Dow Jones Industrial Average: +1.21 or 0.01% at 10390.11
S&P 500 Index: -2.73 or 0.25% at 1103.25
NASDAQ Composite Index: -4.74 or 0.22% at 2189.61
NYSE Internals: 1661 Advance. 1368 Decline.
US Dollar: -0.17(0.22%) at 75.800 | Crude Oil: -1.48(1.96%) at 73.99
Gold: -9.90(0.85%) at 1159.6 | VIX: +0.85(4.00%) at 22.10
Most of the day today was spent in a very tight trading range. Low volatility and not much price movement. But, we did see a little push down towards the end of the day. So far, this all looks like consolidation for another big move.
Which way the move will go seems a bit unclear at the moment. The wave counts aren't as easy to count as they have been in the past. There are obviously two scenarios. A bullish and bearish. Regardless of which way the move goes, it will probably be big. For right now, the move can be counted as a i-ii-(1)-(2) down, or a (i)-(ii) up. The next wave in both cases is going to be a wave 3. This chart explains it more clearly:
Follow the leader? Let's hope so. Through out most of this rally, big cap stocks like Goldman Sachs, Apple, IBM, etc etc have been leading to the upside. If we continue to follow these big time names... things may get a bit ugly. :)
Goldman Sachs:
As you can see with the chart of GS, it looks like that it has already topped and completed it's Primary Wave 2. The move down so far looks impulsive. If the bearish count is right for GS, we are in Minor wave 3 of Intermediate wave 1 of Primary Wave 3. If the broad market is following this big name stocks, as many people suggest, the major indices should be starting their Primary Wave 3 down soon as well.
Apple:
The count for Apple is the same as it is for GS. Except, Apple is most likely starting a Primary Wave A down, not Primary Wave 3. Regardless, the trend is down.
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