Thursday, July 26, 2012

BTFD - It's Walmart's World, We Just Live In It

It's extremely a propos, and eerie that the top performing stock making its all time high right now is Walmart.  No company has benefited more from the outsourcing of the U.S. middle class than Walmart.  When was the last time Walmart made a multi-year high ?  The week Lehman collapsed - September 20th, 2008...

Market View:

As usual, the Russell 2000, has the clearest wave count.  We bounced off the uptrend line in early June and again just this past Tuesday.  Each bounce of shorter and shorter duration:

And those who don't subscribe to Elliot Wave Theory need to find another way to reconcile the symmetry between these wave counts (5 down, 3 up, like clockwork):