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Stocks sold off sharply after the release of the May jobs report on Friday. The Dow dropped 275-points.
In spite of our sentiment survey remaining on a buy signal for the past six weeks, losses continue to mount for the bulls. In that time, the S fund has dropped -8.47%, including -3.96% just last week.
You might remember that going into the previous week, the Top 50 had increased their collective stock exposure by 20%, although total stock allocations remained conservative at just 29%. And on Tuesday
Fibonacci projections are estimated in the daily timeframe of the SPX to arrive at possible turning points or targets. All this talk about Elliott waves might be a little confusing, but try and wade through this blog to come to a better understanding of possible paths and turning points. Ralph Nelson Elliott in 1946 before his death wrote “Wave Principle, Natures Law-The Secret of the Universe.” Robert Prechter published R. N. Elliott’s works in 1980, in “The Major Works of R.N. Elliott.” Elliott
Last week was a holiday shortened week and we went into Friday with just minor losses in the stock market, but as you may have heard, the May jobs report came in well below expectation and stocks sold off sharply. If you missed it, estimates were looking for an increase of 150,000 jobs and we got less than half of that, plus the unemployment rate ticked up to 8.2%.
Only 69,000 jobs were added in May vs. the 150,000 estimated. The unemployment rate ticked up to 8.2%. March and April numbers were revised lower. March's were lowered by 11,000 jobs, while April's plummeted by 38,000.