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<title>Minyanville - Jason Haver RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[SPX and BKX: One Chart to Rule Them All]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-and-BKX253A-One-Chart-to/5/16/2013/id/49830</link>
<pubDate>
			Thu, 16 May 2013 09:51:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-and-BKX253A-One-Chart-to/5/16/2013/id/49830</guid>
<description>
<![CDATA[Before I begin this article, I feel obliged to engage in a bit of a tangential rant which actually relates to my charts.  If you&#39;re on the hurry-up, or if you find my sense of humor to be confusing and mentally frustrating, then you can skip right to the section titled "Market Update."   

My story begins like this: A couple months ago, I purchased a new PC.  I&#39;ll pause here while we wait for Mac users to stop laughing, since they already know there is now no possibility of a good ending to this story.  Anyway, like so many others ]]>
</description>
<content:encoded>
	<![CDATA[Before I begin this article, I feel obliged to engage in a bit of a tangential rant which actually relates to my charts.  If you&#39;re on the hurry-up, or if you find my sense of humor to be confusing and mentally frustrating, then you can skip right to the section titled "Market Update."   

My story begins like this: A couple months ago, I purchased a new PC.  I&#39;ll pause here while we wait for Mac users to stop laughing, since they already know there is now no possibility of a good ending to this story.  Anyway, like so many others ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[SPX and NYA: Whipsaw or Melt-Up Coming?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/s2526p500-spx-spy-elliott-wave-theory/5/15/2013/id/49809</link>
<pubDate>
			Wed, 15 May 2013 09:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/s2526p500-spx-spy-elliott-wave-theory/5/15/2013/id/49809</guid>
<description>
<![CDATA[In the last update, I noted that the market looked poised to move higher into the May 6 target zone of SPX 1640-1650, and the market staged a strong rally right from the open, ultimately reaching the upper range of the target zone with ease. I also discussed that the Philadelphia Bank Index (INDEXDJX:BKX) should tag 60 or beyond, and it experienced a blistering 2% rally and came within pennies of 60 during that very same session.

So what now? Well, whenever targets are reached, some order of caution is called for, so let&#39;s take a look at the charts ]]>
</description>
<content:encoded>
	<![CDATA[In the last update, I noted that the market looked poised to move higher into the May 6 target zone of SPX 1640-1650, and the market staged a strong rally right from the open, ultimately reaching the upper range of the target zone with ease. I also discussed that the Philadelphia Bank Index (INDEXDJX:BKX) should tag 60 or beyond, and it experienced a blistering 2% rally and came within pennies of 60 during that very same session.

So what now? Well, whenever targets are reached, some order of caution is called for, so let&#39;s take a look at the charts ]]>
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			<item>
<title><![CDATA[SPX, RUT, BKX:  Market Ignores Fed's Doublespeak]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-RUT-BKX253A-Market-Ignores-Fed2527s/5/14/2013/id/49748</link>
<pubDate>
			Tue, 14 May 2013 09:47:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-RUT-BKX253A-Market-Ignores-Fed2527s/5/14/2013/id/49748</guid>
<description>
<![CDATA[The big news over the weekend came from the Wall Street Journal&#39;s report that the Fed is mapping out an exit strategy from its $85 billion per month bond-buying programs. However, it seems that concrete details on such a strategy are a bit vague or nonexistent at this point. This got a lot of play over the past few days -- but in reality, I sincerely doubt anyone was expecting massive Fed stimulus would continue completely unabated for the rest of eternity, so this news was hardly a huge surprise. And given the vagueness of the details, it seems like ]]>
</description>
<content:encoded>
	<![CDATA[The big news over the weekend came from the Wall Street Journal&#39;s report that the Fed is mapping out an exit strategy from its $85 billion per month bond-buying programs. However, it seems that concrete details on such a strategy are a bit vague or nonexistent at this point. This got a lot of play over the past few days -- but in reality, I sincerely doubt anyone was expecting massive Fed stimulus would continue completely unabated for the rest of eternity, so this news was hardly a huge surprise. And given the vagueness of the details, it seems like ]]>
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<title><![CDATA[Two Recent Indications Long-Term Strength for Equities Should Continue]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Two-Recent-Indications-Long-Term-Strength/5/10/2013/id/49702</link>
<pubDate>
			Fri, 10 May 2013 09:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Two-Recent-Indications-Long-Term-Strength/5/10/2013/id/49702</guid>
<description>
<![CDATA[I had planned a lengthy commentary for today, but then my personal life stepped to the fore and cut short not only my trading session, but also just about everything else.  So, I have a number of charts to share, but with less words than I originally intended (some readers actually prefer the pictures anyway).  Also, there are a fair number of words on the charts themselves, which provides an ongoing cover for those who tell their spouses that they read my work "for the articles," and not just to drool over the pretty pictures. 

