I’m attending a convention from now through Wednesday, so expect a lot less activity here than has been the norm lately.
Regarding the markets, it is still my strong belief that we are in the process of making a top to last for many years, on a weekly as well as yearly and even decadal scale, [...]

From Bloomberg:
Striking Greek workers shut down transport and tried to storm parliament as lawmakers passed 4.8 billion euros ($6.5 billion) in budget cuts, including wage reductions, needed to trim the region’s biggest budget deficit.
Police with riot shields fired tear gas at demonstrators outside parliament in Athens today as lawmakers approved the measures, which Finance Minister George [...]

No strong conclusions here, just some food for thought:
c

Prophet.net
You can also see a possible 30-day pattern: 30 days down, then a ramp. Let’s put this in perspective. Here’s a 5-year weekly chart. All I can note here is a divergence on the RSI over the last few months:

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I’ve also noticed how Treasury bonds have resembled [...]

I can’t believe it, but New Jersey seems to have elected a real, live fiscally responsible politician to the governorship, Chris Christie. Read this speech on Mish’s blog - it’s refreshing.
The man seems to be genuine in his desire to confront the public union thugs who are bleeding their fellow citizens dry during a depression. [...]

A question of Keynes vs. Kondratieff
Until recently, the sovereign debt of nearly all governments would rally during panic episodes as stocks and commodities fell. This makes sense, as strong sovereign debt is cash for big boys, and investors are forced to reach further and further out for yield as short-rates are driven to zero or [...]

This is a good one from Feb 9th, from Frisby’s Bulls and Bears. Hat tip to Pej.
Click here to listen.

My how the times change. Seems only yesterday everyone was expecting the dollar to collapse, when it already had! Now it’s time to fret about its opposite, the euro. I am a major dollar bull for 2010-2011, but when everyone is one one side of a trade that has gone a long way in a [...]

Someone asked for clarification on where I think we are in the wave structure, so naturally I broke out my kiddie drawing program:

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Seriously, it’s hard to get precise about labeling waves at anything but larger orders of magnitude. It’s more about the feel of the market (whether it is the probing ones and twos or [...]

When the short-term gets hazy, remember the big picture.
The drop so far (about 6% in 12 days on a closing basis, 9% in 13 days intraday):

Source: Prophet.net
Here are the conditions I am watching: RSI on the daily scale is now oversold. However, DSI bullishness has dropped from near 90% to the 30s, which still leaves a [...]

There has been a lot of Elliott Wave bashing this year in spite of Prechter’s late February 2009 call for a rally from SPX 700 to the 1000-1100 area, and his call for maximum levered shorting about a week ago (he called for a 100% short position at about SPX 1020 in August), as well [...]