REVIEW

The US markets spent the entire week in a narrow range of SPX 1860 to 1889, which occurred between 10am Wednesday and noon Thursday. The low, in fact, was hit just before FED chair Yellen addressed Congress, and the high occurred right after she addressed the Senate. For the week the SPX/DOW were mixed, the NDX/NAZ were -1.1%, and the DJ World was -0.3%. Economic reports for the week were all positive: ISM services, consumer credit, wholesale inventories, the WLEI, the M1-multiplier, plus the trade deficit and weekly jobless claims improved. Next week we get Retail sales, the CPI/PPI, and the NY/Philly FED.

LONG TERM: bull market

Project, monitor and adjust has been our mantra with OEW. Using the quantitative feature of OEW we can identify the significant waves, during bull and bear markets, quite easily. The more difficult part is, in some bull/bear markets, projecting the proper wave…