Oh No! Free Week at EWI!

Prechter's EWI has had an awful record with free weeks: they seem to come when the Big One down is predicted, and then the market bottoms and starts a new bull leg.  Well, go ahead anyway and read the source.  A free Club EWI membership is all you need to get access to FreeWeek.   Sign up for FreeWeek now here.  They are convinced the Little Big One is on us.  Yet Hank at Elliott Fractal sees a pattern he saw in 2005: a double bottom in the Naz ahead of the Dow.  The Naz may now diverge from the Dow - watch for the tech leaders to begin to recover (AAPL, GOOG, MSFT).  Yves is watching the financial stocks - he says keep an eye on Citi BAC and WB.  We have come through one of the turn dates.  Next up: Feb 19. 

Comments

[Sean]

Yes, the market has turned today indeed. One of the great traders showed a big picture on this site, titled "Driving on the Left Side of the Road"

http://www.slopeofhope.com/

[correction]

Its a commodity freeweek, it doesn't count :P

[Ben]

Freeweek at EWI: I think in these freeweek they try to push the commodities letter.

Since 20 years whenever they count 1 - 2, 1- 2 and nested counts etc to the downside they are wrong. They will again be proven wrong.

I am not saying the US economy is in great shape and real estate will fly up, but in my opinion expectations now are too bad in the short term and one should not underestimate the MEGA REFLATION going on. So there is money there for the gig boys to gamble, while the MIDDLE CLASS gets crucified (also here in Europe). There incomes cannot even keep pace with the fake official inflation numbers (and they show only half of what is real).

He who rides the waves up or down

[Ben]

I just browsed the EWI site. And as said before almost never agree with the Prechter eg now he sees Deflation (Gold down) and I see Energy, Metals, Grains,Fees for goverment crap etc in almost hyperinflation mode. Well I think short time will show if Gold will be at 1200 to 2500 Dlrs or at 450.

But one thing I read on their site changes my view of The Prechter (not on his views though). He was asked: In your opinion, what SHOULD the Fed be doing right now?

Prechters answer: The Fed should ask Congress to dissolve the Fed. Then most members of Congress and the President should volunteer to send themselves to jail for violating their oaths to uphold the Constitution. Then nature could take its course. --RP

I give him 5 * for this one and promise never to "bash" him anymore but only to disagree with him.

I would even go as far as saying:

No question about it, in my view members of the political class are power-hungry parasites that have always, and will always, suck the marrow out of the bones of any and all societies, using hand-outs, lies, promises, coercion, gerrymandering, unchecked spending and all the other tools of their dark trade to assure a soft career and a steady flow of assignations with interns of either sex.

[EWT Trader]

Believe me. No one has been more disappointed with the STU for Jan than myself. However I think Steve has it right this time. And I'm putting my money where my mouth is. Short this pig!

[Mark Lytle]

I've seen an insiteful analytical point by Robert McHugh. He points out that the recent drop through the weekly Bollinger Bands was something like 5 standard deviations rather than the usual 2, and we didn't rally back up to the core 20 period moving average inside the bands, which is the usual minimum retracement for some severe sell-offs..Gives a quantitative idea on how internally weak this market is...

[novsboi]

The Nasdaq is definitely showing a beautiful double bottom.
She looks hot!!!

Lets hope the surgical "nip and tuck" from the fed can keep her looking good and she doesn't sag for a few more years.

[cstradingman]

Wow the stock market has got me confused. I am now becomeing more bearish in equites. The market is rallying along WITH treasuries today. This means stocks will be weaker of treasuries continue to selloff. Lets watch the 30 year. If it brakes 4.55% yield to the upside and equites are weak its going to get ugly for stocks, really ugly!

[MHD]

Most of the time when someone says "the low is in" during a bear market, they have a tedency to make themselves look silly.

[LoneStarHog]

Old Adage: Never attempt to call the top in a Bull Market nor the bottom in a Bear Market.

Buy gold/silver and get outta anything/everything U.S. Peso denominated.

