People sure to change their minds in a big hurry. If you had chatted with traders on Wednesday morning, they were convinced we were finally heading lower. The Elliott Wave folks talked about how we were in wave 3 and how it would be a “wonder to behold”. (Conveniently, the same folks are now saying that we’re in wave 5 and will see higher highs………the magic of Elliott Waves is that one can never, ever be wrong, because there’s always an alternate count).
Well, just a couple of trading days later, everyone’s changed their tune. The consensus seems to be that the five or six days of selling we experienced constituted the entire “down” market for 2013, and now that we’ve filled the gaps in most index charts, it’s up-up-and-away time again. (more…)