Archive for the ‘Elliott Squawk’ Category
Squawk Morning Briefing: Equity Warning Signs
It is reasonable to have a long, drawn out second wave before a drop accelerates. Nevertheless, if this is a complex second wave, it’s structure isn’t clear and that should serve as a warning sign that the turn down may not be immediately forthcoming. To be clear, we haven’t yet seen anything that would cause […]
Squawk Morning Briefing: Still Biased Lower
U. S. Equities continue to put in five-wave moves heading down. So even though the waves are getting smaller as we’re temporarily pausing in a trading range, the action continues to suggest that the most likely path is lower. A break above the top of the range would be required to change our view and […]
Squawk Morning Briefing: Equity Bears Need Follow-Through
Friday’s drop in the DJIA gave the bears a chance to show that the wave count could still be interpreted as a negative. However, the last-hour pop almost reached levels that would put that count in question. If prices don’t see follow-through selling then the near-term direction will be in question. The most immediately bearish […]
Squawk Morning Briefing: Decision Time
After a big up day on Thursday, U. S. equities are testing their February 18th highs and are forcing a decision since the short-term bearish case does not allow for prices to rise above this prior peak. In the DJIA, Thursday’s advance slowed as it reached the 76.4% retracement level and this may turn out […]
Squawk Morning Briefing: Giddy Futures
U. S. equity futures seemed to levitate alongside optimistic European markets overnight. That does not change our short-term expectation for are more selling and won’t unless we take out Tuesday’s high. The overnight rise in futures brings us closer to those levels so we will need to watch closely, but the action of the past […]
Squawk Morning Briefing: Jobs Week
In a week filled with news items employment looks to be a headline feature for the remaining three days. This morning the ADP report will give a hint of what we can expect from the BLS report on Friday and on Thursday we will receive weekly claims data.
In our briefing today we talk about our […]
Squawk Morning Briefing: Testing Highs
As we’ve repeatedly suggested, second wave corrections are often deep retracements and overnight futures have reached levels that recover a significant portion of what equities lost last week. For those who are nimble, this may represent a good trading setup with February highs indicating where counts calling for addition selling would become invalid. Those looking […]
Squawk Morning Briefing: Positive Biases
Again we have reached the last day of the month when funds sometimes mark up their portfolios. And once again, it falls on a Monday, a day that has has a positive bias during the run up from 2009 lows. Our wave counts also allow for a continued bounce so we will wait to see […]
Squawk Morning Briefing: Due For a Bounce
It looks like the first leg down in U. S. equities is done and is due for a bounce. Whether or not the first bounce comes from here or somewhat lower, we expect this first move to be met with selling that will prevent a new high and lead to at least on more leg […]
Squawk Morning Briefing: Equity Weakness Continues
U. S. Equities continued to slide on Wednesday and early morning futures suggest that move will continue through Thursday’s open unless 8:30 news reports drastically change the outlook. At some point we should get a bounce that fails to make a new high and then another leg down, and possibly much more.
Once the first significant […]