GDP Numbers This Morning

This has been a big week of economic news and reports. So far most of the reports have been negative and have driven the market lower with each report. We have been noting the effects these reports have had and have been identifying the timing of these reports to our wave counts.

Most bullish investors may be saying TGIF but we have  2 more reports on the schedule this morning. At 8:30 am EST the GDP numbers will be released, Consumer Sentiment Index at 9:55 and  then followed by a speech from Ben Barnake at 10:00.

 We follow this link to Barrons Econoday which always gives a nice schedule of these reports, a summary of expectations and then posts the actual reports when released. http://online.barrons.com/public/page/barrons_econoday.html#mod=BOL_hpp_topnav_data     We would suggest that you bookmark this in your browser and keep abreast of  these reports. We use our updated Elliott Wave counts as a guide to what we might expect the impact of these fundamentals may have on the market.  It is our own source of leaked reports.

If our wave count is correct, this mornings news will continue to be bearish for the market and suggests perhaps a big day to the downside.

Yestedays market was difficult to trade because of the increased volatility. It was putting in waves like a “drunken sailor”, but our analysis of the wave count on the YM seems to be saying more rough seas ahead.

From our YM chart it looks like we finished minuette (ii) yesterday morning and the remainder of the day we started into wave (iii). It appears we are right in the heart of the 3’s right now and are expecting a significant day to the downside. The overnite market pulled back to what I’m labeling [2]  which looks like it may have ended at 10,004 on the YM.   Be ready for the negative news ahead.