In case you're only just now emerging from a turkey coma, here's the latest in stock market news: When the closing bell was said and rung on Friday, November 25, US stocks had capped their worst Thanksgiving week-drop in nearly 80 years (circa 1932).
But that was then. Come Monday, November 28, the mainstream financial media observed a Patti LaBull "new attitude" among US stocks as the Dow Jones Industrial Average rocketed 300-plus points in early going.
Were there any new "fundamentals" to go along with that "new attitude"? Unless you count Black Friday's strong sales, there weren't. The ongoing debt crisis in Europe, which last week took the blame for the U.S. market's Thanksgiving selloff and overall November, downtrend is still very much with us.
You could say that the good news from U.S. retailers outweighed the bad news from Europe... the move otherwise known as "sweeping it under the rug."
Elliott wave interpretation of the November 28 stock rally is much more objective. On November 23 and 25, EWI's
U.S. Intraday Stocks Specialty Service set the stage for a
near-term rally via this timely insight:
"The lack of downside zeal is cautioning that this new low is indeed ending... The lack of zeal is also cautioning that any turn up may be rather sharp, erasing all of today's decline, or that if not today, then in the morning a gap up could trap any unsuspecting bears. Trade up through 11,325 would most likely confirm a competed wave down."
When stocks shot up on Monday morning,
U.S. Intraday Stocks Specialty Service continued to update subscribers via timely intraday insights. In fact, right now, it reveals the one price level that "cannot be overlapped" in order for the current wave count to remain intact.
EWI’s U.S. Intraday Stocks Intraday Specialty Service updates you to the latest Elliott wave developments in the Dow, S&P and Nasdaq.
You get expert forecasts as the markets trade to help you stay ahead of intraday market moves. Each update includes insightful analysis, key price levels and targets that can help give you the edge that every traders needs.