Declaring Victory On The Economy

First it was Dallas Fed president Fisher taking credit for the economy and concluding "We've done our job."

Now it's Warren Buffett. On CNBC, he just proclaimed that no more stimulus is required to power the recovery.

"We do not need to flood the world with money in order to keep the expansion going," he told a raven-haired brunette interviewer. (Somebody tell Becky! It seems he's now running around behind her back.)

The point is, way back in March of 2009, the much-maligned folks at Elliott Wave International said to be on the lookout for statements like these, noting they would come about just as the markets were ready to turn down.

Well, it's been a long, long crazy ride. What if they're right? The S&P futures are at an interesting juncture just now: the second leg off the lows that is .618% of the first leg, a common wave relationship suggesting an end to a move. As I said earlier this morning, this looks like a 3-wave structure. We'll see if the market agrees.