In my morning analysis I said “chances are the market will open higher and go lower”. It seems that the powers that be, read my blog and obeyed! The SPX opened high and closed 8.5 points lower. So far, by grace of God, the calls have been spot on. So if you are enjoying this blog, please spread the word around.
You do not have to spend a dime to understand how the market works and where it is going to be. You do not have to pay to listen or read crapshoots like “primary count wave iii-(3) target of 1309, where iii=1.62*i and the SP-500 made it up from yesterday’s close of 1280 to close near 1297 today. alternate count is running out of time and price to complete the minor 4-[C]-P4 wave. I have moved the minor 4-[C]-P4 high today’s close at 1297. “ What kind of gibberish is that.
I am surprised that people willingly pay money to all these Elliot Wave swindlers or follow people like Charles Nenner, who are vague and more in line with newspaper astrologers.
Anyway, coming back to today’s market action, what Ben gave yesterday, Ben took away today and some more. That there will be no more QE3, was disappointing enough and then other worries of debt ceiling , problems in Europe etc, kept buyers away. There was no conviction in the market and I am actually surprised that it did not fell more.
Google came out with a better than expected number and actually you can believe Google’s numbers much more than JPM numbers. Google was trading over 12% higher in the aftermarket. But QQQ and SPY were not showing much strength. The futures are not showing much strength either.
I think we shall see continued selling tomorrow. The fear factors will be built in the next two trading sessions.