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Trump destroys the logjam
By Colin Twiggs
November 11, 2016 10:30 p.m. ET (2:30 p.m. AEDT)
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Donald Trump has destroyed the logjam in US politics and we should be prepared for a wild ride over the next few months as markets struggle with uncertain outcomes.
Dow Jones Industrial Average broke resistance at 18500, signaling a fresh primary advance. A Twiggs Money Flow trough above zero would negate the bearish divergence. Recovery above 18500 is unlikely but would signal another primary advance. Target for the advance is 19500*.
* Target medium-term: 18000 + ( 18500 - 17000 ) = 19500
The S&P 500 has not yet broken resistance at 2200. Breakout would complete the inverted scallop pattern, signaling an advance to 2300. A Twiggs Money Flow trough above zero would confirm long-term buying pressure.
* Target medium-term: 2100 + ( 2200 - 2000 ) = 2300
The VIX retreated to 14, indicating a bullish risk outlook.
Dow Jones Global Index recovered above support at 316, suggesting the recent breach could be a bear trap. A 13-week Momentum trough above zero would signal another primary advance. Follow-through above 320 would strengthen the signal.
The ASX 200 rallied strongly, above the former primary support level of 5200. In terms of Dow Theory, the primary down-trend is intact but we need to beware of a bear trap. Recovery above 5500 is still in doubt but would strengthen the bull signal.
ASX 300 Banks Index displays a breakout above 8000 but I would wait for retracement to test the new support level. Respect would confirm a primary up-trend, with a target of 8800*. Recovery of Twiggs Money Flow above zero would strengthen the signal.
* Target medium-term: 8000 + ( 8000 - 7200 ) = 8800
Our aim is not to do away with corporations; on the contrary, these big aggregations are an inevitable development of modern industrialism, and the effort to destroy them would be futile unless accomplished in ways that would work the utmost mischief to the entire body politic. We can do nothing of good in the way of regulating and supervising these corporations until we fix clearly in our minds that we are not attacking the corporations, but endeavoring to do away with any evil in them. We are not hostile to them; we are merely determined that they shall be so handled as to subserve the public good. We draw the line against misconduct, not against wealth.
~ President Theodore Roosevelt (1902)