elliott wave analysis of xjo & spi, page-75

I'm caught between two trains of thought here .

On the one hand it was Yellen's first day yesterday . She sorta looks like granny got loose from the care for the day ,but I'm tipping she'll be throwing everything bar the kitchen sink at it if it looks like falling over.

On the other hand we all know in our hearts that it's been a fool's paradise since '09 , it's hard to see where anything is too crash hot in the world ,but the markets have relentlessly powered on.

Let's face it we're ripe for a spanking but of course there's so much money on the sidelines . Who amongst us isn't cashed up ??.

The only thing I'll say about breaks below trend lines is that in my experience the majority are false breaks ,except when you have a major correction.

So I could make a case for anything really in which case why risk money ,just let it unfold. I find it difficult to conceive that it could reverse and power ahead here ,maybe the ruse is up for the time being.

The other disconcerting factor is the GP which isn't really reacting as if anything's up ,in which case nothing is or everything's gone.

I've been potting the banks for some time, I was too early but some of the positions are looking interesting now ,especially BOQ of which someone was kind enough to put up a chart which didn't look too flash . The other beauty has been WBC , don't like the look of them much. ANZ actually looks like it might go up but if it turns turtle they'll get lumped with the rest of them

The one big tick is that Marty has turned up with the squiggly line again . I thought he was really bullish a couple of weeks ago ,but whatever ,maybe he can put a floor under it