ShepWave Update Published. 8th bank failure this year. Who's Next? Stock Market Technical Analysis. Elliott Wave Theory.
by ShepWave.com
Posted: 8/2/2008 00:52 EST

SOME KEY HEADLINES:

BANK FAILURE
Florida bank shut down
Bringing to eight the number of U.S. bank failures this year, Florida's First Priority Bank is seized by FDIC; SunTrust to acquire deposits.

Richard Russell now says stock market's long term trend now down

U.S. jobless rate jumps to four-year-high of 5.7%

On anniversary of credit crisis, more pain expected

As suspected yet another bank failure.  ShepWave asks the question 'Who's Next?' again. 

What I think is interesting this past week is that I guess Jim Cramer from CNBC announced a bottom in the stock market.  I don't watch CNBC (not with the sound up anyway) but this is what I gather from reading the headlines.  Also Richard Russell now says that the Long Term Trend is DOWN.  Why the different opinions? 

First of all it is important as a trader/investor to maintain objectivity at ALL TIMES.  We cannot let emotion control our thinking, our opinions or our trading decisions.  All trading decisions MUST be based on Facts.  At ShepWave we prefer to rely on the 'Technical Facts' rather then the usual Fundamental Analysis.  We have companies like Citigroup giving [fundamental] analysis on other Financial Sector companies while their own stock has plumeted over the past year.  How can an objective  investor take the information dissemminated by these so called analysts seriously when they cannot even warn their own investors of upcoming 'turbulence'. 

Tonight's update takes a look at the short term wave patterns and Elliott Wave Theory counts along with using the Bullish Percentage Index for the NYSE as a gauge as to when to take profits in current positions.

Go to www.shepwave.com for the Regular Scheduled Update for Monday.

 Two more banks fail; Mutual of Omaha Bank buys deposits

Who's Next? 

 

U.S. MARKETS
Finally, June's over
Mixed session ends worst June since Great Depression, with Dow eking out a small gain. S&P 500 ends on  upbeat note, but Nasdaq loses 1%.

 

U.S. MARKETS 1st quarter: Steepest decline in 5 years U.S. equity indexes snap three-day losing streak with Monday's advances, yet they finish the first quarter of 2008 with the markets'  steepest declines in the past five years

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Go to www.shepwave.com for Updates.  Trend Analysis, Elliott Wave Theory, Fibonacci Retracement and Fibonacci Extension Targets, Trade Triggers and Targets shown. QQQQ Trade Signals.

 

 Stock Market Technical Analysis.  Elliott Wave Theory.

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