Just drove back from the Midwest. These alternating up & down days suggest consolidation. The light blue rectangles on the CCI suggested consolidation (values below absolute 100). The saw-tooth AD line, and the flattening of the TSI at ~10 & the Demarker at ~50 also suggested consolidation. However, the divergences on the KH & Demarker are disturbing since the calculated price target is 29.73, which would wipe out all those August gains (today did a good job already). A black $NASI line after all that red suggests consolidation or a new uptrend. The market may be at a juncture. It either continues to consolidate and goes down soon or continues to go up now. No blip was detected today.
Check out Daneric's Elliot Wave Blog: http://3.bp.blogspot.com/_TwUS3GyHKsQ/TH6_OhWEdsI/AAAAAAAAHWg/NomzgBfuiaE/s1600/spx60.png The $SPX is already within his upwave's target box. (The count below is a home-grown version for TZA)
A sacriligious word on the economy: Don't shoot, but at this point, printing all that money and promoting stimulation are good. Our two biggest enemies (besides ourselves) are deflation & debt. We need inflation to combat both. If the boys in Washington can reverse the economy and cause a truthful rise in the stock market, I'll take the loss on TZA. But for now...still holding TZA.
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