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I’d like to use this opportunity to stress out one more time that: “People have to be careful what they wish for”.
May be Queen’s taxes were better…who knows…we will yet to see to what extent we’ll be taxed for generations to come.
Are you ready? Are you? Nuh, not for taxes – you’ve been ready and agreed for a long time now..and already got use to “Bend over” command..from managers, government, everyone…and you are happy to show the middle finger when none is looking proudly whispering “I am an American! It is free country!”
Are you ready for another leg down on the market? Are you listening to what Dollar is telling you? Two trading days? Right after 4th of July weekend?
$DXY - confirming move up within 2 trading days with max downside of 78.88
No matter on what timeframe I look I don't see any short term bearishness in $. Here is an hourly chart - perfect retrace to 76% and I think it will take UUP as high as 25+
P.S. Nice that people catching up on identifying market idiots…the question is – when idiots will have some decency to run and hide? And… people who are so smart now, Faber for one, where were they when it started and we tried to warn and were thrown rotten eggs at? Now Faber is SMART? Reminds me of Blodget who wrote the book in jail “How I f..d American Investors AKA bagholders while doing what Merrill wanted me to do”. Come on – bring up Gasparino – I want to hear: “Fuld is a stand up guy. I know him.. I trust him…Grease anyone?” (Above statements are NOT exact and were “translated” for ease of reading)
Faber – why did not you speak up like I and a lot of us did BACK in August 2008?
Or 2007? 2006? Would not make you money, huh? You ARE smart…
http://plus.cnbc.com/rssvideosearch/action/player/id/1158038818/code/cnbcplayershare
What if EVERYONE will stop watching CNBC for just 3 days? Will it be enough to put it out of business? What - no more DITECH commercials???
The answer I’d REALLY like to know: “Who is worse – CNBC or people who watch it?”
Time to get to “vacation cave” (it is about 43 feet long and weather is beeeeaaaauuutiful)
One of the readers asked me in email: “Was that you intentionally omitted monthly or even yearly charts because they totally contradicted to your longer term bearish view?”
On the contrary – longer term charts make out (USA) perspective even glimmer.
Here you go – S&P500 Monthly (index was originated in 1949)
Here is zoomed version of the same chart, it clearly shows that we either in final stages of 60 years old bull market (WA of major UP) finished, we are in WB up right now (not confirmed yet) OR we just satisfied minimum requirements for Major DOWN W1 and if so – God help us.
Yesterday’s price range worked admirably ( I wrote: “Tomorrow I would expect SPX to drop to 903 area and then bounce to at least 912..and we’ll take it from there…” )..
Looking at 30 minutes S&P500 Index (SPX) we shall note that W4 down of major UP touched on intraday basis 76.4% projection and bounced right off that level. Accordingly, I expect tomorrow morning that level to be tested again and W5 up will start tomorrow/Friday. Will new highs be set? Possibly, most likely 965-980, but not necessary – my time horizon for majority of the trades I do is from few hours to few days, unless I expect fundamental price direction shift (and not “drifting” which we’ll most likely be witnessing for a while)
If you have ever wondered if politics and politician can get even less attractive – today’s Fly Hunt in The White house just gave us yet another example.
Imagine world leaders who will be forced to shake majestic hand and the only thing they will be thinking about would be: “Has he washed his damn hands after that fly?” (“Fly?”)
Anyhow, lets talk charts – a little bit of history today.
On March 16th I posted this chart ( Post Day Trading /ES off an Hourly Chart )
Today, when I was looking at my current hourly chart I saw some kind of blue trendline and suddenly realized where it came from. Yup – the very same “creative Art” trendline placed on the chart 3 months ago… Talk about usefulness of technical analysis properly applied…
Enough of history for now.
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What we have on the next chart (SPX daily) is
1. Yellow circle which was my target area for the last 2 weeks is right on…thou 4 days later than I expected.
2. TDST Resistance 911.93 (support now) is right where SPX settled today.
3. descending red trendline is right there
4. Fib fan 62% area is close by
5. Yet another Fib Fan 38% is right there
6. TDST Resistance 920.28 …you guessed – right there
Tomorrow I would expect SPX to drop to 903area and then bounce to at least 912..and we’ll take it from there…
Oh, by the way, that “blue trendline” points to 886 area…hmm..
Oh, one more thing, that last 6 weeks formed one hell of an “S” top which is no less dangerous than “Black Swan” pattern.
[Posted on Contributors Site on the night of June 10, 2009]
10 year treasury note
Interestingly enough Karl Denninger noted 30year action activities the very next day..today
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