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.

One thing is curious, I'm watching some traders who supposedly trade 'big', and they seem to almost never be wrong since I've watched them, and they are wildly insanely short right in here. But, they give them a lot of room and play for bigger swing moves, too. It will be interesting.

I think this might have legs to the 770

what a grind

the next significant line and 382 for INDU is at around 7170. That's another 90 points. We could see that today....

Well, it's now deep into the key area. Do or die time. They got it there with true buying frenzy, which is great. The stage is set. Now we see. They either dump it, or they don't. It's all on the price action now...

it's a bull market you know...

Pretty cool how so many pundits called this right to the day/minute. Some, like Kass, going so far as to say it would be the low of the year. And not calling it now, after the rise, but before hand. And lo and behold, it goes right to 666 and launches. Amazing. Very impressive pundits.

market up, dollar down

Yep. Euro smokin'. And that's the curious thing about all this. Our market will only go down if the Euro goes down. So, the 'new bull' market here implies the Euro is going to go way up, on the back of about $25 trillion yet to write off. How odd is that? And the very strange thing is that the European markets, which will follow ours, will go up as their currency gets stronger, hurting their exporters. Their markets rise as that $25 trillion gets written off and their exporters get hammered. I don't get it...

quote:

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Originally posted by jimkane

Well, it's now deep into the key area. Do or die time. They got it there with true buying frenzy, which is great. The stage is set. Now we see. They either dump it, or they don't. It's all on the price action now...

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That's about as clear talking from price action as I have perhaps ever seen. Loud and clear. Not even a hint of a hint of a short entry trigger to be seen anywhere. The price action talks, and I listen. This was a ride the long til close day, nothing to think about, nothing to even consider from my perspective except just stay on the long side and let it do its thing. Trend trading at its best. The days we live for, as trend traders. As I like to say, it's all about the price action.

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.