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Monday, July 12, 2010

Market Update - June 24, 2010 - Investor X


MARKET UPDATE
June 24, 2010
Investor X


The decline today should complete the current wave down. In my June 14, 2010 update I made the following statement:

“Once that high is in place, one of two patterns should follow:…

2) A down up down up down pattern (three downs) that brings the markets significantly below the low of last Thursday, which again was 10,061 on the DOW. This would indicate that the short-term advance is likely over and that the next phase of the decline is underway. 


The target for the current decline remains at about the same level, which is 10,061 on the DOW. Additionally, the current decline has exhibited three down waves, which confirms the major trend as being down. Given the stronger than expected rise before the current decline began, I do not anticipate that the current decline will bring the DOW significantly below the above cited level.

What to expect from here: The current decline should come within 100 points + or – of the above cited target (This may have already occurred this morning at the markets low of 10,185). Subsequently we should expect an upward correction that could last from a few days to possibly a week or so that will bring the DOW back up towards yesterday’s high, which was 10,367 and could rebound as high as 10,475. This should be the set up for the beginning of the next major plunge. For those of us who are short the market, it should be quite impressive. This should begin sometime towards the end of the month or perhaps the immediate days following the 4th of July weekend. Interestingly July 1st is when the states are required to fund their budgets. Many of the states are unable to do so and therefore, this might become a big item in the press following the holiday weekend.

Have a nice day,

Investor X

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