Friday afternoon update...
Looks like I "may" have figured out my computer problem? Let's give it more time first, but it seems to be running stable now.
P.S. Have a good weekend everyone...
No More Taking The Stairs UP!
(I made a mistake thinking today was Memorial Day in the video. Duh... it's Labor Day! Sorry).
Last week is a clear example of how well controlled and manipulated this market really is. A normal market will take the stairs up (meaning it slowly makes gains every day), and the elevator down (meaning it usually falls up to 6 times as fast going down, when compared to up). But last week the market took the elevator up too... why? Was this normal, or manipulation?
Duh! We all know the answer there... MANIPULATION! No normal market rallies straight up like we seen last week. While the market has always been controlled, the level of manipulation today far exceeds that of just as little as 2 years ago.
All this monopoly money that the gangsters are printing has changed the game dramatically. The little guys don't stand a chance in this rigged game. It's not the same as playing blackjack in Vegas... it's worst! Of course we all know that the house wins 95% of the time or more, but at least in that game the house doesn't know what you have in your hands.
In the market, they can see in your hands by the about of open interest on the various strike prices for the expiring option... and they can also see where everyones' "stops" are placed at! That's like the house looking at your cards in Vegas... absolutely insane!
So why do we continue to play this rigged game? I dunno... stupid I guess? While I was calling for a move back up to the FP of 111.17 (spy) last week, I had NO idea that the market would go straight up on a rocket ship like it did. Talk about total B.S.... that certainly was!
There was NO reason... not fundamentally, technically, or elliottwave that could explain the move up we had last week. This was done for one reason... to rob the bears! Many of my online blogger friends were hurt very badly during that ramp job. I was lucky that I didn't have any positions at the time, but many others did.
There were a few brave one's who were long the market, and they were rewarded greatly. Being a bear, I just don't have the guts to go long in this depression we are in. I'll go long when the spy hits 20.16, but in the meantime... I'll just sit out the rallies in between. LOL
The last video I did I thought that we would sell off on Friday to the 105.39 FP, making a "B" wave down in an ABC move up to the 111.17 FP from many weeks back. But instead, they decide to skip the "B" wave down and simply go straight up to the 111.17 print first. That leaves next week to go down to the 105.39 FP level, and then... who knows?
This market is so rigged that virtually impossible to get a clear direction of where the next trend is going to be? I thought we would go down to the Dow 8300 FP one week, and then the next week I changed opinion to going up to the DIA 118.16 FP... and now I'm clueless as to which one we will hit first?
Of course that's exactly how they planned it... to confuse everyone. But, knowing the targets (by the FP they give us) we should be able to figure out which one they are going too first by using technically analysis. However, TA's only work for as long as they allow them to work.
How long is that? Just about long enough to get ever bull and bear positioned in the market happily, thinking they got the next move figure out... and then BAM, they pull a rabbit out of hat! I wonder why I keep trying to figure this game out, as every time I think I got it mastered, the rules change.
Such is life I guess. Walking in a mine field voluntarily isn't the brightest thing too do, but us traders do it every day I guess. Why do we do it time and time again? I guess it's just the same reason people buy lottery tickets every week... one day we'll hit the jackpot (or just go broke trying... LOL).
Now to the market...
Clearly, from looking at the charts, you can see that we are overbought on the daily now, as well as the 60 minute chart too. So yes, we should sell off on Tuesday... but will we? With the light volume expected all week, due mainly to it being a shorten time period because of Memorial Day on Monday, I'm not expecting a lot traders too be there to buy and sell.
So, if they plan on taking it back down to the 105.39 FP next week, it will be the institutions selling while the little guy is sleeping (just like it always is...), which makes you wonder about the Legatus meeting starting on the 9th? Are we going to rally into the meeting, and sell off after... or will the 105.39 FP be the low going into it, with a several month rally afterwards?
From a political point of view, I believe the Democrats would like to rally into the November elections. But, there is still plenty of time to go down to the 8300 print first, and rally the rest of the year. I look at the weekly chart and it does look ready to go up into positive territory on the histogram bars. I've said in many video's that I'd like to see several positive bars occur, and then a roll over into the abyss.
You will notice that the weekly chart rallied up to the 20 and 50 day moving average lines and stopped. There is a ton of overhead resistance beyond the current level, but with Bernanke now pumping more stimulus into the market, and the big institutional gangsters (errr... I mean banksters) sitting on their hands waiting for the "green light" to hit the sell button again... I just don't think that resistance will hold them back if they want to go higher.
So what's the bottom line? While we are short term overbought, the intermediate term shows the market turning up now. Of course it could just as easily roll back down at anytime, but for now it appears they plan to rally for awhile. I can't say it's going to be easy, but again... anything is possible.
However, even if we do go up a little more next week, we should turn around the 12th according to the SpiralDates chart... which would line up with a the Legatus meeting too. It would give the gangsters enough time to cash their check during the first few days of the Pilgrimage.
Let's also not forget that America could be announcing that it's going to default on it's international debt before the 31st of this month (according to Benjamin Fulford). If that happens, then we go down... if not, then I guess we go up? I know that's not much help, but I can see bullish patterns forming now... even though my gut tells me they are going to surprise everyone and tank it hard.
So hang in there bears, I really don't think we are going up too much further next week. If we get to 1130 area, that would be a triple top... which I don't see it breaking on the first try. "IF" and that's a big "if", we do continue higher next week, I'd expect it to fall short of that triple top, or go up there and trade sideways for several days baiting all the bulls into thinking it's going to break out from the bull flag it would form... then turn her back down around the 12th.
By the way, the 12th is on a Sunday... so that would imply a "weekend event" to cause a sell off the following week. What could that be I wonder? A post 911 bear celebration... maybe? You know they aren't going to crash it on September the 11th... but the week after is a different story.
If I had to guess (and that all I do anyway), I'd say we chop around that 1130 level next week doing nothing be eroding the time value of any options the bulls and bears have. We might even do an intraday stop swept just above that level on September the 10th to clear out the bears just before the plunge.
Anyway gang, I'm just speculating here, as I don't know what they have planned... or where the market is going next week. So I'll close for now and wish everyone success next week.