The Chart du Jour
Although the Nasdaq bounce-back has been substantial, we doubt whether it can be lasting, particularly when we peer at the charts below. Given the overall rhythm of the equity markets, we still see a high probability that the Nasdaq 100 will reach at least 2970. The S&P 500 is currently sporting a rhythm that suggests that 1209 may still in the cards.
Meanwhile, we'd suggest that Microsoft is a sale toward 73 3/4, but probably a short term buy on further weakness to 60 1/8.
Bonds, of course, continue to stumble lower, and we see 94-08 likely before too much longer.
Lastly, is that 5-waves down in the Australian dollar we spy? For a market that was ever so hot a few years ago up at 81 cents, it's getting pretty tempting on a contrarian basis sub-59 cents. Watch for a turn higher in gold if the Aussie is completing a 5th wave down.
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