First up, there is some ]]>
</description>
<content:encoded>
	<![CDATA[I had planned a lengthy commentary for today, but then my personal life stepped to the fore and cut short not only my trading session, but also just about everything else.  So, I have a number of charts to share, but with less words than I originally intended (some readers actually prefer the pictures anyway).  Also, there are a fair number of words on the charts themselves, which provides an ongoing cover for those who tell their spouses that they read my work "for the articles," and not just to drool over the pretty pictures. 

First up, there is some ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[SPX and US Dollar: The Fundamental Disconnect Is Likely to Continue]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-and-US-Dollar253A-The-Fundamental/5/8/2013/id/49654</link>
<pubDate>
			Wed, 8 May 2013 09:46:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-and-US-Dollar253A-The-Fundamental/5/8/2013/id/49654</guid>
<description>
<![CDATA[The S&P 500 (INDEXSP:.INX) has continued to drift higher over the past couple sessions, as expected on Monday.  Now that the market has broken out to decisive new highs, there&#39;s nothing in the way of horizontal resistance for the market to struggle with, there&#39;s simply channel resistance and Fibonacci zones.  If bears can&#39;t reverse this fairly directly, then there&#39;s no reason to believe the market won&#39;t reach my longer-term targets from January (the mid-to-high 1600s -- and ultimately the mid-1700s) &ndash; though, to be fair, I didn&#39;t anticipate we&#39;d get there this directly; as I wrote last month, I thought ]]>
</description>
<content:encoded>
	<![CDATA[The S&P 500 (INDEXSP:.INX) has continued to drift higher over the past couple sessions, as expected on Monday.  Now that the market has broken out to decisive new highs, there&#39;s nothing in the way of horizontal resistance for the market to struggle with, there&#39;s simply channel resistance and Fibonacci zones.  If bears can&#39;t reverse this fairly directly, then there&#39;s no reason to believe the market won&#39;t reach my longer-term targets from January (the mid-to-high 1600s -- and ultimately the mid-1700s) &ndash; though, to be fair, I didn&#39;t anticipate we&#39;d get there this directly; as I wrote last month, I thought ]]>
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			<item>
<title><![CDATA[SPX Update: Fed Cash Trumps Prior Sell Signals]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Fed-Cash-Trumps-Prior/5/6/2013/id/49618</link>
<pubDate>
			Mon, 6 May 2013 09:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Fed-Cash-Trumps-Prior/5/6/2013/id/49618</guid>
<description>
<![CDATA[On Friday, the intermediate thesis I&#39;ve been building for a couple weeks (of a larger fourth wave correction) was at best forestalled, or at worst completely blown up. The signals I noted in April constituted the first serious batch of sell signals I&#39;ve seen since the Fed started feeding QE-Infinity money into the Primary Dealer accounts back in 2012, and I apparently made a mistake in thinking those signals might work anyway. Lesson learned.

There&#39;s an outside possibility Friday may have been the exhaustion gap of an unpredictable extended fifth wave -- however, there&#39;s danger at times like this for ]]>
</description>
<content:encoded>
	<![CDATA[On Friday, the intermediate thesis I&#39;ve been building for a couple weeks (of a larger fourth wave correction) was at best forestalled, or at worst completely blown up. The signals I noted in April constituted the first serious batch of sell signals I&#39;ve seen since the Fed started feeding QE-Infinity money into the Primary Dealer accounts back in 2012, and I apparently made a mistake in thinking those signals might work anyway. Lesson learned.

