Thursday Oct 20, 2011
We suggested earlier this week that the markets were topping and a Wave A had crested. That is now evident in the QQQs with the weakness in AAPL. The NYSE and SPX are just beginning to roll over. It may be that European woes will quickly bring things down next week.
Silver stocks look weak and silver looks weaker. We would favor a rather deep succession of limit buy orders for GDXJ and HL but honestly one cannot tell just how far silver might fall at this point. Gold and silver have fallen no bottom in sight yet.
The Summation Index and bullish percent charts remain in bearish territory. Our best count is that the five waves down finished October 4. We are now in a Wave Two up, with Wave A completing this week.
I am at an academic conference tomorrow through Saturday at noon. So no updates until later this weekend.
Here is an interesting story. It shows how accountants can cook the books. How in America big business do whatever it takes to become successful with total disregard to the investment public or business ethics.
http://finance.yahoo.com/news/Groupons-fall-to-earth-apf-1850258734.html?x=0&sec=topStories&pos=1&asset=&ccode=
Are we becoming a nation of BUYER BEWARE? Is the almighty dollar more important then anything else.
Posted by: Valentin Tristan Jr. | October 22, 2011 at 12:27 PM