Elliott, Shinzo, Gold, Oil, Barron's

Lucky for the market this morning that it's bouncing after closing just above the 50dma. After a nice rest over the weekend, there very well could have been follow through selling that could have caused it to gap lower.

The Elliott wave count is indicating a "third of a third" down, which is great news. Why? Because it's so easy for it to fail.

If today's bounce gets above 2025.43, it would likely be an immediate failure and would bounce like crazy, possibly even head for new all-time highs.

The Elliott wave count suggests a strong move down to 1980 or lower if 2025.43 holds.

Oil is bouncing, but needs to get above 63.72 (WTI) to signal a reversal.

Starting to have my doubts about gold. Below 1186.40 would cause me to dump GLD and GG.

Europe is mixed. Asia ended mixed. Shinzo Abe won re-election, but had to hold early elections to do so. So it's not as much a victory for Abenomics, but a victory for the guy in charge who gets to call the shots about when the elections take place so that his opposition cannot get momentum.

And, as if Barron's was somehow emboldened by its "This Time It's Different" issue which marked the December 5th all-time high, the editorial staff has come out with another round of hilarity. And if you were poking around Marketwatch.com over the weekend, you could have read it for free, so confident they were in their panel's unanimous prognosis that 2015 will be another kick-ass "Fed's Got Yer Back" year. 10 out 10 analysts see continued gains.

They may end up correct, but in my opinion, 2025.43 has to be exceeded first, preferably sometime today.