Wave 2 of 3 rally has been confirmed early this week. At this point, DJIA and S&P 500 are reaching their minimum retracement (Fibonacci ratio 38.2% of wave 1), however, Nasdaq is still below this point. Again, it should be pointed out that even with Fibonacci relationship, it is difficult to estimate market top. Theoretically, [...]
I miss the review last week because I was out of town, but I think this week market update is more interesting to report.
Last week marked an important turnover point and it was quite a price statement made by US market. Another influential market that made a statement was oil. Crude oil went from about [...]
Last week was a short one for both Canadian and US market. Overall, both market continued their strong downtrend amid speculation on GM possible bankruptcy, oil price that is now stable above $140/barrel and a slurry of layoff news (some have been announced before, but reiteration is always good for dramatizing the situation).