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The markets followed through on Tuesday (>1.5% move on higher trading volume), taking the shorter term outlook from a correction to an uptrend.
The intermediate and long term Elliot Wave uptrends remain intact, and the markets aren’t showing any signs of testing them any time soon.
REVIEW
For a four day trading week the market did fairly well. It opened at new all time highs on Tuesday. Then made higher highs, with small pullbacks along the way, every day this week. For the week the SPX/DOW were +0.95%, the NDX/NAZ were +1.50%, and the DJ World gained 0.75%. On the economic front reports continue to come in higher. On the uptick: durable goods, FHFA housing, consumer confidence/sentiment, pending home sales, personal income, the PCE, Chicago PMI, the WLEI, the monetary base, and weekly jobless claims improved. On the downtick: personal spending, Case-Shiller and Q1 GDP. Next week we get the ISM indices, monthly Payrolls and the FED’s Beige book.
LONG TERM: bull market
We are now 62 months from the March 2009 bear market low, and this market is still making new all time highs. During this period the SPX has gained 188%. Quite impressive. Despite…
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Personal Finance
Money Management
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Odds and Ends
Per Investors.com (IBD), a correction continues to grip the general markets. Seven of the S&P 500’s past eight gains have come on below-average trading volume, meaning that institutional investors haven’t supported the latest attempt at all-time highs.
The short, intermediate, and long term Elliot Wave uptrends remain intact
As always, let market action tell you what to do. Until then, a defensive stance is warranted.
REVIEW
The week started with a positive Monday, sold off on Tuesday, then ended within one point of the SPX 1902 all time high. The SPX/DOW were +0.95%, the NDX/NAZ were +2.40%, and the DJ World was +0.90%. On the economic front positive reports outpaced the negative 5 to 1. On the uptick: existing/new home sales, leading indicators, the WLEI and the M1-multipler. On the downtick: weekly jobless claims rose. Next week, holiday shortened by Monday’s Memorial Day, we get the second estimate for Q1 GDP, Personal income/spending and the Chicago PMI.
LONG TERM: bull market
The Cycle wave [1] bull market continues to unfold as expected. Primary waves I and II completed in 2011, and Primary III has been underway since then. When Primary III concludes we should get a multi-month 15% to 20% correction for Primary IV. Then another uptrend(s) to new highs completing Primary wave V and the…
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Personal Finance
Money Management
Investing
Odds and Ends
Per Investors.com (IBD), the general markets are still in a correction. Friday marked the longest correction since 2008, and recent breakouts haven’t done much to turn the tide.
Elliot Wave continues to show uptrends for the intermediate and long term, with an expectation of a short-term rally in the very near future.
As always, let market action tell you what to do!
REVIEW
Another week in which a new all time high was sold off. For the week the SPX/DOW were -0.3%, the NDX/NAZ were +0.7%, and the DJ World index was +0.2%. Economic reports came in about 2 to 1 to the positive. On the uptick: retail sales, business inventories, the PPI/CPI, the NY FED, housing starts, building permits, the WLEI, the monetary base, plus, weekly jobless claims improved and the treasury ran a surplus. On the downtick: export/import prices, industrial production, the Philly FED, the NAHB index, and consumer sentiment. Next week few economic reports, but we do have the FOMC minutes plus existing/new home sales. Best to your week!
LONG TERM: bull market
This Cycle wave [1] bull market continues to unfold as the general averages made all time new highs this week. We continue to expect this Cycle wave to unfold with five Primary waves from the March 2009 SPX 667 low…
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