Good catch, we’re going to so have a major selloff next week. Looking more at the convergence of esoteric cycles from Friday, it looks like it could have been an important pivot high.
Hey Red- on the ES the entire week looks like a triangle being formed, we’re in the “d” leg as of close Friday which means one more minor dip and then a more sustained rally early next week. I’ve got us in the 4th wave of the rally that started late August, so a rally next week would be a 5th and thus some serious selling should follow. http://screencast.com/t/CgztnOsThPR I think a significant part of the rally over the last couple months is anticipation of Republican victories next Tuesday, so if my Elliott count is right it fits a classic “buy the rumor sell the fact” scenario. Only problem is a lot of folks are seeing the same thing, when too many people agree on market direction it mitigates against it happening.
Yesterdays news flooded the networks with what I see as a distractions for something bigger planned? Not sure how they find printer cartridge bombs on giant cargo planes from Yemen. Didn’t know Yemen made printers or that they were a major distribution hub to the US??? Give me a break.
Weekend post is up now…
oh ! Be my guest 😉
LOL… I’m just getting ready to do my video and put my weekend post up. I’m going to use your post in my video… he he he!
I forgive you 😉
Thanks Mike,
I forget to visit my old buddy Serge as I’m too busy with my own site. He makes a valid point, and I’m totally with him on that call.
Well, we are not alone, ETF CORNER is seeing it too.
http://www.etf-corner.com/markets/
Good catch, we’re going to so have a major selloff next week. Looking more at the convergence of esoteric cycles from Friday, it looks like it could have been an important pivot high.
Barron’s cover indicator?
Oct 30, 2010:http://online.barrons.com/home-page
http://www.businessinsider.com/and-heres-a-fourth-reason-to-fear-an-imminent-selloff-2010-10
March 9, 2009: http://www.ritholtz.com/blog/2009/03/barrons-cover-indicator/
The Economist: http://www.economist.com/printedition/
Hey Red- on the ES the entire week looks like a triangle being formed, we’re in the “d” leg as of close Friday which means one more minor dip and then a more sustained rally early next week. I’ve got us in the 4th wave of the rally that started late August, so a rally next week would be a 5th and thus some serious selling should follow. http://screencast.com/t/CgztnOsThPR I think a significant part of the rally over the last couple months is anticipation of Republican victories next Tuesday, so if my Elliott count is right it fits a classic “buy the rumor sell the fact” scenario. Only problem is a lot of folks are seeing the same thing, when too many people agree on market direction it mitigates against it happening.
Yesterdays news flooded the networks with what I see as a distractions for something bigger planned? Not sure how they find printer cartridge bombs on giant cargo planes from Yemen. Didn’t know Yemen made printers or that they were a major distribution hub to the US??? Give me a break.