REVIEW The market started the week opening higher, but then took on the character that had started on expiration Friday: sell growth stocks after the opening. During the week the market had three gap up openings, no gap downs, and still ended the week lower. For the week the SPX/DOW were mixed, the NDX/NAZ lost 2.5%, and the DJ World index rose 0.8%. Economic reports for the week remained positive. On the uptick: Q4 GDP, FHFA housing prices, consumer confidence/sentiment, durable goods orders, personal income/spending, PCE prices, the WLEI and weekly jobless claims improved. On the downtick: Case-Shiller, new/pending home sales and the M1-multiplier. Next week we get a look at the monthly Payrolls, ISM and Auto sales. Best to your week! LONG TERM: bull market We continue to count this five year bull market as Cycle wave [1] of the next Super cycle bull market. Cycle wave bull markets unfold in five Primary waves. Primary waves I and II completed in 2011. Primary wave III has been underway since then. Primary wave I divided into five Major waves with a subdividing Major wave 1. Primary III is also naturally rising in five Major waves, but both Major waves 1 and 3 subdivided. Currently it appears Major wave 5 is also subdividing into five Intermediate waves. Not at all unusual for a third wave. |
Saturday, March 29, 2014
weekend update
by Elliott Wave Theory
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