JESSE’S CAFÉ AMÉRICAIN

By Robert Jay Since mid-May, the S&P 500 Index has been in an 8-to-9 day turning pattern. The visual below demonstrates the pattern: So far, the S&P’s closing high of 1115.01 (Jul. 26) is on the 8th day of the 8-9 day turning pattern, while the index’s intraday high of 1120.95 (Jul. 27) is on the 9th day, satisfying both turn...

The Market Ticker Gee Bill, it only took you three years to figure this out? The New Normal will not be aided nor abetted by a slower-growing population nor by cyclical policy errors that thrust Keynesian consumption remedies on a declining consumer base. Current deficit spending that seeks to maintain an artificially high percentage of consumer...

Courtesy of Mish It’s been one hell of a non-recovery in housing, smack in the face of now-expiring $8,000 home tax credits that have proven to be as stimulative and futile as attacking fire ants with a BB-Gun. Please consider Foreclosure Filings Rise in 75% of U.S. Metro Areas Foreclosure filings climbed in three-quarters of U.S. metropolitan...

The S&P 500 is turning out to be a conundrum for many professionals and home traders alike. The conflicting information on good earnings, high unemployment, and other factors continue to batter the market. One moment the SP500 is heading for the stars and the next, it’s heading to the cellar. So what’s a trader to do? Click to view video...

Here at TMTF, I enjoy making controversial calls based on Human Behavioral topping and bottoming patterns, often referred to as Elliott Wave Theory.  This is a difficult pattern recognition model to follow as there can be numerous interpretations.  Instead, I look for additional clues like sentiment indicators, a few traditional technical indicators,...

Most traders I have been talking with are feeling the same thing. Something big is brewing for the equities market but most do not want to get heavily involved until there is a clear direction. The broad market has been consolidating for almost 3 months and it’s important to remember that the larger the consolidation the bigger the move. Also...

The Market Ticker This is amusing…. New orders for manufactured durable goods in June decreased $2.0 billion or 1.0 percent to $190.5 billion, the U.S. Census Bureau announced today. This was the second consecutive monthly decrease and followed a 0.8 percent May decrease. Excluding transportation, new orders decreased 0.6 percent. Excluding...

Tim Iacono There’s lots of thoroughly depressing data in this report(.pdf) from the Pew Research Center about the plight of the unemployed, particularly the long-term unemployed. But, to me, the data snippets below are almost as interesting as how much those without a job for six months or more hate their new jobs when they finally find one. It...

Gold Scents I want to discuss something that came up on the blog Friday. An anonymous poster hinted that we were going to see more gold weakness in the days ahead because big money was having to sell  positions. Folks, big smart money traders don’t sell into weakness. These kind of investors don’t think like the typical retail investor who...

Courtesy of Mish Like most politicians, Treasury Secretary Tim Geithner likes to talk out of both sides of his mouth, generally saying contradictory things in sound bites that may sound reasonable at first glance, but look idiotic upon closer inspection. For example please consider Private sector must drive economy: Geithner During an interview...

Fractal Update, 7/26/2010

Courtesy of Mish Here is an interesting story with an Oregon slant that reflects problems all states now face. Please consider Oregon budget stands at precarious crossroad. Oregon government stands at the edge of a financial chasm as precarious as any in its 151-year history, hemmed in by the global recession, questionable spending decisions and...

The major indices- how they did this week. Only gold lost ground.

The second half of last week we saw some strong price action in the equities market. The SP500 broke through the 5 and 50 day moving averages closing the week just under key resistance levels. The SP500 futures will find resistance at the June high $1099.25, $1100 which is whole number then at $1103 which is the 200 day moving average. Each of ...