Hi guys, more analysis from Darren:
did some more Elliott Wave calculations last night, and they might offer a better picture of what is going on. I am no Elliott Wave genius; in fact I've only been using the damned system for about 2 months, so as a disclaimer, don't listen to me unless it backs up what you already know...
On the NAZ, I get Wave 1 to be 529.33 points from JUL 21 to AUG 31 and
Wave 2 to be 270.98 points from AUG 31 to SEP 23. Wave 3 (started?) will NOT be the shortest wave of Waves 1, 3 and 5, by law. So, since we don't
know Wave 5 yet, but we know Wave 1 [529.33], we know Wave 3 will be larger than
Wave 1 or Wave 5. The same decline in Wave 3 would put the
NAZ at 1240.38, worse than my 1330 "eyeballing." And now for the bad news; it co uld be worse! And now for the good news; it may not be that large.
The same formula applied to the S&P Cash yields 832.93, the S&P Futures yields 831.20 (December Contract), and the Dow yields 6220.06!
The only other thing I can tell from the charts that seems rather obvious is tha t
YHOO, AMZN, and XCIT are ripe for a major league sell-off, potentially
10 days in length. I just don't have the guts to short any of them because
I want to be a trader tomorrow too, but I think we'll see some 20 point losses in at least AMZN and YHOO starting tomorrow. YHOO particularly, which
would make sense in light of the last time they announced earnings [History repeats itself, blah blah blah].
Regarding ASND -- I know I am the world's contrarian indicator on that stock, but I would short at 33 7/8 on a hunch tomorrow. Why? So the stock can
rise for all my buddies in the ASND conference who are getting expensive therapy bills about now...just kidding. I think ASND has some more on the down side, but not lower than 30.
Stay tuned for tomorrow, where the new mantra on Wall Street is about to be: "Pick a good window." We are going down hard and it will be relentless. If you can't watch, just come back on Thursday. The computers will still be running, even if they are staffed by an entirely new set of Charlie Sheen wannabes.
Bye for now -- email replies, comments, flames to asnd@odessanet.com.
[Feel free to post this to ASND Conference. BTW, it would take an Act of God to get me back on SI. I basically told Bob to "go to hell." (And I was being diplomatic) He won't be re-activating my account any time soon.]
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