Daily Archives: December 16, 2016

Manipulators, the PPT and Peter Pan Send the Stock Market Higher

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by Avi Gilburt, ElliottWaveTrader.net

“You can fly, you can fly, you can fly” – Peter Pan

It seems that, once again, the stock market rally has taken most by surprise. Yes, the US stock market has been making new all-time highs, and everyone seems to be scratching their heads. In fact, I believe we recently even witnessed a Dow Theory confirmation of this stock market rally.

The common recent expectation was that a Trump win was going to crash the markets. In fact, when the market headed higher against a particular analysts’ expectations, he ridiculously claimed that the current equity market rally is a “manufactured rally” for the sole purpose of allowing big money to “escape the market,” only for Obama to then cause a big crash in the stock market before Trump’s inauguration in order to “hand him as big a mess as possible.” You just can’t make stuff like this up. And, amazingly, there are investors that follow this “analyst,” but clearly with a lot less money now in their pockets.

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Retest, Probably

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No retest of the highs yesterday, but I’m still optimistic about seeing that today or Monday. ES and TF both look encouraging for seeing that, though NQ is showing a more bearish lean.

On ES there is a likely bullish triangle forming that should deliver a retest. I have triangle support currently in the 2253.5 area and will be looking for support there if reached. ES Mar 60min chart:

161216 AM ES Mar 60min

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Big Swinging Deck

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One of my favorite short positions these days is Deckers Outdoor Corporation, which makes those UGGS products (among others, like Teva) to wear on your feet. Oprah is a big fan of UGGS, and whenever I think of this stock, I imagine her groaning out that very phrase (“UGG!”) as she struggles to get each shoe off her wet, stinking feet. But I digress. Its ability to fall hard after topping out engages me, and I simply keep tightening the stop every day.

1216-DECK