There&#39;s an outside possibility Friday may have been the exhaustion gap of an unpredictable extended fifth wave -- however, there&#39;s danger at times like this for ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Trouble With Bubbles]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Trouble-with-Bubbles-s2526P500-255EGSPC/5/3/2013/id/49594</link>
<pubDate>
			Fri, 3 May 2013 09:38:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Trouble-with-Bubbles-s2526P500-255EGSPC/5/3/2013/id/49594</guid>
<description>
<![CDATA[I hope readers don&#39;t mind, but I&#39;m diverging a bit from my usual today because a) I spent way too much time on this article and b) I&#39;m actually running out of ways to say the same thing over and over regarding the intermediate outlook. The market outlook remains essentially unchanged on an intermediate basis; it&#39;s still watch and wait at the pivotal 1600 +/- zone. So today, I&#39;m going to embark on a more overarching economic commentary.

The US government made big headlines recently by announcing that it will pay down a portion ($35 billion) of the national debt ]]>
</description>
<content:encoded>
	<![CDATA[I hope readers don&#39;t mind, but I&#39;m diverging a bit from my usual today because a) I spent way too much time on this article and b) I&#39;m actually running out of ways to say the same thing over and over regarding the intermediate outlook. The market outlook remains essentially unchanged on an intermediate basis; it&#39;s still watch and wait at the pivotal 1600 +/- zone. So today, I&#39;m going to embark on a more overarching economic commentary.

The US government made big headlines recently by announcing that it will pay down a portion ($35 billion) of the national debt ]]>
</content:encoded>
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<title><![CDATA[SPX Update: Will Bears Capitalize?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Will-Bears-Capitalize253F-s2526p500/5/2/2013/id/49572</link>
<pubDate>
			Thu, 2 May 2013 09:47:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Will-Bears-Capitalize253F-s2526p500/5/2/2013/id/49572</guid>
<description>
<![CDATA[Tomorrow&#39;s article is going to be titled "The Trouble with Bubbles," and will be a bit longer on words, so today&#39;s article is going to focus more on charts.  Of course, I&#39;m assuming I won&#39;t die of exhaustion between now and then -- if I don&#39;t make it through &#39;til tomorrow, then that article will probably be really short.

Yesterday&#39;s near-term ending diagonal count appears to have been correct, although it ended a bit abruptly, about 4 points shy of the exact "perfect world" target, and the S&P 500 (INDEXSP:.INX) declined directly off the open.  With yesterday's decline, bears have ]]>
</description>
<content:encoded>
	<![CDATA[Tomorrow&#39;s article is going to be titled "The Trouble with Bubbles," and will be a bit longer on words, so today&#39;s article is going to focus more on charts.  Of course, I&#39;m assuming I won&#39;t die of exhaustion between now and then -- if I don&#39;t make it through &#39;til tomorrow, then that article will probably be really short.

