By Bob Prechter The following is an excerpt from Robert Prechter’s Elliott Wave Theorist.  Elliott Wave International is currently offering Bob’s recent Elliott Wave Theorist, free. On February 23, EWT called for the S&P to bottom in the 600s and then begin a sharp rally, the biggest since the 2007 high. The S&P...

Courtesy of Tim at The Mess Greenspan Made Weekly claims for unemployment insurance rose from a revised 561,000 to 576,000 for the period ending August 15th, stubbornly high for this long after a peak in new claims. Analysts had expected a drop to 550,000, however, according to Bloomberg, last week’s reading exceeded the highest forecast among...

Courtesy of Corey at Afraid To Trade General Electric (GE) gives us a great example of how the patterns in technical analysis (charting) are fractal, and are applicable to all timeframes.  Let’s take a look at perhaps the most massive bear flag I have seen, which serves as an ideal educational example of the “Enhanced Flag” concept. Starting...

Tyler with Zero Hedge comments that with option expiration tomorrow, the market could be set for some peculiar action over the next 48 hours. But first, your scheduled afternoon market ramp.

Courtesy of Tom at But Then What The summer economic meme seems to be improvement in manufacturing, no good news on real estate and bouncing along the bottom for employment. Economic Gauges The Philly Fed said that its index rose to 4.2 in August from a negative 7.5 in July. That’s the highest reading since November 2007. All of the sub-indexes were...

“The number of U.S. workers filing new claims for jobless benefits unexpectedly rose 15,000 last week, a government report showed Thursday, fanning worries of an anemic recovery from the worst recession in 70 years. Initial claims for state unemployment insurance benefits rose to 576,000 in the week ended Aug. 15,” reports CNBC. * “Stocks...

Zero Hedge writes: While over the past several weeks Goldman’s stock price has been steady as a rock (except to precipitate an occasional headfake in a volumeless and directionless market), its CDS has spiked wider by about 50% since its lows (from low 90s to mid 140s). Either some arb desk is currently collecting all its possessions in banker...

(BUSINESS WIRE)–Helicos BioSciences Corporation (NASDAQ: HLCS – News), a life science company focused on innovative genetic analysis technologies, today announced the placement of a Helicos™ Genetic Analysis System at the Ontario Institute for Cancer Research (OICR) with Drs. Tom Hudson and John McPherson. Market Club has a very interesting...

David Rosenberg discussed inflationary pressures “Breakfast with Dave” recreated in its entirety as it touches on many critical points: As for the inflation-phobes, gold demand hit a six-year low in 2Q, according to the World Gold Council (-8.6% YoY). What is most interesting is that since late July, the S&P 500 has managed to tack...

US Dollar – Weekly Chart Take a quick look at the US dollar. It formed a very nice H&S pattern and broke down to the measured move area quickly. Also this chart looks like a large bull flag and could start to move higher from this support level in the coming months. If this happens we will see precious metal prices drop. Technical Trader Conclusion: The...

The S&P 500 was higher overnight as it extends the rebound off Monday’s low. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near term. If September extends Monday’s decline, the reaction low crossing at 964.10 is the next downside target. Closes above the 10 day moving average crossing...

Courtesy of Phil’s Stock World Maybe I am being too bearish on the economy. Maybe there is a shining city on the hill with 1,000 points of light and if I simply close my eyes and believe in it, I will be transported there and everything will be wonderful and China will expand and Europe will expand and the US markets will rise and rise as the...

China: Bogus Boom by American Enterprise Institute For Public Research Bogus Boom

How about Crude oil?  Things have been very choppy lately.  Are we peaking?  Interestingly, if we look at the seasonal chart, we can see that crude oil usually has a very choppy August, with up and down and sideways action.  The good news for the bulls is that the Crude oil market still has about another 6-8 weeks left of its seasonal action. (NOTE...