Time for an ewave roundup, especially with everythin' headed south.
GOOG has been in a steady decline, and so as AAPL, although this has been less noted in the press. It bodes poorly for a market when its leaders break down, especially as these two have counted for much of the market value gain in the last few years in tech stocks - much more concentrated than in 2000.
Gold has also taken a tumble, and seems in a direct line to drop $100 or so from its recent high. So too have fallen many commodities. Indeed, pretty much across the board, with the exception of the Dollar, which is showing signs of heading back towards its target of 100 on the Dollar Index.
Stocks, however, have seen their downward momentum soften, and we could be approaching a near-term bottom, around Dow10.7K/SP1245. The STU put out an interim bulletin today analyzing the current situation, suggesting an approaching bottom, but adding a Cautionary Note: the headwinds are blowing south, so the market is more likely to surprise to the downside than the upside. Brainfood notes how this is how the market felt when it broke down in 2000. Neely sees the next 30 days as volatile, including possible downside, although with a higher high coming before the end. Zoran has returned from a monthly quietus, and sees us approaching the Maximum Point of Confusion - which is when the market picks a direction and bifurcates with a vengeance. He sees a rising wedge from 2003 predominating the wave pattern, and hence is bearish - the next bifurcation should end the bullishness since Mar03.