where are the markets going?

Originally posted by 3dog
Check out http://www.theonion.com/onion3621/blue_line_jumps.html

Best quote is: "I'm definitely going to keep a close eye on this line as it continues to move to the right."
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ROTFLMAO! And, I notice that the Blue Line shot up after 4:30 PM, so only people holding Blue Line Index Futures overnight or those trading the extended session made money!


This thread reminds me of an ad for a toy from a few decades back. "It goes up and down and up-and-down, the Inch Worm by Romper Room." I guess that toy was good training for budding volatility traders.


-Traden4Alpha
 
I have no affiliation with murphymorris.com, but I will put my money on their analysis of the future direction of the markets. Their email to subscribers today was brilliant, and for the first time since I've been on their site they used Elliott waves as part of their intermarket analysis. In short, their prediction is that the Dow will likely go down to around 8000, probably after finding initial support around 8300. If I'm understanding the Elliott wave theory correctly, that leg down to 8000 may be the final fifth Elliott wave down. I think (not real sure) that this means we may see a future move up once that fifth wave is completed. Personally, my best guess is for a modest bull market to start in November of this year, unless we get another visit from Osama and company.
 
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