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Stocks: Running Scared, But Opportunities Still Present
Elliott Wave International tries to answer the question -- just WHAT, exactly, is the "economy" and "the markets"?

By Vadim Pokhlebkin
Thu, 13 Mar 2008 18:00:00 ET
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Most people talk about the economy like it’s something that exists separately from them. Like it’s a hot-air balloon floating up in the sky. That’s us, here on earth, feet on the ground, and there’s the economy – up there, see it?

Economy expands, economy contracts; economy enjoys cheap labor and dislikes high interest rates. And lately, “Economy is not responding to the Fed’s economic stimulus.”
 
But just what IS economy?
 
Economy is people. Us – you, me and that guy over there. “Economy” is all of us getting up in the morning and going to work. Without us, there is no economy. If we feel like working, and earning, and borrowing, and spending, the economy hums along and maybe even grows a little. If we don’t feel like doing any of those things, the economy stalls.
 
Same goes for “the markets:” They are also made of people – traders and investors.
 
That’s what came to mind this morning as I was sipping my coffee and watching CNBC. Right now, the people sitting around the table were saying, “markets” are not feeling like taking on any more risk.
 
Translation: Traders and investors are feeling scared. Have you noticed that market sell-offs are usually faster and stronger than rallies? That’s because fear is stronger than greed, markets’ other engine. And they are wondering why the Fed’s interventions are not working?
 
Just what, exactly, “markets” are so scared of is another subject. Fear aside, for stocks traders the question always is – are there any potential trades right now?
 
Of course. There are always opportunities – as long as you feel like putting money on the line. Understandably, most of those have been on the short side lately. Just today (March 13), for example, Elliott Wave International's Prime Stocks Flash service issued an update for GDX, Market Vectors Gold Miners ETF, and supplemented it with this chart (some labels have been erased for this publication):
 
 
 
Right now, says Prime Stocks Flash, the top Elliott wave count for GDX strongly hints that the recent price action "can be an ending diagonal." If you're familiar with Elliott, you understand exactly what this implies for the trend.
 
There are two other potential interpretations of the wave pattern in GDX. Read about them in detail and see all the charts online now – just look below for fast subscription steps. 
(Editor's Note: Other recent Prime Stocks Flash updates include: RIG, AMAT, SSRI, GS, PRU, HPQ, DZZ, Sox Index, Retail/ANF, EEM, PAAS, Oil/Oils/OIH, NDC/DJI and GS.)

Tags: Economy, Stocks, fed's interventions, GDX, RIG, AMAT, SSRI, GS, PRU, HPQ, DZZ, Sox Index, Retail/ANF, EEM, PAAS, Oil/Oils/OIH, NDC/DJI

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For best success, you should never commit more than a small portion of your available risk capital (perhaps 10%) to any given position. Some of our opinions will be wrong. You should not act on any recommendation unless you can afford to lose the money you place at risk. You should not place at risk any money earmarked for necessary expenditures. As a publisher of information and opinion, Elliott Wave International does all it can to serve you to its utmost ability. No publisher can guarantee error-free copy or distribution. All losses and/or profits that might accrue from your decision to invest or trade in the financial markets are yours regardless of any publishing and/or notification errors that may occur. This fact requires that you monitor your market positions to the extent necessary to insure that your risk does not exceed the limits you have established.


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