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Pastimes : The Philosophical Porch

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From: Rarebird	1/4/2010 8:59:23 AM
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Transcendental Market Truths (Fragments): The Market: Beginning of year profit-taking should keep the market on the defensive early in the week, but the market is likely to form a low and rally into Friday. Dollar Index: Major trend is up in the Dollar Index, with the current bounce being a third wave within a five-wave move. EUR/USD: The Euro is consolidating losses and preparing to embark on its next leg down in a major downtrend, perhaps the end of the Euro. Gold: Short term, the risk is to the downside in Gold. The area of the previous fourth wave (slightly below USD $700) is the most likely support area. Long term, my target price for the next rally is $2005. Mining Stocks: The new low in money flow tells me, loud and clear, that the smart money is selling mining shares. Nasdaq-100: The tech sector continues to outperform as it's now the crowd's idea of what's hot. It's getting crowded, but can continue higher. NYSE Composite: The 50% retracement (7284.46) of the secular bear market has proven too solid to penetrate despite the seasonal lift. A move over that level could move the market higher in the short run. S&P MidCap 400: The MidCap Index appears to be powering up for a run into early February. Money flow is strong.

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