Wish you all nice and successfull trading week.

Here is what I've been looking at the whole day. The .382 area was support overnight and got re-tested at the open. Easy setup and worked pretty good so far.

Okay, that was a fun day of basically chop and sideways action, but it sure saw a lot of lines and areas while it chopped.

For fun, take a look at say a 5-min chart of AIG. I guess the games aren't over yet. Nice little 20% pop today. What's really cool about stocks like AIG is what the numbers say. For example, I heard I think it was the CEO or whatever of AIG, and he said if they sold everything off in full they still couldn't pay back just the money the gov has given them. Not to mention, I heard of one part of the company they planned to get like I think it was $25-$35 billion for, and they got $5 billion. So, even the most pessimistic view may be way too optimistic. And the stock is up from about $8 (this is the post reverse split price) to $56 (at the high), a seven bagger? And Yahoo finance lists the 'enterprise value' currently at $74 billion! Where do they get that from? It seems like they are worth well less than zero? You mean the enterprise value, which takes into account the debt, doesn't look at the what $185 billion the gov gave them? (I've also heard $120 billion, $160 billion, $170 billion, so I'm not sure what it actually is). Anyway, is this stuff for real??? Is this market for real?

And yes, that was a .786 ABCD at a .382, and yes, there were multiple lines there, you just had to really work to find them. One was almost exact to the tick.

Okay, so I just saw on the news that AIG got $185 billion in bailout money, and they still owe $120.7 billion of that. So, how is the common stock possibly worth anything? I contend it has less than zero inherent value. Why would anyone pay $56 a share for it??? If I took a dump in a bag and stamped it $56 no one would pay me for it...

thats not true ..if they pay 35k for Britney spears gum....that someone said they picked up at a concert with no verification..they will pay for anything...even your poop Jim.

I'm starting to think you may be right. After all, AIG is up again today.

We sure did get a nice move off that ABCD tht Marco pointed out yesterday.

yes we did....maybe a little wash and rinse ...C wave down on a 60 minute.

Well, we have an ABCD at a line here, but it is acting like they want to explode it, so I'm not seeing the downside yet. The MRRD's are still in control.

The thing is, it's a bigger ABCD off a line that it is rising off of right now, and that lines up with the MRRD's.

not sure what you mean JIm i am trying to look for it..

Yes on both, the small 1.272, and yes, the TL creep plays out once again. It's one of the most awesome observations I've ever made.