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Stock Market Pop and Drop

Stock-Markets / Stock Markets 2012 Oct 11, 2012 - 12:03 PM GMT

By: Anthony_Cherniawski

Stock-Markets

he daily and even the hourly charts often do not reveal the detail of the waves enough to make a good assessment. This morning I go to the 10-minute chart to reveal the clarity of the wave pattern. This suggests that after a brief rally (which may already be over), the market resumes its downward spiral. Today is both a Pivot and Wild Card reversal day, so in that sense, the retracement is welcome. The 50-day moving average is just beneath yesterday’s lows at 1426.00. It appears that, once crossed, selling will resume in earnest.


Here is the Jobless Claims number that spiked the market higher this morning; In the week ending October 6, the advance figure for seasonally adjusted initial claims was 339,000, a decrease of 30,000 from the previous week's revised figure of 369,000. The 4-week moving average was 364,000, a decrease of 11,500 from the previous week's revised average of 375,500. The link is: http://www.dol.gov/opa/media/press/eta/ui/current.htm

Of course, we know that Obama is having a number of government agencies delay their scheduled layoffs until after the election. Who know what political pressure is being put on the BLS to massage these numbers as well.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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