Hope Floats: Fear Still Distant

By: Joseph Russo | Sat, Sep 8, 2007
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Anchors Away:
The financial sphere along with the ruling army of entrenched corporate and political elites, deeply committed and harboring inordinate interest in perpetuating an unsustainable war/debt-based prosperity paradigm - are keeping their fingers tightly-crossed that "hope" and illusion, along with a likely forthcoming tsunami of ponzi-rigged bailout schemes will float the right number of boats - rather than sink the good-ship Lollie-Pop. It is in all of our best interest that all such hope truly "float," unlike the sinking anchor and shackle effects of fiat currency.

Ruling Elites:
A multi-generational mutation - spawning oblivious visionary-wizards of social decay, have been slowly digging their own graves for more than one-hundred years now. When the last of them finally finish the job, may those with genuinely good intent R.I.P, and those without R.I.H.

A long, long way to go - in getting to "UNCLE"
Delusion and denial will likely reign supreme for a period. Until fear grips societies at the undeniable and clear visible hand of widespread economic pain, business shall continue virtually unabated, in its usual arcane manner.

Absent the noise, predictions, table pounding, speculation, headlines, and government reports, we continue to read price-charts with inordinate impartiality as if they were yesterday's news.

We are the Men in Black:
High volatility, low volatility, fresh historic highs, corrections, bull-markets, bear-markets, spikes, 3rd-waves, 5th-waves, 4th-waves, V-bottoms, double tops, turn-dates, super-cycles - whatever... Nothing gets past our radar - NOTHING.

A Dividend Paying Gift to Readers from Last Weeks Article:
Last week was unique in that we do not typically post actual price charts that appear in our short-term trading publications. Below is outcome to a chart, originally presented for public consumption in our Wilshire Revisited article published last week, on September 4:

NTO Traders Booking-Profits every which way from Sunday:
Those navigating in and out of broad market indices seeking short-term speculative profits continue to "make-bank" solely adhering to the evolution of price-action as implicitly conveyed through our unwavering branded art of technical analysis.

Last week's short-term trade and profit outcomes:
The following illustration exemplifies effects of our routine practice in identifying clear trade set-ups, and consistent achievement of price-targets, through Elliott Wave Technology's Near Term Outlook.

For active traders of all time-horizons, there is no better edge for navigating broad market indices than the Near Term Outlook.

The Week in Review:

The NASDAQ 100

The NDX:

Stinging like a bee in August - will "hope-float" the NDX back to a new high above 2060?

After three-weeks of unsustainable non-stop rally off the V-bottom low in August, the NDX must now stand-and-deliver into the heart of the "fall" season.

As we ponder such question, let us see how the balance of broad market indices' are floating into the month of September:

Re-testing multi-year lows, The Dollar remains under pressure and has a ways to go before reaching its lower trend channel boundary of support.

Though lagging the NDX in terms of snap-back percentages only, The Dow also maintains a level of "float-status" off the V-bottom low in August.

Gold has spoken - implying imminent anticipation toward a glut of global bailout schemes that will further erode purchasing power of the world's fiat currency's.

Though its trajectory channel is virtually flat in comparison to the Dow, The S&P is in "float-mode" just the same.

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Until next time ...

Trade Better / Invest Smarter...



Joseph Russo

Author: Joseph Russo

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo

Since the dot.com bubble, 911, and the 2002 market crash, Elliott Wave Technology's mission remains the delivery of valuable solutions-based services that empower clients to execute successful trading and investment decisions in all market environments.

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating their exposure to the financial markets.

Since the official launch of his Elliott Wave Technology website in 2005, he has established an outstanding record of accomplishment, including but not limited to, ...

  • In 2005, he elicited a major long-term wealth producing nugget of guidance in suggesting strongly that members give serious consideration to apportioning 10%-20% of their net worth toward the physical acquisition of Gold (@ $400.) and Silver (@ $6.00).

  • In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."

  • On May 6 of 2007, five months prior to the market top in 2007, though still bullish at that time, he publicly warned long-term investors not to be fooled again, in "Bullish Like There's No Tomorrow."

  • On March 10 of 2008, with another 48% of downside remaining to the bottom of the great bear market of 2008-2009, in "V-for Vendetta," using the Wilshire 5000 as proxy, he publicly laid out the case for the depth and amplitude of the unfolding bear market, which marked terminal to a rather nice long-run in equity values.

  • Working extensively with EasyLanguage® programmer George Pruitt in 2010 and 2011, the author of "Building Winning Trading Systems with TradeStation," he assisted in the development of several proprietary trading systems.

  • On February 11, 2011, he publicly made available his call for a key bottom in the long bond at 117 '3/32. Within a year and half from his call, the long bond rallied in excess of 30% to new all time highs in July of 2012.

  • For the benefit of members and his general readership, he responded to widespread levels of economic and financial uncertainty in the development of Prudent Measures in 2012.

  • He publicly warned of a major top in Apple on October 26, 2012 in the very early stages of a 40% decline from its all time high.

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