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
Robert Scheer: The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street
The former Editor of Ramparts takes on both parties and how they sold out to Wall Street that is even now partying and bonusing on their former mistakes.
Charles Gasparino: Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street
How Wall Street Backed the Administration and Got What It Paid For
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Wed May 230 2020
The PMO at bottom actually reflects the probable wave structure better than the price itself.
We can probably best judge the fifth wave by observing the PMO at bottom. I should fall short of the high of the third wave which registered a full 1.0.
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Hello Professor,
I enjoy reading your analysis. Thank you for taking the time to blog daily.
While I pay attention to and try to meticulously count the waves, I have been a contrarian (bullish)in this market. I do NOT want to fight the FED. When we saw the current up wave on the Nasdaq stay above the 61.8% fib, then we saw Nasdaq prices go over wave two, it was looking more like the FAANGs were still going to push the market up to test the higher fibs. Based on the daily put/call ratio on the SPY over the past weeks, it appeared that many or most traders had been short this market. Now, many people may be jumping in on the long side due to fear of missing out(FOMO). This is when we could see the real selling begin. I suspect it will begin soon once we retrace to approx 100% on the Nasdaq and 78.6% on the SPX. Most of the analyst I read have been uncertain or short since April 1st. And once those who are short begin to capitulate and go long, it should get ugly. I would be looking at going short or selling at SPX $3130. However, please note that we are coming up to a key resistance at the 200 day SMA which is SPX $3000. This may be a better place for a correction to start as 3000 is a psychological number. If SPX blows through the 3000, the next target is the 3130 area which also happens to be the top of wave two and the 78.6% fib. Just my two cents. Have a good day rest of your day.
Posted by: A.M. Putman | May 20, 2020 at 07:38 PM
Excellent, I will post if you don't mind since you did put it as a comment.
And if this happens it will shock everyone, socionomics holds that experiences are unremembered, the decline from Feb 12 - Mar 23 is already frogotten it apears.
Posted by: Dennis Elam | May 21, 2020 at 01:05 PM