The market has been frustrating a lot of folks, not the least of which our friends at Elliott Wave International. However, they have finally issued their clearest "this is it!" proclamation as of Friday's STU…….
Of course, what would STU be without some wiggle room in the text somewhere?
In other words, "this is what's happening, unless it's not." Joking aside though, I always respect clear projections and declarations. EWI's chief Bob Prechter is no less clear, and his view of a bear market isn't the least bit forgiving. Observe:
Yes, that's a level of about 400 or so on the Dow. I'm not even sure a nuclear apocalypse could produce that kind of result, but there you have it.
So at this point, a number of folks I respect have projections all over the map……..
- Evil (molecool) is in "hibernation mode";
- Gary Savage is going for an all-out bull market in gold and silver;
- Good ol' Tim is still in a grind-it-out bear market mode, but with an ultimate low closer to 6000 than 400!
The handful of longs that I had, I sold on Friday morning. I am 100% short, although 40% of my portfolio is in cash, and I still have used $0 of margin. All the same, a 60% commitment is the highest level I've been at thus far.