Yesterday&#39;s near-term ending diagonal count appears to have been correct, although it ended a bit abruptly, about 4 points shy of the exact "perfect world" target, and the S&P 500 (INDEXSP:.INX) declined directly off the open.  With yesterday's decline, bears have ]]>
</content:encoded>
			</item>
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<title><![CDATA[SPX Update: FOMC Day]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-FOMC-Day-fomc-s2526p500/5/1/2013/id/49527</link>
<pubDate>
			Wed, 1 May 2013 09:36:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-FOMC-Day-fomc-s2526p500/5/1/2013/id/49527</guid>
<description>
<![CDATA[The S&P 500 (INDEXSP:.INX) made a new all-time high yesterday, which resets the wave count at one degree, however, I continue to feel that the 1600 zone is an important inflection point and that there&#39;s good potential for a turn here.  We also have the FOMC announcement coming up today, which adds to the possibilities for an inflection point.  In my perfect world, I&#39;d like to see the market embark on a deeper correction in the near future and, at the minimum, begin to unravel some of the fourth waves which need to be unwound.  Since all I&#39;ve talked about ]]>
</description>
<content:encoded>
	<![CDATA[The S&P 500 (INDEXSP:.INX) made a new all-time high yesterday, which resets the wave count at one degree, however, I continue to feel that the 1600 zone is an important inflection point and that there&#39;s good potential for a turn here.  We also have the FOMC announcement coming up today, which adds to the possibilities for an inflection point.  In my perfect world, I&#39;d like to see the market embark on a deeper correction in the near future and, at the minimum, begin to unravel some of the fourth waves which need to be unwound.  Since all I&#39;ve talked about ]]>
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<title><![CDATA[SPX Update: Last Call for Bears]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Last-Call-for-Bears/4/29/2013/id/49476</link>
<pubDate>
			Mon, 29 Apr 2013 09:43:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Last-Call-for-Bears/4/29/2013/id/49476</guid>
<description>
<![CDATA[I was recently reminded by a reader that sometimes people can have very short memories, as I was accused of the dreaded "top calling."  So, to clear the air, let&#39;s take a quick stroll down memory lane. On April 16 in The Market May Be Undergoing a Fundamental Bearish Shift, I wrote:
 

	As long-time readers know, I have been primarily bullish on equities since November 2012 -- but for the first time since then, I truly have no desire to "buy the dip" for anything longer than a short-term trade.  There are some disturbing early warning signs that the market ]]>
</description>
<content:encoded>
	<![CDATA[I was recently reminded by a reader that sometimes people can have very short memories, as I was accused of the dreaded "top calling."  So, to clear the air, let&#39;s take a quick stroll down memory lane. On April 16 in The Market May Be Undergoing a Fundamental Bearish Shift, I wrote:
 

	As long-time readers know, I have been primarily bullish on equities since November 2012 -- but for the first time since then, I truly have no desire to "buy the dip" for anything longer than a short-term trade.  There are some disturbing early warning signs that the market ]]>
</content:encoded>
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<title><![CDATA[SPX Update: Bears Vs. the Fed]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update-correction-s2526p500-spx-spy/4/25/2013/id/49457</link>
<pubDate>
			Thu, 25 Apr 2013 09:47:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update-correction-s2526p500-spx-spy/4/25/2013/id/49457</guid>
<description>
<![CDATA[This market remains a question of historical indicators and the "real" economy vs. Fed liquidity injections. QE-Infinity (incidentally, I do believe I was the first to actually coin this term) is still in full effect, and even as I write this column, the Fed is feeding the market via its primary dealer accounts, to the tune of almost $36 billion over the short-term. As expected, Bernanke&#39;s policy of "no banker left behind" has worked wonders for equities up to this point, though it seems to be doing little to help the actual economy.

Now for a bit of market history ]]>
</description>
<content:encoded>
	<![CDATA[This market remains a question of historical indicators and the "real" economy vs. Fed liquidity injections. QE-Infinity (incidentally, I do believe I was the first to actually coin this term) is still in full effect, and even as I write this column, the Fed is feeding the market via its primary dealer accounts, to the tune of almost $36 billion over the short-term. As expected, Bernanke&#39;s policy of "no banker left behind" has worked wonders for equities up to this point, though it seems to be doing little to help the actual economy.

