The collision of global markets and social mood

Thursday, May 29, 2014

Good Heavens

Hard to tell thus far, but yesterday's New Moon may have affected a trend change, most visibly in the futures. However, both levels that I noted on Stocktwits/Twitter at the end of day held: 1907.30 cash and 1904.50 futures.

If these levels hold today, higher highs are expected. If they break, the market may have just put in wave 3 of the suspected wedge pattern on a New Moon.

Good Heavens . . . if so, the target could be ~1860.

By the way, take a look below at the real estate parody commercial by AT&T. Just like Paul Montgomery's Magazine Cover Indicator, by the time realtors become fodder for some ad agency copywriter somewhere, the industry's growth curve is probably over (and probably real estate prices as well).

For example, the latest S&P/Case-Shiller report found that among 20 tracked cities, 19 saw higher home prices in March, while only white-hot New York posted a drop. And year-over-year home prices were up 12.4% in March, down from 12.9% in February and a recent peak of 13.7% in November.

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