the ELLIOTT WAVE lives on
REVIEWFor the third week in a row the market had a turnaround tuesday event. Three weeks ago it hit the SPX 1215 low. Two weeks ago the SPX 1278 high. And, this tuesday the high for the week at SPX 1264. Economic reports for the week were again biased to the upside. On the downtick: the CPI/PPI, retail sales, business inventories, housing starts and the Philly FED. On the uptick: the NY FED, industrial production, capacity utilization, the NAHB housing index, building permits, leading indicators, the monetary base, the M1-multiplier, the WLEI, and weekly jobless claims improved. For the week the SPX/DOW were -3.35%, and the NDX/NAZ were -4.15%. Asian markets lost 3.0%, European markets lost 2.9%, and the DJ World index lost 3.9%. Next week's holiday shortened economic highlights are Q3 GDP, PCE prices and the FOMC minutes.