Dow Jones Weekly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

There are two concerns that will keep markets up – POMO (being cut from $35B to $25B for August) and REPO – the Fed is running out of collateral, namely bonds.  The Fed’s cry for bondholders continues, but is being largely ignored.  Not much technical analysis here – assessing government interference is the new tech analysis – for now.  That being said, chart technicals are starting to flatten.  We expect a larger pullback starting Monday.  As well, we expect the July 30 US Q2 GDP to be negative despite positive forecasts (much like the positive forecasts for Q1) and this may accelerate markets into a long awaited and substantial pullback – yes, you can say crash if you want.

Click on chart to enlarge Dow Jones Weekly Closes Down Near 1% – Weak POMO Next Week – 10B POMO Cut For August

Dow Jones Weekly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

As finance media continues to blatantly ignore financial failures this week in China and Portugal, markets move up.  Central banks continue to force distortion of these markets.  Three weeks of moving sideways – should see pull back next week.  Adjusted earnings reporting continues next week.  July 30 is Q2 GDP for the US – magically we are forecast to go from -3% in Q1 to 3.4% in Q2 – a 6.4% move in three months.  Does this sort of leave you speechless?

Click on chart to enlarge Dow Jones Weekly Up Again As Portugal’s Second Largest Bank Holdco Files For Bankruptcy

Dow Jones Weekly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Technicals are rolling over.  POMO is declining (US Debt almost $18T).  Banks in Europe are showing signs of failing again.  All bearish.  Aside from endless central bank interference, we expect markets to move down again next week.

Click on chart to enlarge Dow Jones Weekly Falls About 1% And Way From Channel Resistance – More Downside Likely For Next Week

Dow Jones Weekly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

Markets remain up as global economy continues to shrink.  Go figure.  Share buyback season is upon us in two weeks.  It used to be called earnings season.

Click on chart to enlarge Dow Jones Weekly Closes Flat – Q2 GDP Getting Adjusted Downward

Dow Jones Weekly -

[Technical Indicators We Use – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]

The Fed will taper in July.  Corporate share buybacks are at all time highs.  Corporate performance is poor.  Q1 GDP is now adjusted to -2.0%.  Economic forecasts are fluff pieces designed to disguise the shrinking global economy.  Trade them long or short, but stay small and avoid all long term investments – the market is looking for bag-holders.

Click on chart to enlarge Dow Jones Weekly Finds More All Time Highs – Approaching Channel Resistance
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