July 14th, 2010: Carl Futia’s Blog
Posted by pugsma on July 14, 2010
1:10 pm EST: Make sure you find time daily to stop by Carl Futia’s Blog. Carl’s a contrarian trader and wrote a book on the subject entitled “The Art of Contrarian Trading”. Carl’s blog has some great daily updates. Yesterday (July 13th) Carl wrote a blog entry about Elliott Wave analysis. He was nice enough to give me and this blog an unsolicited plug. Carl, like me, thinks the move off the March 2009 low of 666 was a 5-wave move and the start of a new bull mark. Carl, like me, also reads the move off the April 2010 high of 1220 as 3-wave corrective.
Carl’s Excerpt: “So I think that Elliott’s wave theory offers more evidence that new highs for the move up from the March 2009 low lie ahead. The remarkable thing about this analysis is that, despite its simplicity, it is not the view of most of the Elliott wave blogs (exceptions: Caldaro and PUG). The Elliott wavers are bearish, almost to a man. This illustrates how easy it is to fit Elliott’s theory to one’s own market biases.”
It should also be noted that yesterday, July 13th, Tony Caldaro of The Elliott Wave Lives On Blog called the Primary Wave 2 (P2) bottom at 1010.91 on July 1st. Caldaro is also calling this move up Primary Wave 3 (P3). Caldaro is little more conservative than myself, as I often make my calls a few days to a week ahead of him. But we both have a simimlar outlooks on the the markets going forward.
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