you use the bollinger bands and mid line ? i was thinking there has to be some trick to identifying reversals or how strong a trending move is ?

      • phil1247 says:

        hi vishal

        what you see on the chart happens all the time
        after a strong push outside the upper boll band
        you often see a pullback that holds at the 18 period ma
        here it coincides with the .50 retrace shown
        a perfect place to go long risking only 1.5 es points
        to make 10 to 15 points
        ideally you would take 1/2 profits at -23% target
        and leave the rest hoping for -618 target which worked in this case

    • chrisk44342 says:

      I was referring to 32 only in the hypothetical. I don’t recall what you said phil- just making a point 🙂

  38. schizo1688 says:

    Thanks tony !

  39. mcgcapital says:

    This coming week looks to be an extremely important one for market direction. I still see the most likely outcome from here as being a major break lower across the board. I hate trying to front run news flow as you never know what might come out, clearly people are expecting some sort of resolution to the US-China trade dispute this week and for that to cause new SPX highs. So who’s going to back down? I think both sides have been pretty clear in their views and they’re diametrically opposed. All I’ll say is, if this doesn’t happen, nearly everyone is overweight to the US looking for this so I wonder what will happen if nothing is resolved. It’s also unlikely anything major would happen this week as the talks are low level.

    As for saying that the DJ World index has to make new highs such that we can forecast a 9% rally, I’d say that looks very unlikely. If I give the bulls the benefit of the doubt, and we get to SPX 3000, that’s 5% from here. The US is around 60% of market cap weighted indices. So to get to a 9% overall rally for global stocks, it will take both SPX 3000 AND a near 15% rise for the UK, Europe and Japan which make up the bulk of the other 40%. We’ve literally just broken lower on the FTSE this week after 3 months of consolidation, and the Dax is in a very clear downtrend. Nikkei making lower highs. Where is this rally going to come from and why? There just aren’t any catalysts for it given the technical set ups as we’re not just asking for a sizeable short squeeze we’re asking for a major re-rating upward at a time when growth ex-US looks to have peaked and heading lower.

    I’m starting to feel like this is another 2015 where in a few months’ time charts will be getting relabelled with a failed fifth. How anyone can look at this rally from April and say it looks great us beyond me, it’s meandered upwards with lots of volatility, which is nothing like any other post 2009 rally off the lows. Nearly everything is in place for a significant top to me:

    1. Increase in volatility near prior price highs – Check.
    2. Breakdown in ex-US markets, as is often the case with the US the last to go – Check
    3. Liquidity on the wane – Check
    4. Extreme and unrealistic optimism on earnings going forward, and failure to break out on good earnings reports – Check
    5. Growth peaked? Looks to be the case outside the US (I’d argue the US will follow) – Check
    6. Loss of leadership? Some tech names don’t look great – Check

    Short term, Monday’s have had a tendency to be weak as the Friday night vol crush is unwound. We also have a pattern where SPX has risen 6 weeks out of the last 7, which looks quite stretched. Typical drawdown after such a pattern is 3%.

    I find it odd how everyone thinks we will just make new highs and then have a bear market. Bear markets and corrections come when markets fail to make new highs, or make new highs and then fail to sustain them. Across all indices since January we’ve been doing exactly that. So far, no SPX/Dow/Dax/Nikkei new high, a fleeting and unsustained FTSE new high and the Nasdaq making new highs but frequently selling off on new highs. Doesn’t sound bullish to me. I’d say there’s no requirement at all for US indices to make new highs here, the increased vol under prior price highs and extreme optimism in regional positioning towards the US makes a reversal likely.

    • Anne Day says:

      I can see that you strive to be logical. But I often felt that I could just change your writing to say whatever I wanted to say.

      As an example. Suppose FTSE made a sustained new high. I could say “While FTSE indeed made a sustained new high, it has been stationery for quite some time. This makes an imminent reversal very likely”.

      • mcgcapital says:

        If FTSE made a sustained new high and then consolidated above it (or was stationary for some time as you said), I’d say that was bullish action. So if we’d broken the recent trading range 7500-7800 to the upside, and then held 7800 on any pullbacks, that would be a buy set-up with a stop below 7800.

