Ewj: elliott wave

Paulson just spoke.

The market always heads down when he speaks . . . and now the Opco banking analyst is about to be interviewed on TV, Meredith Whitney.

She has been incredibly BEARISH on the banking sector, ( and spot on ) and now looks for continued lines of credit being pulled from consumers.

U.S. consumer spending will get hurt by the credit card companies decreasing the credit limits on consumer credit cards.

Yet another shoe to drop on the consumer!

Says the EPS estimates for the Banks are still far too rich and need to come down. Lots of banks are under-reserved and will "kitchen-sink" the 4th quarter as a result.

More charges to come!
 
Quote from Derrick1983:

Thanks for the interesting reply, ammo :)

So, if technical analysis is complex which could be done via computers now, then how did peoplke trade earlier? How did they know that they are correct? :confused:
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they watched 3 or 4 of the major dow stocks,if they were trading on the bid or the offer,size of the trades,100's or thousand lots, trin ,tick,bonds,uvol/dvol, overall mood of traders,order flow from large houses coming into the pits, the pits are almost gone now but the guys in there are still trading mostly without technicals during the day,they may see #s in the morning and at lunch but they are still going off feel
 
There wave five waves UP as expected :) , although a little bit too late :( .
There should be some more DOWNWARDS move :mad: .
The problem is whether the rebound that follows will be big or small :confused: .
Quote from mu200411:12-02-08 01:27 AM

Five waves UP, there may be another five waves UP :) .
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.....today looks like could be consolidation...
.... to either continue up in this channel... or break out of it to the downside....
...EDIT...that daily chart i posted yesterday..... the support should now act as resistance....around 850 SPY
 

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