LoneStarHog

Note: What really cracks me up are all the damn squiggle/index watchers. I have been buying nothing but gold/silver and precious metal equities since 2000. I have a VERY small trading position, just for fun. Just by sitting tight and adding to positions on pullbacks, I have an average annual gain of well into the triple digits since 2000. I have watched many "penny stocks" go into double digits. This RAGING CONFIRMED Bull Market and the public is nowhere to be found. Amazing!

Another Old Adage About To Occur: There is no rush like a Gold Rush!

[george]

several large stock mutual funds have corrected 100% or are below the price low of the rally of the past couple of weeks. i realize these funds charts are on an end of day/closing price basis as opposed to ETF funds and indexes that trade all day. but, if this was a bullish rally would they have corrected 100% or more? want to see an example of what i am talking about? janus fund symbol jansx.
janus fund has corrected 100% of this past several week rally.

george

[rwpd]

Mmm,again...ouch.
Well...why do I see one more leg down(5 of 3 or what ever squibble/squiggle one annoits to it), then another sideways action, then another leg to the bottom?(Will that be only "1" of the leg down) Um...as always...chocolate, coffee and electricity(um, undersea cable works..hopefully) works for me. So does the baltic.......watch
rwpd

[Mark Lytle]

I track a couple of cycles (10 week and 40 week) and feel that both should be bottoming around March 1st, give or take a few days....This means if a bottom has formed, it could be temporary or weak (sideways action) until these cycles pass. It would be dangerous to get too bullish here, even if the fundamentals weren't so rotten (which they are). Most indicators on a weekly basis are very low, suggesting a bottom, but I think they are headed for somewhat more extreme levels. This gives me some confidence that the cycle periods are consistant with the indicator readings and that we are a couple weeks from a real sustainable rally....

[I.Sosceles]

Ahhh, mirror, mirror on the wall,
Will the dollar finally stop its fall?
Will gold then finally
take a fall?
Why is no one asking this at all?
---------------------------------------------

I feel a B-Wave in the night air :)

[george]

i went to the free week at EWI and wanted to see the list of safe banks from
RP's crash book. i found a link to the list. i entered my free week password . i was unable to see the list. i figure they must be in switzerland,greenland and tahiti.
does anyone know what banks he considers safe?
george

[Thurman Monsoon]

george, it's not just banks that Prechter recommends, it's bank accounts. If you really want to be prepared for the Great Crash of 1987 I mean 1988 I mean 1989 I mean 1990 I mean 1991 I mean 1992 I mean 1993 I mean 1994 I mean 1995 I mean 1996 I mean 1997 I mean 1998 I mean 1999 I mean 2000 I mean 2001 I mean 2002 I mean 2003 I mean 2004 I mean 2005 I mean 2006 I mean 2007 I mean 2008 please deposit $1618 into the Bobby Prechter IV college fund trust at Fibonnacci Savings Bank in MyGain-sville George.

Thanks! And keep believin'. Spread the Good Word!

3 up 2 down, zigzag, full moon,

Prechty Bobert

[Chas]

It seems like about 90% of the posts on this forum are bashing Prechter. I think we all get the idea.

How about if we move on?

It's really boring and uninteresting.

[best trader]

dow jones will go around 10800,then a little bit up maybe 11600 and then 9500 :)

[rsfinc]

If it turns out this week is the start of another bull leg (which quite frankly I expect), and EWI has done another perfect reverse timing, the only logical explanation of their very good reverse timing is that they are paid to discredit EW.

[Fred]

That quote about Prechter bashing being boring and uninteresting was, itself, boring and uninteresting. But if you really want boring and uninteresting, take a gander at all the "Wave 3/subminuette III, wavelet, fibonacci crest A-B-C truncated subwave" crap. I mean, I'm sure that your babyish cool-talk has made you all rich and wise but it's still gobbledygook to me.

Prechter bashing is the reason to check this forum. A laugh is a good thing.

[Chas]

When you're incapable of an original thought of your own, I guess you're left with making fun of others to stroke your ego.