The collision of global markets and social mood

Monday, October 12, 2015

Monday -- Still According To Plan

S&P E-mini Futures:
Flat but hanging at highs.

Not much of it lately. But Marketwatch has a few tidbits:

-- Bidding wars are breaking out over Washington D.C. homes (bull market in big gov't)

-- Chinese all-cash buyers of U.S. homes has tripled (get us out!)

-- Dell is taking EMC private in a $67 billion transaction (Dell forging a new "going private" trend that few seem to be noticing)

Quiet here as well, but for AUD which is continuing its rip higher.

May be showing signs of life after a low volume pullback.

WTI crude down, NG up -- both fractionally.

Gold's latest run has awoken gold bulls in the press more so than in the market. Not seeing much volume. Higher again today, along with silver and copper.

S&P Outlook:
The B-wave call was made in real-time during the heat of the August decline. In my opinion, only Elliott wave & other forms of market geometry make such calls possible.

To be clear, it is the entire ABC pattern that could take up to 3-6 months, not the "A" portion. But I am still using this scenario as a big picture blueprint for the market.

Carl Icahn's big crash video fits well at the A-wave low. He can still be vindicated by a C-wave decline.

Currently I feel we are somewhere in the B-wave portion which may or may not have more upside. Still liking the 2131.28 to 2035.73 zone, the 2050 area, and note gaps as high as 2119.21.

Market internals are starting to weaken. Still adding TVIX according to plan.

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