Wave Principle

She looks like she's getting close. I think Blankfiend's initial hunch is still right.

A wedge is forming, which implies a potential Ending Diagonal is in the works. I think the ED begins were I have the second wave iv on the right. My upper contracting trendline is arbitrarily drawn in but...

Daneric's Elliott Waves [Update 5:45PM: In a final act of defiance, this is the count that is still preferred over all others.]

[Update 4:38PM: QQQQ's filled an old gap from summer 2008.  Retraced 75%.  The 2008 August top is resistance. Showing some weakness in the weekly.]

The market looks a bit tired as there are a...

The Big Picture

Some eclectic items worth spending precious time with this afternoon:

• 10 Years After: A Look Back at the Dotcom Boom and Bust (Wired)
• When Bubble Burst: Companies Won, Investors Lost (WSJ)
• Martin Wolf: The eurozone crisis is now a nightmare for Germany (FT)
• Unemployment Rates, by State: Most...

Daneric's Elliott Waves [Update 4:38PM: QQQQ's filled an old gap from summer 2008.  Retraced 75%.  The 2008 August top is resistance. Showing some weakness in the weekly.]

The market looks a bit tired as there are a lot of overlapping actionary waves upward.  Its been 10 full trading days since the 1086 pivot and these runs have a...

The Big Picture

Paul Krugman, last Friday:

But that’s not how Republicans see it [unemployment benefits]. Here’s what Senator Jon Kyl of Arizona, the second-ranking Republican in the Senate, had to say when defending Mr. Bunning’s position (although not joining his blockade): unemployment relief “doesn’t create new jobs. In fact, if anything, continuing to pay people unemployment compensation is...

Stefan Karlsson's blog A decade ago, Russia was once considered to be in near terminal decline. In 1999, It had recently defaulted on its debt and GDP was only $196 billion, less than in Sweden or New York City. Meanwhile, the population was in steep decline with only 1.27 million births (1.25 million if you exclude infants that died...

the evil speculator - one nefarious trade at a time

Last night I came home quite late and finally the ISE had updated their latest ISEE chart. So I was up until 2:00am importing the updated data into my Exel chart so that I could start looking for new patterns (the JS chart the ISE offers gives me...

Daneric's Elliott Waves [Update 2:12PM: NDX 100. Translating this pattern to the qqqq's is that the wave started at $46.40 . So if its an ED, prices should collapse and $46 puts would be looking good tomorrow. These are the kinds of patterns you look for as they have the best potential of paying off quickly. And this market looks tired.]