Here's the 4-Point I was discussing in Jim's Thoughts, with my key set. The key set line was the main factor for me. On the S&P cash it hit the line and 'tested' it three times pretty much dead on. No matter how you label this ABCD, it was an ABCD to me at a key line, with 'context'.





Now we sit at a key line, with TICK hitting an extreme, 1-min volume short-term climactic, and so on. It would be something to see if they can't bounce this up here. What a play so far, though, eh?!

Also, as a curiosity, the 1.618 hits near that lower //, just about at Laundry's low move for this leg. Very interesting.


Chart created on QCharts, courtesy eSignal.

it's all over. the new bull is here, the economy has turned around, everyone is safe.

I'm starting to be a believer. I heard a funny story. I heard that the expected profits for the buyers of the toxic assets, the way they have it laid out, will be about a 20% return. But I also heard who the big buyers may be, to scoop up those 20% profits. The banks. Now wait, they are the ones holding this crap. The story was, they are 'repackaged' with the gov backing, the banks buy them and make a big profit, and get them off their balance sheets at the same time. They don't have the downward drag, and they now have a mega producing asset. All that changed was the packaging. Perhaps they sell to each other, or maybe it's just a paper shuffle, and they keep what they have. They make 20% (per year or one time, that wasn't clear), and where does that come from? Taxpayers, in my opinion. So, they keep what they have, it disappears off the books, they have a new producing asset, and they are making good profits once again, with a clean balance sheet. And all that happened was the gov came in and made some arrangements. So, to me, if they are making money all of the sudden, it's nothing but a phony transfer of our wealth to the banks, and we don't even know it. Like the wealth transfer from AIG (which means us) to the banks. This is what I heard, anyway.

some of us do or at least suspect and still not a damn thing we can do about it..

Did another work up of the 850. It's tight. if it gets over this unscathed...

M,
among the cool things u can add to that grouping area is the apex level of the 4PC's 1-3 and 2-4 trendlines, too.
T

the 880 area would be the ideal spot imo, but perfection is a rare fact. Gotta deal with reality so the alternate areas can't be ignored imo.
T

that's very cool, T

this chop is nuts

watching closely here

what a strange day

I agree, T, with pretty much everything you've said. I commented a little in my weekend commentary on the unlikelihood this is a 'bull market', given all the things it is doing that have never been seen at the start of a bull market before. The intermarket dynamics are indeed pointing to the possibility of something big happening soon.

I also agree 100% with the potential doomsday scenario. There was a time when I thought all that stuff was 'crackpot' nonsense. Then I started to think maybe some of it might be true. Now I tend to think I just see no way that we won't crash back into the stone age. I try and try, but I just can't see how it can be avoided. I even think it may be engineered, not simply something that happened because of greed gone wild. I never, ever believed I would ever think something like that, but I also never thought I would ever see even 10% of what I have seen so far. Sure doesn't make me happy or hopeful for all of our futures, as you say, as 'citizens of mankind' :-(

Great market concepts, T.