Friday Pre Open (Thurs. Eve)

Well, our last BOOM's hallucination about GOOG trading down and Amzn popping to new highs was exactly correct...except in reverse order.  GOOG missed earnings estimated, but must have promised the moon in the conference call, as it exploded to new highs, while Amzn missed too, but is down 4% now, after having been down 9% just after their news.  CMG "met" estimates, and is trading 15% higher.  So, clearly, lunacy prevails!

Stock indices continue to favor the labeling where wave iv or part (or all) of wave '2 is ending here, depending on the index.  Once this consolidation ends, lower lows should arrive.

Everyone's new favorite thing to say they "knew" would happen and made a killing on (lying) is Natural Gas.  DSE warned near $4 that a move toward $5 was next, then warned that $5 wouldn't be maintained for long, as prices peaked at the upper 4 sdb.  After touching $5.40 this week, prices are falling, closing today at $4.89.

Again, as always, "obvious is obviously wrong" -- Joe Granville

A/d closed just above 3:1, as prices "came in" a bit into the close.  Friday could be a surprisingly volatile day, with Vix in position to make moves above 19 if things go badly overnight, and/or capital gets nervous about Turkey, and others, over the weekend.

More in the morning...

Friday Pre Open (Thurs. Eve) by

About twwadmin

Ken Goldberg is a Registered Investment Adviser, and is the president and chief market strategist at Trading With Waves. Connect with me on Google+
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