Bankers has 10.69% Of ALL Stock In Public Float Is Short
Hold Stock Short...This will explode upward at some point.
Bill Carrigan TA : Our first chart is the basic 8-wave count of a full bull and bear Elliott Wave count. Note the bull phase – impulse wave to (1) which is followed by a counter trend corrective wave down to (2). We then get an impulse wave to (3) which is followed by a counter trend corrective wave down to (4). We then get the final advance to (5) which is then followed by an A-B-C or three wave correction or bear phase.
The nasty selling panic that began three weeks ago has confused the fundamental and technical analysts. The fundamental guys fear a recession along with declining earnings and those risky European banks.
The technical guys study the MACD, the RSI, stochastics and moving averages. The only thing that works is Elliott Wave because when the count is applied to long term charts we can see where we were and where we are going.
Some basic tenents are the corrective (2) will never violate the low of impulse wave (1). Impulse wave (3) is never the shortest wave and the low of corrective wave (4) will never enter the space of impulse wave (1). The theory of alternation holds that if corrective wave (2) is short and simple than corrective wave (4) will be long and complicated. So there you have it as set out in our simple diagram
Now I am illustrating an Elliott Wave count on the Dow Industrials using weekly data to set out the 2009 to date 1-2-3-4-5 bull advance count and the subsequent A-B-C correction or bear phase. Note the last C wave corrective wave has been a sudden and sharp decline accompanied by fear, confusion and panic which is typical of a C wave bottom.
If this is a bottom then we start into a new Elliott Wave 1-2-3-4-5 wave advance that should run through 2013. Keep in mind that a new impulse was (1) is always thought to be a bear market rally
Dumpster diving with Wilbur Ross
The Chase by Marty Cej:
Global stock markets are mixed as we approach the North American open after a hastily thrown together "summit" between Angela Merkel and Nikolas Sarkozy yesterday failed to result in measures that buttress confidence in Europe.
We'll see whether President Obama fares any better today after an "unnamed administration official" told Bloomberg, AP and others that the president will give a major speech in September to ask Congress for additional money to boost the economy and stimulate job growth. The president will also ask for long-term spending cuts, the unnamed official said.
Presidential hopeful Rick Perry warned yesterday that any move to stimulate the economy by Federal Reserve officials would be considered "treasonous" and result in their "ugly" treatment if they ever let the sun go down on them in Texas. The White House, European leaders, ECB and Fed have now all made aggressive policy statements towards stimulating growth and easing financial conditions. Will that be enough, combined with healthy corporate balance sheets and billions in cash on the sidelines, to recharge global stocks markets?
We're about to find out.
BNN features today a conversation with billionaire Wilbur Ross of WL Ross & Co. One of the foremost bankruptcy and leveraged buyout experts in the world, Ross will sit down for half an hour with Howard Green at 1:00 pm Eastern. We'll ask Ross what he's buying, what he's selling and whether he believes the U.S. economy is tipping – like a stand-up paddleboard swamped by a Sea-Doo's wake – into recession.
Among the stories we need to pursue today are the repercussions of a tax on financial transactions proposed by Merkel and Sarkozy yesterday. Short on details, the mere mention of a tax – an idea that was rejected by the European Union in 2010 – drove shares of exchanges and banks lower. What might the tax look like? How would it hurt volumes and earnings? Would it affect Canadian banks and exchanges? Could it be good for Canadian banks and exchanges? Let's find out.
U.S. retailers continue to roll out their earnings this week with numbers from Target, which beat by 6 cents, and BJs Wholesale, which beat by as much as 8 cents a share. Abercrombie & Fitch, where Michael Kane purchases much of his leisure wear, topped the average forecast by 5 cents.
Deere & Co. is another stock to watch today after the world's biggest maker of cool farm machinery reported a short time ago, earning $1.69 per share in its third quarter, beating estimates for $1.67 a share. The company added that it remains on track for record annual revenue and profit.
Watch oil this morning. U.S. inventory data due out at 10:30 is expected to show a big draw down in gasoline after last week's unexpectedly big decline in crude and gasoline inventories.
There are many more stories but no more time, for me at least.
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