Neely, Prominent Elliot Wave Analyst, Says Equity Market To Drop 50% In Next 6 Months

Quote from S2007S:

You dont know a "single" person that is unemployed???

Come on, I dont believe that for second.

I know 8 people laid off at the moment.
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My Sister, a Chemical Engineer laid off by DOW.

Brother-in-law, laid off from a biotech company.

Client of mine who runs a large chemical tank trucking company has laid off 45 drivers. First time in his company history to lay off... Client is now taking cash distributions out of his account every month to help meet payroll...

Major steel company here closed. 600+ jobs gone.

Major aluminum company here closed. 1000+ jobs gone.

I could go on...

I'm a transplant from New Orleans to Appalachia. I live in a large city here, but have never tasted a possum or other "critter." Lol!! Yuck!!! I'll eat deer due to the ultra low fat, and high protein. It's good stuff. I'll eat "mud bugs" (craw fish), and people here will get ill at the thought. Lol!

Since my Sons beat me at Golf, I paid for a Father's Day swordfish, salad, baked potato, cole slaw, and sweet tea dinner. Lol!!

Possums??? Yuck!!! Never! Lol!!!
 
Quote from marketsurfer:

im not surprised, glenn is an analyst not a trader.
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Then why does he say this on his website...

"Don't have time to analyze markets? Need guidance with your trading? Take advantage of Glenn Neely's 25 years of market experience. Let him make the trading decisions for you."
 
I dont see any thing other than B.S. that can keep the economy from further downward direction. it is very possible the bulls can push the market a bit higher before they realize that they are in hope mode. The short term trend is up but I really think the run for the exit will be ugly. I started building my short position last thursday.

Good Trading to All
 
Quote from nasdaqmadness:

I dont see any thing other than B.S. that can keep the economy from further downward direction. it is very possible the bulls can push the market a bit higher before they realize that they are in hope mode. The short term trend is up but I really think the run for the exit will be ugly. I started building my short position last thursday.

Good Trading to All
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I tend to agree. I'm a bull, but know I'm a bull who's about to get "fixed." Ouch!!!

Thankfully, I can short the mess, and actually make $$$$ for my Clients. Long only Managers, I wonder how they sleep at night...
 
Quote from nasdaqmadness:

I dont see any thing other than B.S. that can keep the economy from further downward direction. it is very possible the bulls can push the market a bit higher before they realize that they are in hope mode. The short term trend is up but I really think the run for the exit will be ugly. I started building my short position last thursday.

Good Trading to All
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Sounds like good sense.

I know some folks in NY. One guy used to work at S&P, now he's a contractor. My sister used to work at JPM, now she works at AIG. Folks are working, but a lot of "musical chairs" stuff, just trying to anticipate where the next job is when the music stops again.

I know some folks in the furniture business. It fell off a cliff 8 years ago. Still falling. It probably means something (consumer sentiment, lifestyles, etc). Probably not at all good. One of the bigger players is lazyboy (LZB). The 10 year chart looks like NYT.
 
Quote from syswizard:

Surf - did you catch that consultation rate of $900/hr ? Truly speaking, Neely appears to be the next Joe Granville (remember him ?)
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funny! yeah, i remember granville. the guy thought he was moses or something, pretty bizzare.

i know little to nothing about neely's services---- i just know his book "matering elliott wave" is the only real attempt at quantifying wave theory and is excellent.

surf
 
Quote from ashatet:

My problem is that I cannot see the next big thing where the jobs are. In 1980-1990s, we had the technology, and in the 2000s we had the consumer, the housing, finance and the digital conversion.

Technology has more or less peaked. Except for some green jobs, I see no growth, which is very scary indeed.
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Right, that has been my view on the job outlook in the US. Where is job growth going to come from, most of the millions of jobs created over the last 20 years were created during the bubbles of huge economic expansion. Technology has been a huge plus for our economy since the early 80's and I believe peaked in the late 90's into early 2001 when the tech bubble burst. The consumer of course helped the economy out greatly with the purchasing power they achieved with cheap credit and plenty of liquidity to pump up the system to help lead economic growth to an avg of 3-5% a year. Those times are over. Job creation in my opinion is over, the jobs created over the last 20 years during every inflated bubble have disappeared, millions of jobs were created during the biggest economic expansion in history, what is going to lead us out of this recession besides printing trillions of dollar to help prop up the ever slowing economy. Its going to be years and years before the economy finds a true way of economic growth without the help of the printing press. We are at least a decade away from seeing real economic growth in this economy.
 
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