The Nasdaq 100 reached and marginally surpassed our 4390 target Friday, but we are encouraged that the high close Friday could well reverse come Monday morning given the look of the daily CAC-40 chart above. The Fibonacci rhythm and Elliott wave count on this chart are near picture perfect for a top to form right here and now. The weekly chart of the CAC pictured below suggests that an intra-week overshoot to 6,667 might be possible, but we think that all the major equity markets are about to do something that will be considered strange and alien to most participants: stop going up and start to drop in an entropic fashion. Perhaps there will be some news event associated with this, perhaps not. But with a count like the one above, don't linger long by the exit door.

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Sand Spring Advisors provides information and analysis from sources and using methods it believes reliable, but cannot accept responsibility for any trading losses that may be incurred as a result of our analysis. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities, and should always trade at a position size level well within their financial condition. Principals of Sand Spring Advisors may carry positions in securities or futures discussed, but as a matter of policy will always so disclose this if it is the case, and will specifically not trade in any described security or futures for a period 5 business days prior to or subsequent to a commentary being released on a given security or futures.