        If FTSE made a new high above 7800, and then failed to hold the breakout above there, that implies weakness or at least a period of lower prices before building the momentum again to hold the breakout.

        Since March we basically rallied in a straight line from 6840-7900, and by the time we got to 7900, we were up for 9 weeks on the spin. Always meant that it might struggle to hold 7800 on pullbacks as we were due at least some mean reversion at that point. And that’s exactly what happened… we held the 7800 breakout for only 2 days before flopping back in to the range. At that juncture, on the break back below 7800 I was then looking for a pullback to the next area of possible support at 7600 which we got. And after that held, it had bullish potential again. But 7800 held all the rallies. and we then dropped to 7500 in June and have subsequently traded 7500-7800 with lots of volatility since then, until this week.

        You can have a view on which way something is going to go, and it’s impossible to not have that bias. And it’s true that I’ve always thought we’d break this 7500-7800 range lower mainly because we didn’t hold 7600 and break 7800 first time which is what I’d have expected from a bullish market. But what’s important is to know exactly where you’re wrong and exit the trades. I’d say on FTSE I have a decent hit rate of about 70%… if I didn’t exit on the other 30% I’d not make good money, if at all.

        So basically the current set up is that we’ve had a break lower out of that trading range on Wednesday. And the rally back so far looks like a retest of the range from below. As long as it holds under 7600 and then breaks to fresh lows, the pattern has massive downside potential. If we reclaim 7600 next week, then that pattern becomes less clear and bulls in control again short term. It doesn’t mean we’re heading back to the top or new highs, but it means it can squeeze higher and the pattern isn’t overly clear.

        We’re only 30 points below 7600 so the risk reward selling in to it is pretty good. Have to stay flexible, it can always move any way at any time. All you can do is identify the patterns. Worst thing you can do is to just draw lines on a chart and then shift them up or down when the market is clearly telling you you’ve got it wrong.

        • Anne Day says:

          Appreciate your point of view. As always.

          I am starting to pay more attention to FTSE and may probably soon build an investment model on it for my own use. Cheers!

          • fionamargaret says:

            Anne…”may probably”…?..”may” suggests a doubt, while “probably’ has a degree of certainty….”will probably” or “may soon” (and forgetting probably) ..neater ?? x

            • Anne Day says:

              That definitely sounds “odd” 🙂

              I am still equivocal. Trying hard to cut down my time spent on trading.

              • fionamargaret says:

                ..what would you like to do instead?? I knew you would not disappoint in answering..
                Whether it is constructing a legal argument, or parsing through evidence, words are what we have to work with, and their placement and tone within a sentence is paramount.
                Now if you are thinking of writing poetry or lyrics, then you have the freedom to be fanciful..like your previous very delightful reply….
                I had better submit some good market ideas tomorrow, or I am going to get moderated…x

              • Anne Day says:

                Sorry to disappoint you. I hope to go back to computer coding 🙂

              • fionamargaret says:

                ..but that is wonderful Anne…just don’t forget the romantic within you, and leave me a message now and again…x

    • phil1247 says:

      WOW mcg …
      that is some ” wall of worry ”

      diagnosis : buy

      whether its 3034 or 3054 …..
      . you can start to worry after 3000

      • jobjas says:

        belief systems are so strongly embedded it is difficult to convince anybody- all one can do is present an opposing view for them to consider .

        • mcgcapital says:

          Exactly.. I’ve built a case based on what I think is the balance of the evidence. It can always go the other way. Think we’re going to get a move in the next couple of weeks either way

  40. chrisk44342 says:

    Great analysis thanks Tony

  41. phil1247 says:

    thanks Tony

    3054? i just cant see it ……..

    all i got is 3034… 😉
    where are you getting those extra 20 points ?

  42. Lars Johansen says:

    Thx Tony. But what About the negative divergenses on 60 mins chart for s&p and dow. Also – div at Dow daily. Europe looks awful. ? Thx

  43. searchme2017 says:

    Tony…..thank you for your expertise, your opinions, and especially your time.
    God bless…

  44. ko68 says:

    Thanks Tony!

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