the ELLIOTT WAVE lives on
REVIEWA quiet holiday week closes out the volatile 2011. After making a new uptrend high at SPX 1269 on tuesday, the market declined to 1249 on wednesday. And that, was the entire range for the week. For the week the SPX/DOW were -0.60%, and the NDX/NAZ were -0.45%. Asian markets lost 1.1%, European markets were +0.8%, and the DJ World index was -0.1%. On the economic front reports were mainly to the downside. On the uptick: Consumer confidence and the WLEI. On the downtick: Case-Shiller, Pending home sales, the Chicago PMI, the Monetary base, and weekly Jobless claims increased. During the year the SPX traded between 1371 and 1075 ending with a net loss of 0.04 points. Trading for 2012 starts on tuesday with a full economic plate for the week. Highlights include the FOMC minutes, ISM, and the monthly Payrolls report. Happy New Year!