Unfortunately, the only people with access to Buffett-like heaps of money are 23 year old Harvard MBAs, who think screwing with everyones’ 401k’s is a big joke…
Well, it’s possible, but it seems like everything has been back-asswards since the beginning of all this QE stuff…it seems to me like more of a mind game than anything else now.
I bet this is more of a “sell-the-news” event because it’s been hyped up so much as an “automatic success”. Everyone was talking about September being a bad month, then October being a bad month, then everyone selling the news on announcement of QE2. None of that happened because the financial media was hyping the “sell-the-news” crap on every one of those points. There doesn’t seem to be much of that this time, so it might actually happen, but I haven’t been paying as much attention as others have.
Maybe we’ll have a “TARP moment”?
I still believe that traders are just waiting for a better price to open the trap door, so I’m biased that way. Plus, the forex guys, who I’ve noticed tend to have a much better handle on where things are going, are simply waiting for a better entry point for shorts in the next few days.
Then again, things are still really jacked up, so gotta roll with the punches. The one thing that still points to a selloff are the charts, and even though the charts have been saved at the last second the last 10 weeks, they haven’t actually lied yet…
There was an 8trading day/10calendar day difference from the April high to the flash crash. Flash crash like most of the hard declines have been on Thursdays. Meanwhile, Atilla is calling a bottom based on a hook pattern. It was also an inside day pause day. MUB, the municipal bound ETF has been quietly crashing losing all of its gains for the year with yesterday’s close. We have yet to hear the hysteria from the media that usually accompanies such a decline. The junk bond market is starting to shut down also from an inundation of massive supply and now declining demand.
I did add an emini put and re-entered a gold short (which I was previously stopped out of). If nothing materializes tomorrow, there is another key date in the near future. Another key fact that highlights Nov 15 as an important pivot high. 5months and 20days from the Cramer episode on May 26—ie 5-26–ie5-8 (which was displayed on his scoreboard that night) which featured all of those 1987 and 1929 references using 5-20’s tickertape for CRM is November 15.
Well, there is a potential pre-flash crash fractal now set up although today’s doji was a little different from the pause day on May 5. Complacency abounds and no one seems to share my sentiment so I feel very very lonely out there. ISEE all equities saw quite a bit of bullish activity registering a reading in the 220s. Crude oil continued its freefall. A lot of chatter about GMs IPO holding up the market but I think it is irrelevant now because pricing has already been achieved. Interesting close on the Dow at 11007.88 and the Russell 2000 had a nice close: 707.77. McClellan Oscillator bounced today from -265 to -210 area; it didn’t bounce this much on May 5; instead it flatlined. I am looking for a plunge below -300 which should cause a nasty selloff. Many bears though think this is a wave 4 pullback which should be shallow. Quite a consensus on this though. I am waiting for AAII poll tonight to see how much bearishness has risen. Also want to see Investor’s Intelligence poll today although most likely I won’t see the results until tomorrow.
Red!!!!!!I need my 1200, so I can short everything…If I was rich like Warren B, I’d do a basket trade, and short all 8000 listed stocks ( at market) ..and then hand input more shorts in the pink sheets.
Unfortunately, the only people with access to Buffett-like heaps of money are 23 year old Harvard MBAs, who think screwing with everyones’ 401k’s is a big joke…
Time to grind higher again. Everyone back in the water…………
Well, it’s possible, but it seems like everything has been back-asswards since the beginning of all this QE stuff…it seems to me like more of a mind game than anything else now.
I bet this is more of a “sell-the-news” event because it’s been hyped up so much as an “automatic success”. Everyone was talking about September being a bad month, then October being a bad month, then everyone selling the news on announcement of QE2. None of that happened because the financial media was hyping the “sell-the-news” crap on every one of those points. There doesn’t seem to be much of that this time, so it might actually happen, but I haven’t been paying as much attention as others have.
Maybe we’ll have a “TARP moment”?
I still believe that traders are just waiting for a better price to open the trap door, so I’m biased that way. Plus, the forex guys, who I’ve noticed tend to have a much better handle on where things are going, are simply waiting for a better entry point for shorts in the next few days.
Then again, things are still really jacked up, so gotta roll with the punches. The one thing that still points to a selloff are the charts, and even though the charts have been saved at the last second the last 10 weeks, they haven’t actually lied yet…
Refresh for new video…
There was an 8trading day/10calendar day difference from the April high to the flash crash. Flash crash like most of the hard declines have been on Thursdays. Meanwhile, Atilla is calling a bottom based on a hook pattern. It was also an inside day pause day. MUB, the municipal bound ETF has been quietly crashing losing all of its gains for the year with yesterday’s close. We have yet to hear the hysteria from the media that usually accompanies such a decline. The junk bond market is starting to shut down also from an inundation of massive supply and now declining demand.
Today reminded me of June 24th, so maybe tomorrow is like June 25th? If so, then I’d love to see Friday like June 28th.
I did add an emini put and re-entered a gold short (which I was previously stopped out of). If nothing materializes tomorrow, there is another key date in the near future. Another key fact that highlights Nov 15 as an important pivot high. 5months and 20days from the Cramer episode on May 26—ie 5-26–ie5-8 (which was displayed on his scoreboard that night) which featured all of those 1987 and 1929 references using 5-20’s tickertape for CRM is November 15.
Well, there is a potential pre-flash crash fractal now set up although today’s doji was a little different from the pause day on May 5. Complacency abounds and no one seems to share my sentiment so I feel very very lonely out there. ISEE all equities saw quite a bit of bullish activity registering a reading in the 220s. Crude oil continued its freefall. A lot of chatter about GMs IPO holding up the market but I think it is irrelevant now because pricing has already been achieved. Interesting close on the Dow at 11007.88 and the Russell 2000 had a nice close: 707.77. McClellan Oscillator bounced today from -265 to -210 area; it didn’t bounce this much on May 5; instead it flatlined. I am looking for a plunge below -300 which should cause a nasty selloff. Many bears though think this is a wave 4 pullback which should be shallow. Quite a consensus on this though. I am waiting for AAII poll tonight to see how much bearishness has risen. Also want to see Investor’s Intelligence poll today although most likely I won’t see the results until tomorrow.
Red!!!!!!I need my 1200, so I can short everything…If I was rich like Warren B, I’d do a basket trade, and short all 8000 listed stocks ( at market) ..and then hand input more shorts in the pink sheets.
TGT headed to 57.7 or 59..They had great earnings, and will get rewarded.
I posted the details at my site.