.......8-10..........9-10. The market closing on its weekly low ought to portend a big up-day on Monday. We'll see.
10K With a TED over 380 I see 10K next week. Next month 9800 will not surprise me one bit. Unless we can re-ignite the CP market and spreads keep getting wider we will see a major deflation in the markets.
let's give Art Cashin that pony he has looked for for so long...as per his description, he has been diiging thru a barnful of horseshit, certain that there is a pony in there somewhere. His age-old, tried-and-true, pattern for a market bottom is...down big late in week, thursday-friday, big down followthru on following monday, big down open on the tuesday morning, with a rip-roaring rally to close on tuesday. that's his ideal scenario, and I have seen several that follow this pattern fairly well. that said, I have also seen instances when it was so anticipated...traders anticiapting a whole lotta selling on a monday, and then again on a tuesday, etc, that due to that anticiaption, the selling that might otherwise 'normally' occur on a monday then tuesday, gets done 'earlier'. possibe that may be the case this go-round. hard to say, I thought this market had found a bottom about a week ago, and that didn't hold. the main point I make is, Art Cashin has accurately called the market as this decline has transpired, he may as well 'get his pony', and be done with it.
?.........12-13......hmmm.......the Elliott Wave guys should be screaming for a move up to 11,723. That would "fit in" well with an organized media-conspiracy to talk-up a Christmas Rally starting immediately. We'll see.