The BRICs are a' breaking, with three of four sharply down and below their 200 DMA, indicating a trend change to a protracted bear market. Russia is now largely an oil-bearing State, and belies the trend down of the manufacturing States, but would follow if when the oil bubble echo breaks. From Bespoke:
This speaks to a shift from investing in emerging markets - a major theme of the past few years - back to developed markets. Emerging markets are down 3% in January, with India down over 10%, South Africa down 9%, Indonesia -7% and Brazil -4%. Inflation, arguably exported from the US be QE2, has thrown them all a curve ball.
Have you found your senses, and given up on Elliot Wave and become a trend follower? Welcome to the club!
Posted by: IP Freely | Monday, January 31, 2011 at 07:12 PM
Yel I think a longer term perspective would help in this....for instance in 2003, Sensex was closer to 3K while the Dow was almost triple...today Sensex is ~18K...of course a pessimist may argue that this means that the Sensex can fall much more but I suspect the last 6-7 years are the first shot across the bow in favour of EM's handily beating DM's for a long long time, inflation or deflation
Posted by: Manav | Monday, January 31, 2011 at 07:32 PM
This is what a professional politician does: say one thing and then do the other....
http://www.washingtontimes.com/news/2011/jan/31/judge-uses-obamas-words-against-him/
Posted by: ? | Monday, January 31, 2011 at 08:06 PM
ES Before opening bell: http://niftychartsandpatterns.blogspot.com/2011/02/s-500-futures-before-opening-bell.html
Posted by: Account Deleted | Tuesday, February 01, 2011 at 06:02 AM
Market surging again!
Dow Jones +85 and Naz +31 and SPX +13
Perma-Bears left shaking their heads.
This crowd couldn't make money even with a printing press, especially after the BEST January since 1997.
Posted by: JT | Tuesday, February 01, 2011 at 07:33 AM
JT, I'd recommend you go 200% long.
Posted by: Mamma Boom Boom | Tuesday, February 01, 2011 at 07:45 AM
I've been LONG since Labor Day.
Anyone that trades what they SEE on their charts, instead of what they HOPE to see has done well over the last several months, let alone year and a half. Sorry to hear that you are so bitter and angry. You obviously haven't done well. Poor Mamma.
SPX 1301
Posted by: JT | Tuesday, February 01, 2011 at 08:02 AM
I wish I'd gone 200% long. 'Stead of praying for doom and gloom and combing through the crystal ball websites for shreds of "ominous waves" and "cataclysmic turn dates." Bunch o' bs.
Posted by: prechter lover | Tuesday, February 01, 2011 at 08:03 AM
>You obviously haven't done well. Poor Mamma.<
I've done alright. I went long in May and flat in Dec. (1260) That's good enough for me, I normally don't day trade.
But I think, since you and your bunch have such superior intelligence, that you should lever the house-to-the-hilt, right here at that 1301 that you love so much. Come on, chicken shit, lever up!
Neo-Mamma
Posted by: Mamma Boom Boom | Tuesday, February 01, 2011 at 08:15 AM
Blah, blah, blah...
Poor Mamma. She speaks with so much anger and bitterness and jealousy. A typical blowhard poster that just HATES seeing people make money! Nasdaq +41.
Posted by: JT | Tuesday, February 01, 2011 at 08:56 AM
I wish I'd gone 200% long at 1301. Mama BooBoom, you sound bitter. I hope you are humbled. Seriously. I don't get any kicks out of watching other people lose money.
You don't know much. No one does. Stick to doing something productive.
Posted by: Leon | Tuesday, February 01, 2011 at 09:39 AM
Cudos to JT:
"This crowd couldn't make money even with a printing press, especially after the BEST January since 1997."
Wow. You must be da man!
Hock
Posted by: Hockthefarm | Tuesday, February 01, 2011 at 09:55 AM
this bull market is going much higher, SP500=1500 by the end of march
Posted by: adg | Tuesday, February 01, 2011 at 10:00 AM
Should be Bric - A - Break, maybe??
This 1310ish area was about as high as I thought it could get without making some kind of correction - you get about the same area Yelnik?
Joe
Posted by: joe | Tuesday, February 01, 2011 at 10:06 AM
Very powerful bull market. Wow. I am impressed. What a rocket ship this has been since March '09.
Posted by: steven | Tuesday, February 01, 2011 at 10:12 AM
I LOVE IT!
