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Buzz & Banter



There's very little to add to my previous posts regarding the "position" of the markets at this juncture other than to say that the price action of the last few days, and most particularly this afternoon's fall, are supportive of the idea that 960 SPX and 1200ish NDX are the next logical stopping points in this sell-off.

Todd's observation this afternoon about liquidity (the lack of a bid side to the market) is an important anecdotal piece of evidence that we'll want to keep an eye on over the next few weeks. Why? Principally because it's an entirely supportive data point to the conclusion of the Fibonacci, Elliott, and Demark study conclusions that we have been talking about. These three systems are designed to identify buying and selling exhaustion points in price and time. So hearing that bids are wanted on the Street neatly supports (1) our long held fundamental macroeconomic thesis that the Fed-induced reflation of financial assets is coming to some sort of end (and will turn out to be one of the most shortsighted gambles in the history of central banking), and (2) the confluence of results from our application of Fibonacci, Elliott, and Demark indicators that has concluded that we have recently seen an important top.

As always, just passing along a little perspective, and not advice.

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