Tuesday, October 13, 2009

Watch Intel After the Closing Bell; October 13, 2009

As elliotticians we don't believe news or earnings drive the stock market, we believe that sentiment and the wave count drive earnings and news. Since we're at a crossroads here it might be worth watching the market's reaction to Intel's earnings report after the closing bell today. Intel doesn't drive the market, the wave count does, but it's worth watching the market reaction to Intel because we seem to be at a crossroads of either having a top already in with the mild divergences mentioned earlier, or we're soaring to new highs into the 1100-1120 area. Intel's reaction may give us a clue which one is correct.

Here's the CNBC FastMoney story: http://www.cnbc.com/id/33293260#

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