I could not have preyed for a better set-up. Life is great.
Posted by: Mamma Boom Boom | Tuesday, February 01, 2011 at 10:30 AM
That says it all.
Kids playing on the Internet and unable to spell the word PRAY.
How sad.
Posted by: JT | Tuesday, February 01, 2011 at 10:46 AM
Joe, Bric-a-brac is normal spelling, bric-a-brack refers to a "brack" or crack. I had thought of bric-a-bracked to make it clearer.
Posted by: yelnick | Tuesday, February 01, 2011 at 10:53 AM
Agree that spelling prayed "preyed" does not instill confidence. But why have anything but low expectations of anyone who feels the need to prognosticate online?
Posted by: steven | Tuesday, February 01, 2011 at 11:02 AM
>Agree that spelling prayed "preyed" does not instill confidence.<
You tootie-fruity, what kind of confidence do you plan on gaining from a 'FREE' website?
Posted by: Mamma Boom Boom | Tuesday, February 01, 2011 at 11:38 AM
Name calling doesn't impress, either. Least impressive is bearish calls in the face of a historically large bull move.
Posted by: steven | Tuesday, February 01, 2011 at 11:43 AM
It was a joke Yelnik - you know, the charts look like they broke down so Birc -A "Break" - a bad joke I guess.
Joe
Posted by: joe | Tuesday, February 01, 2011 at 11:43 AM
More "tooty-fruity" notes for you:
1. Plan to gain. Not "plan on gaining."
2. Why is free in quotes?
3. How do you eat?
Posted by: steven | Tuesday, February 01, 2011 at 11:44 AM
Same old trend.....invest before the close on the last trading day of the month and sell at the close of the first day of the month. I think 134 points out of 143 total gain in S&P 500 was on the first trading day of month. And so it continues with around 1.4% gain on Jan 3rd and even better this month as of 3:00. Old Benny Boy must like to ramp it up at the beginning!!!!!!!
Posted by: MHD | Tuesday, February 01, 2011 at 12:22 PM
MHD, Sy Harding had a great post this morning, about how all the upside happens the last day of a month and the next three days. Hence take profits on Thursday and stay out until around Feb27
Posted by: yelnick | Tuesday, February 01, 2011 at 12:48 PM
Has anyone seen David Rosenberg lately?
How about Neely? Prechter? Hochberg?
Does anyone really care at this point?
Just checking.
Posted by: Xanax | Tuesday, February 01, 2011 at 01:10 PM
JT, I'd recommend you go 200% long.
Posted by: Mamma Boom Boom | Tuesday, February 01, 2011 at 07:45 AM
Did anyone do it?
Posted by: Panix | Tuesday, February 01, 2011 at 01:39 PM
Has anyone seen David Rosenberg lately?
How about Neely? Prechter? Hochberg?
Does anyone really care at this point?
Just checking.
I don't know about Prechter and Hochberg, but Neely was stopped out again on his short this morning. Another "larger and faster" move that was a bad signal.
Posted by: Timmy | Tuesday, February 01, 2011 at 03:36 PM
Does (C) = .618 of (A) around 1309 ???
Posted by: I've Been Prechterized | Tuesday, February 01, 2011 at 03:40 PM
preyed = prey
stalker.
Posted by: gaffer | Tuesday, February 01, 2011 at 04:25 PM
Hochberg thinks stocks can move up a bit more. But, even if it does top soon I am not sure where the big break down would come. For instance, the second top in 2007 came in October but the big break down didn't occur until the fall of 2008.
If stocks top by the Spring then I think the biggest down turn will occur in the fall. A secondary fall crash would parallel the 1931 experience.
The most interesting Elliott wave debate is occuring in gold. I am thinking that if gold is in an a-b-c rally of the 2000 low then wave a ended in March 2008 and corrective wave b ended in the fall of 2008. Since then gold has been in wave c up. If this wave c is 1.62 times wave a then a target high would come out around $1,953. Secondly, I think long-term gold is in the wave c of the larger WAVE B of IV (tip of the hat to EWI on their silver count which has it in a B wave).
da bear
Posted by: da bear | Tuesday, February 01, 2011 at 04:50 PM
Most people are trapped in prisons made of mind stuff—attitudes and beliefs such as "I have to look successful" or "I can't disappoint my dad
Posted by: Chanel Replica Watches | Tuesday, February 15, 2011 at 07:50 PM