still having my QQQQ selling at 38 GTC. If there is a sell off next week, think 880-890 would hold for a buy. Douglas Kass has said this is a sideway market. It frustrates those johnly come lately Long and the permabear Shorts. Bernanke proviging a floor at 880, while those who long last year provide the ceiling. When the selling has receded the next big leg up would begin. as everyone is looking at 200days 935, think another short covering there would happen.
The market would dip when there is the slightest hint that Fed would have to hike rate. Crude would goto 80 and beyond, and consumers would start feeling the pinch, Gold probably over 1000 by then, EurUSD towards 1.5000.
The Big Whales have shifted their monies away from Equities to Commodities and Emerging Markets where monies are made faster and easier. Leaving we, EW traders, trying to guess every waves, calling every top.
In the end, does calling the right waves really make monies ? A lot of the punters out there dun even read news or know Elliot. They just buy on dips and sell rallies. Like buying the 888 on Thursday and selling at Friday close at 910.
The long term is still a bear markets, unfortunately most traders are still hounded in the short selling mode. Perhaps EW traders should divert their resources to EURUSD, Gold, Silver etc where the uptrend is clear inplace and target is clear
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