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.

Well, think about this. The trannies were up over 10% at the HOD yesterday, after monster moves before that. The quarter end is over, as is the G20. We might be at or near an historic turning point, yet after this huge run, no sellers at all. This is the time when I would expect some strange days as they digest and we see what is going to happen.

Right now my focus is on if they pick it up right here and nullify the recent short at 12:36-38, or not. If they keep this moving down, that will be very significant to me.

ABCD right into the Pivot

The really 'curious' thing is the big jump in rates. Look at the 30-year selling, on say a 1 or 3-minute. I guess the Fed is buying and China is selling faster than they can buy 'em. Look at the TLT on the day.

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Originally posted by mreiserer

ABCD right into the Pivot

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Yes, one of my best setups on the day so far. It also hit my offset line for my set just about dead on. But this one is based on a lot of assumptions (premises?) about the upside being tired, and I'm not really convinced of that fully. It is pausing too long at this major pickup area, and I suspect it may rocket right up off this. But, I like to give them room once I make my decision, and let them do what they do.

We'll see if all that new quarterly money that frequently comes in the first three days of the month is all spent now. Monday could be interesting.

quote:

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Originally posted by jimkane

The really 'curious' thing is the big jump in rates. Look at the 30-year selling, on say a 1 or 3-minute. I guess the Fed is buying and China is selling faster than they can buy 'em. Look at the TLT on the day.

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Yeah, I can see it. Nice ABCD shaping up on TNX

TF right at it's pivot

ok, so Wave 2 here or Wave 5 up

I rather suspect that if this did start to correct at all from here we'd be looking at 50-70 points down. We have lines, .382 and .447, some other things down there. But it clearly doesn't want down yet, as this is one of those grinds that looks ready to get blasted by a buy program any second, as they like to do. Suck some shorts in, and then hit them with a program and make them scramble fast, while they sit up they with their catcher's mitt, killing them, laughing. But we'll see, because at some point they will be out of bullets, and some big sellers will try to hit it and see what happens, and they'll be powerless to play their games at that point. But when that will happen, we just don't know yet. I'm just saying be very careful in a slow grind, as they totally know how you (you meaning all of us small, intraday traders) are positioned, and they know you can't/won't take much heat.

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.