Daily Reading on the Financial Markets: 1/7/12
Tony Pallotta at Macrostory provides a full technical update, and sees a rising (bearish) wedge in the S&P, rather than a breakout.
Doug Short at Advisor Perspectives updates the ECRI’s Weekly Leading Index which broke from its recent narrow range to push lower, coming in at -8.2 for the week ending December 30th.
Cam Hui at Humble Student of the Markets believes equities may be nearing a short-term top, unless it is about to forge a significant breakout.
David Alton Clark makes a case that I’m on board with – Apple may have “jumped the shark.”
At Minyanville, Jason Haver looks at some possible Elliot Wave counts for the S&P, showing some room on the upside but much downside to come thereafter.