More bearish signs over last two week...

I've been on vacation for the last 10 days so my analysis has been limited but it's safe to say the tides are starting to turn bearish. What will be the event that will be the turning point? Will it be a US-BP scandal? (NOAA scientist lied) (toxic dispersant) (dead fish) European bankrupt countries not named Greece? (Spain, Portugal, Ireland, etc. ) Maybe something closer to home (California) Or simply an acceptance that ponzi finance isn't the answer and a de-leveraging of the system is inevitable and will push assets lower. Who know, but here's a very short bearish/bullish list.



Bullish
USD ticker UUP - Best long
Bonds
Cash
Corn
Wheat
Health Care


Bearish
Equities
Euro
High Yields
Coal
Crude Oil
Steel

S&P EWT Update: Target 1150

I still have my price target around 1150 on S&P. As you can see there is heavy resistance between 1145 and 1155. Exact timing is the hardest to do with EWT as you can see from my last S&P EWT post where the estimated end of the rally was July 29th at 1150. That timing was based on 100% time extension of wave a of C for wave c of C. This timing was rather unreasonable given the nature of wave a of C. So here's the next notable times: 161.8% of Wave A close 8/12; 261.8% of Wave a of C close 8/11; 161.8% of wave 1 close 8/18.

Keep an eye on the price with the timing as an afterthought.

Is Steel Leading the Market?

Double zig-zag correction ending soon for US equity.

EUR/USD rally looking over

Oil Update

Oil, like gold, is also a recommended sell...

Daily Chart:

Weekly Chart:

Gold Update

Daily Gold Chart

Gold looking very bearish...

Intermediate Gold Top

It looks like gold has topped for a few years before it continues its bull market rally....

Textbook Example of Double Three

Could be a triangle or zigzag that ends Y... looks like a triangle as of now

Fiat Falure Cycle

Daily S&P EWT

Market is literally on the edge of the abyss....

Nasdaq Composite Index

Good movement....

We should know direction soon....

Current Elliott Wave Count S&P 500

• It looks to me as if there is a strong possibility in this rally continuing....however, don't be suprised if it falls off a cliff.

• Everyone is watching the SPX 1040 level for a breakdown. If it breaks watch for some fireworks.

• Nevertheless, it looks like Ben could keep the music going a little longer. There is some heavy buying going on, some not seen since the March 2009 lows. Dollar bulls are at record highs (bad for market) and market participants are just as pessimistic now as they were near the March 09' lows.

• What the verdict? .......it smells like a rally a coming

S&P 500 Index - 60 minute chart

At some point Intel (INTC) will be a major buy....

INTC - Weekly Candlesticks: "

via StockCharts.com

"

Time to go shopping in Greece?

• I'm not real sure, but I believe it could be time to go shopping for some value in Greece.

• The world is scared to death of Greece and like Buffet says, "be fearful when others are greedy and greedy when others our fearful."

• I'm buying some National Bank of Greece (NBG) right here.

National Bank of Greece (NBG)

What am I reading today?

Finance & Economics

On The Descent Into A Weimar Reality - More and more pundits claim that the true historical analog to our current tumultuous times are not the days after 1929, but the period between 1919 and 1923 in post WW I Germany, also known as th Weimar Republic.

With Everyone Expressing Their Fake Support For The Euro, Iran Is Now Openly Dumping €45 Billion - Iran's central bank will sell 45 billion euros from its reserves to buy dollars and gold ingots, a report on the website of state-owned Press TV said on Wednesday.

How Much Economic Growth Is “Artificial”? - Add it up and only one quarter of the last seven (Q4 2009) has been able to show real growth in excess of government stimulus.


Trading and Investments

The Ultimate Hedge in Economic Crisis - Consider health care the ultimate hedge in times of economic crisis. Not only is it the last area that people cut back, it doesn't lose value in good times, as gold does. As a percentage of our economy, health care overshadows sectors that are far more subject to economic fluctuations, such as energy.


Politics

US Attorney General Launches Criminal, Civil Investigation Into BP Oil Spill - It's about that time for someone to ask a few questions of BP former Chairman Peter Denis Sutherland (until January 2010), who just happens to be a non-executive director of Goldman Sachs, which incidentally sold just under 5 million shares, or nearly 40% of their BP stake, in the quarter ended March 31?

Libertarian Warren Redlich blasts Republican opponents for supporting Democrats in the past - Libertarian Party nominee for Governor of New York Warren Redlich took some shots at his Republican opponents for having supported Democrats in past elections.

"There Are too Many Bureaucrats, and They Are Paid too Much" - The Center for Freedom and Prosperity's latest video looks at how a large part of the soaring federal and state government debt is due to a massive, overpaid bureaucracy.