The Fed finally decided to raise interest rates after almost 10 years! This is actually a good sign for the general economic cycle as the country will finally be moving out out of crisis mode. Back in 2006 the economic felt great, money was plentiful and even a immigrant janitor for my business bought a $400K house and a nice new truck on minimum wage. I had feeling then a recession was coming (around the time Bush came out with a cash stimulus) and eventually reality set in. Now in 2015, unemployment is almost as low as back then and the economy feels good enough. But now that interest will start rising, my guess is there will be a recession coming after a few hikes, perhaps in 2017? Personally, I am hoping there will be one in 2017 or 2018 so I can buy more stuff cheap. If Hillary wins, an immediate recession is almost certain.
Anyway, the market made a higher high and closed comfortably above the Trend Average. If the pullback on this 5 micro-count manages to stay above the TA and the 50 DMA, there is still hope for a Christmas rally to new ATH. I didn't buy anything in the US today but I bought more China yesterday and planning to buy Russia as they are very cheap at the moment.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish trend being challenged
Long Term Trend = Bearish trend being challenged
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.
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