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Saturday, July 20, 2013

Saturday, 7/20/13 update

The bull continues to run, no surprise given all the bull---- being pumped out by the Fed.  Although this bull is beginning to look a little winded.  I would be too if I had chased down and stomped as many bears as he has.  Word is that Prechter's crew has even turned short term bullish, certainly an ominous sign - when the last bear capitulates the top can't be far away (full disclosure - I used to be a big fan of EWI in the late '80's, lost A LOT of money when I let their perma-bear attitudes influence my thinking - yes, they have been perma-bears going that far back).

If the below Elliott count is accurate, then we should see some choppiness and volatility over the coming week or two.  That should set up some technical divergences and lead into a fairly significant intermediate term (and possibly long term) top.

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