Market Update - 9/29/2009

Dow Jones Industrial Average: -47.16 or 0.48% at 9742.20

S&P 500 Index: -2.37 or 0.22% at 1060.61

NASDAQ Composite Index: -6.70 or 0.31% at 2124.04

NYSE Internals: 1446 Advance. 1556 Decline.

Another day with fairly low volume. Funny thing is, we needed a close above 1060 to be bullish and a close below 1060 to be bearish. And of course, we close right at 1060 and 106.00 on SPY. Gotta love those market makers.

The wave counts are really choppy, and it's hard to come up with just one count. So far, both of my counts that I posted about yesterday could be in play. The only thing is, we seem to have 5 waves up and 3 down. That means we may be impulsing up. So my alternate count from yesterday might be right.

The hope for the bears is that the wave up from the low is an ABC-X-ABC, and we are starting a Leading Diagonal down.

Financials were once again leading the way. They were alone on that one. Tech was weak. Dollar was up, Crude Oil and Gold were down. VIX was up too.