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| 8:30am |
As projected , we should have a solid down day today
Futures gave it ALL UP at 8:30 after fairly good employ report - What does the employ report have to do with the stock market - NOOTTHHIINNGG
As far as the wave, it looks like wave "A" to 1294
WAVE "B" to 1332
Now wave "C" should take out at least an equal to wave "A"
or
50x 1.618 = 80 pts
Jay
NEW THOUGHTS This afternoon
A little golf helps clear the brain waves
TODAY could END at 1294 which could become what we might label
as the X wave. THEN NEXT week we get another a -b- c rebound into the 10th, that Bradley date.
If we do get to 1284 today, we can still expect that same type of action a-b-c, rebound to the 10th ,but with maybe a little less enthusiasm.
Just like the March energy graph shows, each decline is met with an equal rally until the 18th where all hell breaks loose.
SO, we might end up labeling it a triple zig zag until March 18th.
Jay
5 comments:
Jay right on. The JOB REPORT has nothing to do with the market. It's all up to the criminals to move it however they want it.
Yes they rescued the S&P from failing the 50 day moving average. Yes they rescued the DOW from plunging under 12K.
We suggested yesterday that the run up might have been in anticipation of a poor number. Although 192 isn''t poor, its certainly mediocre. DO NOT FORGET that we got just 192, while each and every day Bernanke is pumping money into the system QE2 doesn't end until June. After months and months of what has to be another what.... 400 billion already, 192 is the big number? Hmmm
I think yesterday's run up was indeed just headroom so that if they hated the number, we'd probably not fall far enough to hurt anything.
If we can't get back to the high at 12,391... we could be starting a pattern of lower-highs and lower-lows.. in other words.. the dreaded pull back.
Time will tell, but in my small mind we are still VERY much in the danger zone. I'd be real careful out there.
Remember how yesterday I was suggesting the run up was just to create headroom so that if the number was no good we'd still have decent technicals? I think that's pretty much spot on. It was a bogus, "manufactured" run up.
So what happens now? I said we'd end the day flat, + or - 50 points.
awesome job Jay. What's next?
:)
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