COMMODITY VIEW . Oil Rally Begins. Elliott Wave theory, originally produced by R. N. Elliott in the early 1900s, and now carried forward by Bob Prechter, past #1 market guru, basically says Elliott waves or complete market movements come in threes. Well, to more accurate, Elliott says movements really...
TECHNICAL VIEW . Written Friday, August 1st, 2008: 6:30 a.m. EST With the S&P 500 closing just above it’s week ago Wednesday’s close this past Wednesday and the Nasdaq Composite following suit, we have a series of higher lows and higher highs in both, i.e., an uptrend in place. So I was...
UPDATE ON THE STOCK MARKET . Witten Friday, June 20th, 2008: 6:30 a.m. Looked to me like yesterday’s stock market rally was a knee-jerk reaction to China announcing it was going to raise oil prices by 17%. Crude dove on the news while stocks jumped. But if one thinks it through, is China raising...