Now for a bit of market history ]]>
</content:encoded>
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			<item>
<title><![CDATA[SPX Update: Yesterday's 'Flash Crash' Fit the Wave Structure]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Yesterday2527s-2527Flash-Crash2527-Fit/4/24/2013/id/49421</link>
<pubDate>
			Wed, 24 Apr 2013 09:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Yesterday2527s-2527Flash-Crash2527-Fit/4/24/2013/id/49421</guid>
<description>
<![CDATA[Over the past week, I&#39;ve outlined about half a dozen reasons why the odds favor the bears getting another leg down after this rally, and now the market has finally entered the critical "retest" zone for the 1597 high.  Elliott Wave is extremely particular about exact price points, whereas classic technical analysis allows a bit more leeway, and in classic TA, a "retest" is considered as something of a zone which extends somewhat below and above the prior swing high (or low).  I tend to focus more on Elliott Wave analysis within this column, but in practice I blend the ]]>
</description>
<content:encoded>
	<![CDATA[Over the past week, I&#39;ve outlined about half a dozen reasons why the odds favor the bears getting another leg down after this rally, and now the market has finally entered the critical "retest" zone for the 1597 high.  Elliott Wave is extremely particular about exact price points, whereas classic technical analysis allows a bit more leeway, and in classic TA, a "retest" is considered as something of a zone which extends somewhat below and above the prior swing high (or low).  I tend to focus more on Elliott Wave analysis within this column, but in practice I blend the ]]>
</content:encoded>
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<title><![CDATA[SPX Update: Clues From a Proprietary Sell Indicator]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Clues-From-a-Proprietary/4/23/2013/id/49396</link>
<pubDate>
			Tue, 23 Apr 2013 09:46:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Clues-From-a-Proprietary/4/23/2013/id/49396</guid>
<description>
<![CDATA[Yesterday&#39;s article was long on words (see Why Barron&#39;s Prediction of Dow 16,000 Favors the Bears), so today we&#39;re going to focus more on charts.  There&#39;s been no material change in the outlook, since so far the market hasn&#39;t done anything even vaguely unexpected, but I&#39;ve refined a few charts and potential targets.

The first chart I&#39;d like to share is one of my proprietary signal indicators.  While I&#39;m not publishing all the constituents which actually make up this indicator, I have noted the prior few years of signals on the S&P 500 (INDEXSP:.INX) chart below.  This is one of ]]>
</description>
<content:encoded>
	<![CDATA[Yesterday&#39;s article was long on words (see Why Barron&#39;s Prediction of Dow 16,000 Favors the Bears), so today we&#39;re going to focus more on charts.  There&#39;s been no material change in the outlook, since so far the market hasn&#39;t done anything even vaguely unexpected, but I&#39;ve refined a few charts and potential targets.

The first chart I&#39;d like to share is one of my proprietary signal indicators.  While I&#39;m not publishing all the constituents which actually make up this indicator, I have noted the prior few years of signals on the S&P 500 (INDEXSP:.INX) chart below.  This is one of ]]>
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			<item>
<title><![CDATA[Why Barron's Prediction of Dow 16,000 Favors the Bears]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Why-Barron2527s-Prediction-of-Dow-16/4/22/2013/id/49365</link>
<pubDate>
			Mon, 22 Apr 2013 09:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Why-Barron2527s-Prediction-of-Dow-16/4/22/2013/id/49365</guid>
<description>
<![CDATA[This weekend&#39;s Barron&#39;s Magazine cover features the exclamatory prediction of "Dow 16,000!" and depicts a bull (replete with a huge Cheshire cat grin) on a pogo stick bouncing over a fat, slow, and apparently confused, bear.  Clearly, the message this cover wishes to convey is: "Have another margarita, bulls! There&#39;s nothing at all to worry about!" 
 
If I were still bullish, I&#39;d worry about that. (And it goes without saying that one should never drink more than two margaritas before hopping around on a pogo stick.) 
 
This cover is the lead-in for Barron&#39;s latest Big Money Poll, and the following ]]>
</description>
<content:encoded>
	<![CDATA[This weekend&#39;s Barron&#39;s Magazine cover features the exclamatory prediction of "Dow 16,000!" and depicts a bull (replete with a huge Cheshire cat grin) on a pogo stick bouncing over a fat, slow, and apparently confused, bear.  Clearly, the message this cover wishes to convey is: "Have another margarita, bulls! There&#39;s nothing at all to worry about!" 
 
If I were still bullish, I&#39;d worry about that. (And it goes without saying that one should never drink more than two margaritas before hopping around on a pogo stick.) 
 
