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Strategies & Market Trends : Humble1 and Swing Trading Friends
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To: robert b furman who wrote (12403)12/6/2013 10:26:43 AM
From: POKERSAM  Read Replies (3) of 41490
 


I expect us to lose this gain today. IMO we just completed wave [ii]. We have had five down and three up. The three up have retraced a little more than 61.8% of the five down. Common for a wave two. Note: We cannot make a new high or this will be invalidated. A wave two rarely retraces more than 80% of wave one and cannot retrace more than 100% of wave one.

The only thing I have to say about today's numbers is that it is a shame that these numbers are celebrated. At this point in the Reagan recovery we had over 5% growth in GDP and were creating near a million jobs. What is the difference? In Reagan's time the aim was creating jobs by encouraging business through policy change. Now it is all government pump and restricting job growth by discouraging business. Plus we have yet to feel the full effects of Obamacare. What is Obama's answer for encouraging small business to create jobs? He says, "Raise the Federal minimum wage."
200,000 new jobs is the new normal as you can see from the chart. Spending by the consumer shows the public doesn't believe things are getting better. Ben's wealth effect has not worked. Main street is still scared and have more to worry about with each week. Consumer credit card debt has declined the last two months.
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