Economic Objective, Nov. 4th

Reuters headline this morning, “can John McCain win in a recession?”  I didn’t look at their answer, because who knows.  But for sure economic policies out of Washington’s executive branch are being assessed to try and help push oil prices under $ 75, gas und $ 2.50, and the S&P 500 over 1450 in late October to early November.  It will be a tough task to keep the market from crashing through the January lows before November and October is always a tough period.  In addition wild moves like yesterday tend to move the market too fast and use up the clock.  It will be an interesting summer and my view of short-term cycles would point to a period around the Democratic convention in early August as an apex.

Yesterdays action, while most likely mostly short covering at this point, sets up the 1348 pivot point as support and the earlier 1460 summer upside bounce objecftive is now back on the table.

8:04 AM CDT