This cover is the lead-in for Barron&#39;s latest Big Money Poll, and the following ]]>
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<title><![CDATA[More Warning Signs for Bulls]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/More-Warning-Signs-for-Bulls-s2526p500/4/19/2013/id/49317</link>
<pubDate>
			Fri, 19 Apr 2013 09:24:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/More-Warning-Signs-for-Bulls-s2526p500/4/19/2013/id/49317</guid>
<description>
<![CDATA[On Tuesday, I outlined some of the reasons why I felt the market was undergoing a fundamental change of character, and discussed why I believed the power had shifted to the bears. Since then, even more warning signs have cropped up for bulls.

The most obvious is the fact that most indices have now broken their intermediate uptrends. Additionally, the decline in the S&P 500 (INDEXSP:.INX) appears to be a five wave impulsive move, which suggests that the trend has shifted, and the next highest degree trend is now pointed down. Whenever we see a new five wave leg forming ]]>
</description>
<content:encoded>
	<![CDATA[On Tuesday, I outlined some of the reasons why I felt the market was undergoing a fundamental change of character, and discussed why I believed the power had shifted to the bears. Since then, even more warning signs have cropped up for bulls.

The most obvious is the fact that most indices have now broken their intermediate uptrends. Additionally, the decline in the S&P 500 (INDEXSP:.INX) appears to be a five wave impulsive move, which suggests that the trend has shifted, and the next highest degree trend is now pointed down. Whenever we see a new five wave leg forming ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[SPX and Gold: Song Remains the Same]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-and-Gold253A-Song-Remains-the/4/17/2013/id/49291</link>
<pubDate>
			Wed, 17 Apr 2013 09:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-and-Gold253A-Song-Remains-the/4/17/2013/id/49291</guid>
<description>
<![CDATA[In the last update, we looked at some of the reasons why lower lows are likely to follow Monday&#39;s low, while I noted that a snap-back rally could begin immediately. The market spent yesterday&#39;s session in rally mode, and closed near the high of the day, which fit the pattern -- so as yet, I have no reason to alter my thesis that lower lows await. 

It&#39;s currently unclear to me if yesterday&#39;s high will mark all of the (assumed) corrective rally, or if the rally will turn into a two-legged ABC. In either case, I expect SPX to close ]]>
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	<![CDATA[In the last update, we looked at some of the reasons why lower lows are likely to follow Monday&#39;s low, while I noted that a snap-back rally could begin immediately. The market spent yesterday&#39;s session in rally mode, and closed near the high of the day, which fit the pattern -- so as yet, I have no reason to alter my thesis that lower lows await. 

It&#39;s currently unclear to me if yesterday&#39;s high will mark all of the (assumed) corrective rally, or if the rally will turn into a two-legged ABC. In either case, I expect SPX to close ]]>
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<title><![CDATA[The Market May Be Undergoing a Fundamental Bearish Shift]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Market-May-Be-Undergoing-a/4/16/2013/id/49259</link>
<pubDate>
			Tue, 16 Apr 2013 09:55:00EST
</pubDate>
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			http://www.minyanville.com/business-news/markets/articles/The-Market-May-Be-Undergoing-a/4/16/2013/id/49259</guid>
<description>
<![CDATA[As long-time readers know, I have been primarily bullish on equities since November 2012. But for the first time since then, I truly have no desire to "buy the dip" for anything longer than a short-term trade. There are some disturbing early warning signs that the market may be undergoing a fundamental change of character. 
 
I don&#39;t presently know how long this will last, but when I see signals like this from the market, I don&#39;t screw around and risk gambling away my financial future. One of my trading mottos is "when in doubt, get out." I have often likened ]]>
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	<![CDATA[As long-time readers know, I have been primarily bullish on equities since November 2012. But for the first time since then, I truly have no desire to "buy the dip" for anything longer than a short-term trade. There are some disturbing early warning signs that the market may be undergoing a fundamental change of character. 
 
