Crude hit the minimum target for Wave 5 this morning with its move below $41.50. That was a very nice setup off of the ABC retracement which formed Wave 4; I hope you caught it.

CL, 15-min. Chart

The only thing that surprised me about Henry Kaufman's article in Barron's this week, "Too Little, Too Late," was that it took 14 paragraphs (out of 16 total) before he wrote "On the one hand...."

This weekend I read James McClure's book, The Steam Pig, and really enjoyed it. Apparently there are nine books in the "Kramer and Zondi" mystery series. Although these books are out of print, there are plenty of used copies available through Amazon (which I've linked to for your convenience). I recommend you check this series out.

1. The Steam Pig (1971)
2. The Caterpillar Cop (1972)
3. The Gooseberry Fool (1974)
4. Snake (1975)
5. Rogue Eagle (1976)
6. The Sunday Hangman (1977)
7. The Blood of an Englishman (1980)
8. The Artful Egg (1984)
9. The Song Dog (1991)

The coil scanner picked up EMC yet again. It's very unusual to see four consecutive days of range contraction.

EMC, 30-min. Chart

Report: UBS buying Schwab unit for $265 mln

At JB Oxford, a History of Run-Ins, by Tom Petruno:

E*Trade sounds out Indian market:

Man Versus Machine:

Archipelago Exchange Debuts New Data-Intensive Website (press release)

You can see that the stock market (represented by Vanguard's Total Stock Market Index Fund, which I invest in) hasn't gone anywhere this year: it started the year around $26 and eight months later it's still around $26. Thrilling, isn't it?

Vanguard Total Stock Market Index Fund with Sentiment Indicators, Weekly Chart

You can find the Unusual Suspects from last Friday on the Unusual Suspects page.