Archive for the ‘Elliott Squawk’ Category
Squawk Morning Briefing: Painting into a Corner
Action on Thursday continued to support our notion of indecision. Both bulls and bears had opportunities to press their advantage, but both gave up. In the DJIA, they gave up at the FibGrid snow lines that we had been watching and those levels contained price movement. The Euro was weak overnight and turned down from […]
Squawk Morning Briefing: No Change Yet
A slight positive bias overnight was given fuel by a “positive” jobless claims report and pushed futures higher. Perhaps this is the push needed to end an upward correction necessary within a down move, or it could be a turn back up. Both possibilities are anticipated in our analysis. Until the overall trend is clear, […]
Squawk Evening Update: Are Dip Buyers Bored?
For several weeks now we have used the adjective “indecisive” to describe market action. Today’s action provided yet another example; bulls lacked the conviction to immediately buy up an opening sell-off, but bears didn’t have the confidence to press their early advantage. The result is that we continued to see whippy action.
Both the DJIA and […]
Squawk Morning Briefing: Indecision 2010
Markets remain indecisive. We see this demonstrated by the difficulty extending to from three waves to five waves either up or down. Weakness in the futures overnight suggests we might take out some support levels, but the current levels aren’t low enough to predict we’ll extend to five waves. For that, traders will need to […]
Squawk Evening Update: Today Was About FibGrid
This morning we said to watch behavior at the FibGrid 2002 snow line to see the DJIA’s direction for the day. While the opening gap down below the grid line seemed like it would break down. However, the gravitational pull of the FibGrid was strong and it quickly pulled prices back where they oscillated above […]
Squawk Morning Briefing: Old, Bold Traders
Markets were mostly flat overnight but started to move as we were writing this morning. Continued weakness in equity futures and the Euro suggest that we might open below recent support levels. It is possible that we have seen tops in both these markets, and establishing and holding underneath resistance is the first step toward […]
Squawk Evening Update: Unusual Action Continues
The DJIA did not turn down to quickly fill its opening gap, which had us looking for a new high. We also needed that new high to end below 11,258.011 in order to support the idea of a a decline. It remained just barely under that critical level before retracing most of its gains for […]
Squawk Morning Briefing: Special Coverage of GS
The G20 meeting is now over so a low range day on Friday with few new significant waves to count may give way to more motion today. With uncertainty of those finance discussions removed, traders have decided to sell the Dollar and equity futures are also getting a lift. The overnight high in U. S. […]
Squawk Morning Briefing: Heads or Tails
Action in U. S. equity indices looks toppy. Five waves up suggests either a correction or a turn, but so far the move back down doesn’t look like more than a correction. Topping action can get a little crazy so we won’t rule out a pop to a minor new high before a turn, but […]
Squawk Evening Update: Altitude Sickness?
We had a pretty wild day in the markets today and have a lot to analyze in preparation for tomorrow’s briefing.
The count calling for new highs in U. S. equities played out. The high of the day was about 10 points above the Fibonacci level shown where c = 161.8% of a and begs the […]