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With only a 1 % drop in the Standard and Poor's 500 Index last week, it must be assumed - despite Fed Ex Machina - that there will more of a correction, either in June or definitely before the mid-term elections.

Still to come in June - Summer solstice, option expiry Friday, and portfolio rebalancing by the pros of the End of Quarter II. What is less likely to prompt a market selloff is the Conventional Wisdom conveyed by the (other) media on the popular reasons - strife in Iraq/Syria; war in Ukraine; defeat of Eric Cantor (not Eddie Cantor). Even Barron's Market Week cover disputes the latter group of reasons using instead the Regression to the Mean after a 6% gain - then proceeds, on the same page, to tout a column by the Trader that "Mideast battles and other political strife trim stocks on the week"- the public needs answers, the media needs eyeballs!

For readers wanting a very intelligent and thoughtful technical article on the state of the world and markets, the San Francisco based T/A society: is featuring an article - free to even non-members at the website- by my friend and colleague, Jim Forte. It features the Elliott Wave Theory of analysis, by probably the West Coast's (at least) premier authority of it (Bob Prechter being on the Right Coast).

Also profiled are upcoming talks by Dr. Hank Pruden of GGU and Greg Morris, the point and figure expert.


SF Bay Area Options Group - Monthly Meeting:

Saturday June 21, 2014, from 9:00 AM to Noon
Room C-235, Fort Mason Center, San Francisco

Technical Analysis Benefit to Options Trading – Charles Bassetti, Adjunct Professor, Golden Gate University

WHC Bassetti has over 40 years' experience in the financial markets and is Malcom S.M. Watts III Adjunct Professor of Finance and Economics at Golden Gate University. He is editor of the Tenth Edition of Technical Analysis of Stock Trends, widely considered to be one of the true classics of market analysis.