Jack go under limbo stick
All around the limbo clock
Hey, let's do the limbo rock
Limbo lower now
Limbo lower now
How low can you go?
Support
Next target are the spike lows on February 9th, 23,360 on the Dow and 2,532 on the SPX. Hold the lines there boys, or all hell breaks loose. If the market is leading the news, as Socionomic theory posits, the headlines coming down the pike should match the speed and extent of the decline. Profiting from bad news, does that make us complicit? Does that make us bad people? No, that makes us traders on the right side of a trend. And that is what we do.
Fox Business & CNBC
The "buy the dip" chorus was palpable on Friday. Both networks. They've been right since 2009, leading the march up to all time new highs. When the buy-the-dip anthem ends, the bottom will be nigh.
Crude Oil
Looks like Crude is about to trigger a Wave 5 Buy Signal along with a Long trend reversal. I'm looking for a good oil stock that will trend alongside crude, with APC and VLO on my radar. It would add some sector diversification to our trading signals.
Quote Of The Weekend
"The Dow closed with a weekly loss of 5.67% and the Nasdaq closed with a weekly loss of 6.54%, but investors did not panic. This is not how market lows are made. The odds are high that there will be a 'panic' on Monday."
Courtesy: Steven Hochberg, Elliott Wave International
TRADING PORTFOLIOS
