The fact that the Jackson Hole summit failed to deliver did not puzzle the bulls. It felt they just felt relieved no bad news was announced and charged upward on Friday as if they knew it all along. Even when it pulled back mid day, the bulls caught it up on the pivot and brought it back to nearly the highs of the day.

No news of a QE3 still remains for the me the biggest news of all and it shall not be ignored. The Elliott Waves still tell me that we have not finished a 5 waves pattern down, and that it would be too early for the bulls to come to conclusion we will ramp up and not look back from here. I explain the reasons for this comment in the video. (If you have not watched last week 's commentary, I strongly recommend watching it before this week)

I am trying to be objective here on the side of the bulls, but I still  do not see a real job market recovery, factory orders are not there, no inventory is being built, and even Warren Buffet tried to spark the financial market with a $5 B  in Bank of America.. Considering he is already heavily invested into Wells Fargo, you got to ask yourself why he would do such a thing right now... May be he spoke to Bernanke who told him he was out of bullets and Warren thought he'd lend him one?....

Well, all in all I am not changing my outlook right, there will be plenty of time for me to admit I was wrong!!  I am staying short term bullish ( 3 to 6 months) even if the next few weeks could lead us to lower  low. But beyond this time frame I am on the bear's side.

Dim lights

Have a great trading week..  Stay Green!!

J-P