Archive for the ‘Elliott Squawk’ Category
Squawk Morning briefing: Watch Currencies During G20
The Euro is the story this morning. Its wave structure seems to suggest it will make new highs and that may be the thing that pulls equity prices up over their prior highs. Economic data out this morning includes weekly jobless claims, leading economic indicators, and the Philly Fed report. We also are anticipating earnings […]
Squawk Evening Update: We Missed It
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 Morning Briefing: Need Confirmation
Tuesday’s impressive decline in equities and the Euro has only extended to three waves so far. This leaves markets at a critical point where they could have experienced little more than a downward correction, or the move could evolve further downward, but won’t get too far unless the move first extends to five waves. We […]
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 Morning Briefing: No Excuses
The Elliott Wave apologists and complainers are starting to emerge. Other advisory services that were regularly tracking the DJIA have shifted their emphasis to other indices that are not so close to their April highs. We are hearing excuses about index composition; how if AAPL has been added to last year instead of CSCO that […]
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 Morning Briefing: Parameters Remain Clear; Price Action Murky
Futures prices weakened overnight but have mostly recovered. In equities and forex, we are still in an ambiguous place where prices could go either way. The Monday after options expiration often sees prices remain relatively stable and then prices can move again on Tuesday. Who knows if that will remain the case this time around. […]
Squawk Morning Briefing: Goldilocks and the 3% Bears
It seems that whenever Fed Chairman Bernanke is scheduled to speak, the market stalls until he does. Perhaps the best fundamental explanation to account for the very narrow trading range this week. At 8:15 this morning Ben is scheduled to speak at a Fed conference in Boston and all are watching […]
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 Morning Briefing: Conflicting Signals
The Euro put in a new high overnight. While the currency may be at some possible Fibonacci resistance levels, it looks like it could have further upside potential. If so, it could give a continued lift to equities which are already stretched to the upside and continue to have the DJIA near a the April […]