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Archive for the ‘Evening Update’ Category

Squawk Evening Update: We Missed It

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We missed a few things today.  The first was confirmation.  We said the market would need to give us some because we had only seen three waves down.  Today did not give us that confirmation.  The other thing we missed was presenting a valid alternate count to consider, although we did email subscribers with the […]

Squawk Evening Update: January Redux?

Thumbnail : Squawk Evening Update: January Redux?

In our Monday morning briefing we mentioned the tendency for big moves following options expiration to wait until Tuesday to materialize.  So far, the action around expiration seems to have some similarity to what we observed in January.  We’re not saying that the subsequent decline will be identical.  However, that would be consistent with the […]

Squawk Evening Update: The Last New High?

We’ve been waiting for several days for the DJIA to either break above last Wednesday’s high, or break down below 10,994.  Today prices finally chose the former option.  Our game plan is to now look for a completed five waves up that we expect will end the months-long upward correction we’ve seen and lead to […]

Squawk Evening Update: Have We Been Here Before?

Today’s range on the DJIA was a relatively narrow 88.96 points, but was cavernous compared to the daily net change of 1.51.   It was also narrower than Tuesday’s net change of 10.29 and even Monday’s already paltry 3.63.  That means that most of the market’s move this week came from Yesterday’s advance.  As traders we […]

Squawk Evening Update: Nothing New

Today’s new highs should not be too much of a surprise.  We have several possible counts on the DJIA to sort through for tomorrow morning, but most look like they need at least one more new high before they’re complete.   Today’s close places the DJIA  within 162 points of the April high.  We had mentioned […]

Squawk Evening Update: New Highs Again

Today the DJIA joined other indices in new highs.  The turn upward after only three waves down was the first clue that it might continue on to new highs.  It looks as if the we haven’t yet put in five waves up into the highs; typically a sign that there is more up.  However, we […]

Squawk Evening Update: Boring

Today was about as boring as it gets.  The S&P 500, NASDAQ-100, Russell 2000, Dow Transports, and many other indices all put in new highs today.  But just as one imagines the hottest new cocktail dress might be the hit of the party before showing up to find everyone else wearing it, a new high […]

Squawk Evening Update: What a Week

We survived another week; at least this week felt like a survival challenge.  Readers who have been following this newsletter know that our evening updates are a chance to recap the day and reflect, as well as set the stage for what we plan to analyze overnight.  Weekends are a good opportunity for reflection, and […]

Squawk Evening Update: BLS Report Should Set Direction

It is hard to imagine that a day which  got off to such a dramatic start would be so boring.  The Euro hit upside targets we discussed this morning and then fell sharply.  The fall was dramatic and it drew 30 minute EWO below the 140% level suggesting that fives waves up Tuesday’s low are […]

Squawk Evening Update: DJIA New Highs But S&P Says No

This morning we mentioned the apparent importance of the YM FibGrid tree line at 10,914.  The futures popped over this level several times but were turned away each time.  We suggested that prices would need to stay above this level to continue higher.  Once we observed this behavior we were able to use the tree […]

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