Red, I agree with you that the market is headed down, but I think the German currency story isn't real:
“Zero Hedge has added fuel to the fire by posting this from guest contributor The Prudent Investor on Wednesday:
'A web page of precious metals prices provider Kitco.com has sparked rumors that Germany will leave the Eurozone and reintroduce German Marks, sending gold to a new record of $1,244 and silver to a multi-year high of $19.64. It is this half-ready page shown below that has created excitement as it lists precious metals in Deutschmark units.'
People, we hate to break it to you. But we have it confirmed.
This is an old ghost page of Kitco’s from before the launch of the euro. Still live on the web, but no longer updated.
There is nothing to see here. You can go about your business as normal. If Germany does have a plan B, it’s very unlikely to involve a relaunch of the Deutsche Mark this weekend.”
Monthly BB has something to tell us. the upper Monthly BB has NOT been hit. If we close below the Middle BB , then the odd are that we hit the lower BB before we hit the top. Briefly, we will go down and touch the lower BB at 738 over time.
I would like to find out is this going to be wave 5 or did we just finish 2 and the next move is 3 (a big steep down move) How long will this take, how many days? various EW people attempt to figure this. Let us know when you find out. Many on the blog list on this site attempt to figure this.
Red, I agree with you that the market is headed down, but I think the German currency story isn't real:
“Zero Hedge has added fuel to the fire by posting this from guest contributor The Prudent Investor on Wednesday:
'A web page of precious metals prices provider Kitco.com has sparked rumors that Germany will leave the Eurozone and reintroduce German Marks, sending gold to a new record of $1,244 and silver to a multi-year high of $19.64. It is this half-ready page shown below that has created excitement as it lists precious metals in Deutschmark units.'
People, we hate to break it to you. But we have it confirmed.
This is an old ghost page of Kitco’s from before the launch of the euro. Still live on the web, but no longer updated.
There is nothing to see here. You can go about your business as normal. If Germany does have a plan B, it’s very unlikely to involve a relaunch of the Deutsche Mark this weekend.”
http://ftalphaville.ft.com/blog/2010/05/13/2306…
Monthly BB has something to tell us. the upper Monthly BB has NOT been hit. If we close below the Middle BB , then the odd are that we hit the lower BB before we hit the top. Briefly, we will go down and touch the lower BB at 738 over time.
You mean like a casket? I like this one 😛
http://image62.webshots.com/162/2/75/88/4412275…
I would like to find out is this going to be wave 5 or did we just finish 2 and the next move is 3 (a big steep down move) How long will this take, how many days? various EW people attempt to figure this. Let us know when you find out. Many on the blog list on this site attempt to figure this.
I have a list from the US Naval Observatory that says 5/14; happened to notice that my kitchen calendar says 5/13.
From memory (which might have been incorrect) I thought it was tonight, which would affect tomorrow's trading, or so I thought.
From looking at old charts, tomorrow might show a reversal signal, too, like a doji.
Just send you in a box! Fedex 😉
Yes Jim,
We should have some wild swings next week. OPX week is usually Bullish, but I think the bulls might be shocked on Monday, if Germany drops the Euro.
Bears need to be cautious. Opex week can be difficult for bears.
I have a few British friends that are ecstatic that Britain never adopted the euro. Not that it is saving Britain at the moment.
The world is shaking. It may get difficult but it will be far from boring.
OMG you found me, ok, I admit it, a two-timing, good for nothing son-of-a…
…OK, perhaps I should just send flowers? =)