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  • Benjamin Roth: The Great Depression: A Diary

    Benjamin Roth: The Great Depression: A Diary
    It's all here, times change people don't -the endless govt programs that fail to stimulate the private sector -the ups and downs of the economy, the veterans pension stimulates just as the housing credit did, until of course the money runs out -Roth is a attorney in Youngstown Ohio who kept a diary regarding the economy from 1930 until WW II breaks out, he is objective, candid, and forthright which is more than we get from Washington DC now or then highly recommended

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April 24, 2018

Decision Day

Tuesday April 24, 2018

My post this morning was correct in that I suggested we were at Decision Day. I was wrong in speculating the market would turn up.

INDU

Screen Shot 2018-04-24 at 4.24.57 PM

 

Our friends at Elliott Wave International correctly suggested that Wave 2, the recovery from the decline in early February, had ended.I for one day abandoned my own bearish stance to my dismay. I did not add any long positions and in fact sold some energy shares Monday.

At any rate, the trend is down again. If Wave 2 has ended the larger Wave 3 has begun. Most chart programs feature a 200 bar MA. INDU and SPX are about to test those 200 bar daily MAs. I suspect they will not hold and the market will move lower.

More tomorrow after the End of Day Indicators update. This action should take the bullish percents under  50% or will soon. That is negative.

Posted at 05:30 PM in Socionomics |

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