I don&#39;t presently know how long this will last, but when I see signals like this from the market, I don&#39;t screw around and risk gambling away my financial future. One of my trading mottos is "when in doubt, get out." I have often likened ]]>
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<title><![CDATA[SPX Update: Will Bears Defend the Potential Triple-Top?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Will-Bears-Defend-the/4/15/2013/id/49099</link>
<pubDate>
			Mon, 15 Apr 2013 09:08:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-Will-Bears-Defend-the/4/15/2013/id/49099</guid>
<description>
<![CDATA[A lot has happened in the market -- the S&P 500 (INDEXSP:.INX) fell one point shy of my first downside target zone, then reversed strongly and went on to reach a new all-time high.  Interestingly, on Thursday, SPX pinged the trend line which connects the 2000 and 2007 highs, then reversed (as seen, zoomed in, on the chart below).  This is basically the last remaining horizontal resistance level, but it is a "doozy" as they say. 
 
The market has done its best to make us forget the potential of a long-term triple-top by ramming into it at high speed and ]]>
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	<![CDATA[A lot has happened in the market -- the S&P 500 (INDEXSP:.INX) fell one point shy of my first downside target zone, then reversed strongly and went on to reach a new all-time high.  Interestingly, on Thursday, SPX pinged the trend line which connects the 2000 and 2007 highs, then reversed (as seen, zoomed in, on the chart below).  This is basically the last remaining horizontal resistance level, but it is a "doozy" as they say. 
 
The market has done its best to make us forget the potential of a long-term triple-top by ramming into it at high speed and ]]>
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<title><![CDATA[SPX Update: The Market Turned Where Expected -- Now What?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-The-Market-Turned-Where/4/5/2013/id/49048</link>
<pubDate>
			Fri, 5 Apr 2013 10:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/SPX-Update253A-The-Market-Turned-Where/4/5/2013/id/49048</guid>
<description>
<![CDATA[The ending diagonal we started tracking in late March completed at 1573.66, about one-third of a point shy of the target zone.  On April 3 in The Pattern Nears Resolution as SPX Flirts With Its All-Time High, I wrote:

	 
	"It is worth noting that yesterday&#39;s action did fulfill the minimum expectations for this pattern, complete with an overthrow of the upper trend line -- so while one more new high would look better, it is not required."
 
I was leaning toward the idea that there could still be one final thrust up still in the cards, but it never came. ]]>
</description>
<content:encoded>
	<![CDATA[The ending diagonal we started tracking in late March completed at 1573.66, about one-third of a point shy of the target zone.  On April 3 in The Pattern Nears Resolution as SPX Flirts With Its All-Time High, I wrote:

	 
	"It is worth noting that yesterday&#39;s action did fulfill the minimum expectations for this pattern, complete with an overthrow of the upper trend line -- so while one more new high would look better, it is not required."
 
I was leaning toward the idea that there could still be one final thrust up still in the cards, but it never came. ]]>
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<title><![CDATA[The Pattern Nears Resolution as SPX Flirts With Its All-Time High]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Pattern-Nears-Resolution-as-SPX/4/3/2013/id/49024</link>
<pubDate>
			Wed, 3 Apr 2013 09:42:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Pattern-Nears-Resolution-as-SPX/4/3/2013/id/49024</guid>
<description>
<![CDATA[The preferred wave count continues to track extremely well and, as they say, "worked like a charm" again yesterday. In this update, I&#39;ll discuss the levels I&#39;m watching for the short-term, and I&#39;ll also provide a bit more detail on my preferred intermediate outlook.
 
I remain bullish on the long-term, not because I feel the fundamentals support it, but because the central banks are still flooding the world with liquidity. And as long as that continues, it will drive up asset prices. The Fed seems to be trying with all its might to blow the biggest bubble it possibly can. ]]>
</description>
<content:encoded>
	<![CDATA[The preferred wave count continues to track extremely well and, as they say, "worked like a charm" again yesterday. In this update, I&#39;ll discuss the levels I&#39;m watching for the short-term, and I&#39;ll also provide a bit more detail on my preferred intermediate outlook.
 
I remain bullish on the long-term, not because I feel the fundamentals support it, but because the central banks are still flooding the world with liquidity. And as long as that continues, it will drive up asset prices. The Fed seems to be trying with all its might to blow the biggest bubble it possibly can. ]]>
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