I’ve been busy watching the markets in the short-term. Is day trading for the foolhardy? Perhaps, but I’ll admit that there is a sense of excitement that is fun. Before you go jumping to conclusions have I actually been trading? NO About the most I’ve done is move a few positions around a bit and make sure that I’m covered on the downside. This market is so volatile, and we are in options expiration week, which just amplifies matters much.
Besides learning about charts and indicators real estate and a possible war between Iran and Israel are on my radar. A while back I sent a question to Elliott Wave wondering if they have done a wave count on the Case Schiller index. After patiently waiting I received a response, and here you go…
Yes, you are reading this correctly in that there may be another 20% decline or more before the housing downtrend finally abates. Elliott Wave is based on Fibonacci and social moods. In many instances they have been spot on +- a bit of time. Additionally, if their forecast about the market is correct the downtrend isn’t complete.
As for Iran I’ll do another post about that. However, if war does break out or a tanker is sunk in the Hormuz Straight a whole host of problems are going to hit the world. For one oil will skyrocket, gold will skyrocket, and the dollar will most likely tank. How real of a possibility is this? Hopefully a long shot.


