Dow Jones Industrial Average: +144.80 or 1.47% at 10015.86
S&P 500 Index: +18.83 or 1.75% at 1092.02
NASDAQ Composite Index: +32.34 or 1.51% at 2172.23
NYSE Internals: 2278 Advance. 769 Decline.
Clearly broke 1080 today. Nearly made it to 1100. Dow hit 10,000. Given that we are so close to 1100, I just don't see us missing it now. The SPX didn't come this far to miss 1100 by a few points. We should see that number by the end of the week, or early next week at the latest. But we will probably see a small little wave iv pullback first, perhaps to test the breakout point at 1080.
1100 is just the minimum target. I guess 1122 might be another decent area to "top." 1122 is the 50% fib retracement of the entire bear market. The last major bear market retraced 53%
The wave structure also supports a touch of 1100. 1097 is the mark where wave (C) = .786 * (A). If C is to equal A, we're talking about a target of 1158. But that seems a bit too far to reach with this wave count. Somewhere between 1097-1122 seems logical... for now.
US Dollar was once again crushed. Gold was flat, Crude Oil was up. VIX was also flat. Financials were by far the leaders today. XLF was up nearly 3.5%
0 comments:
Post a Comment