Wednesday, March 17, 2010

3/17 2:00

Nasdaq count from 2/5 is clear in the daily chart:
My count prior to this period is different than Elliott Wave International's. I don't post wave counts that have been published by them in the Theorist or Financial Forecast. 
With that caveat,  the speculative surge since last year will be completely retraced and more.  Since last March Nasdaq Comp up 90%, mid-caps up 100%, financials up 110%.  Speculative fever has arrived and mutual funds are receiving big money into stock funds (15 billion in last 4 weeks). 
The market is attempting to take out stops now DJI 10,766.  My stop is XMI 1192.
Nasdaq ran up to 2400 on the nose.  Should be the top.

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