Impressive Rallies Continue, But Evidence Still Points Down Near-Term

Don t be Fooled by the Elusive Elliott “B” Wave Even though I have been trading for over 30 years I am still amazed by the markets.  In particular I am astounded at how much computers have taken over the trading process.  Choosing a trade is no longer about anything fundamental.  If it were much of what I’ve witnessed would not happen.  Algorithmic programs rule the markets these days.  It is something that has been in the works for several decades now.  I doubt analysts are the higher paid employees at Goldman Sachs, JP Morgan, Bank of America, Wells Fargo, or Citi Group.  Software engineers command the big bucks these days. Monday’s trade was a continuation of the topping process to complete what remains a classic Elliott “B” Wave.   Upward (directional) “B” waves are phonies.  They are sucker plays, bull traps, speculators’ paradise.  They are often emotional and rarely technically strong.  For the most part almost all “B” waves are doomed to be c

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