DOW and S&P update

DOW oct 15 20115S&P oct 15 2015

Our targets a few days ago were 17218 for the Dow and 2033 for the S&P. We had more earnings, Netflix was down almost 15% overnight, Goldman did something similar but on a smaller scale and Walmart, the largest employer in the US, surprised everybody but not us, see our blog of Sept. 16th. There were others but nothing too stimulating. Despite that the market is up double digits again today proving once again that the real story, no the only story, is what the Fed. is doing. This will stop at some point, perhaps in the next few days as the above targets are met. This is a 4th wave and could spend more time going sideways (as in a triangle) but soon and at about these levels things should change.