First of all I would like to take this opportunity and wish you all a very happy holiday season. I would like to thank all of you who are contributing to this forum, especially Jim and George. I learned a lot from you and please accept my sincere thanks for your efforts.

From me and my family, my best to each of you and to your families.

Jarek

Here is the update of my INDU chart with 2 Roofer’s sets on it. It’s hard to argue that those upper MLs were not respected very well so far:

I decided to add to my SPX chart the medianline set incorporating 3 most important turning points in the last decade. We are sitting right at the division line of such set:

Here is the close up look at the sliding parallel of the copper long term ML set:



The line was clearly challenged for 3 consecutive weeks. Not so long ago crude oil tried to overcome it’s Schiff ML resistance for 6 weeks in a row before retreating. Let’s see how things will develop here.

Been hanging back, waiting to see if anyone was going to post today... With all this action, how come everyone is so quiet?

Well, this thing is back flirting with the highs. So far it has followed the 'first move off the FED is almost always wrong' theory. The telling part is if they dump it in here, or shoot for the new highs. I can't see any reason why they would sell this before year-end bonuses when they are so close to closing it at new 'bull market' highs.

Keep an eye on those treasuries selling. Worries about inflation are increasing, as they buy into the full recovery in 2010 story. Very curious stuff going on.

So, for you CL followers out there, did you see today's setup? On Friday it hits the key line in the .447 area, and starts to sell. It then forms a fantastic 'W2' ABCD right back at the line, and then sells off in a panic today, well over $2 straight down. It then stops dead at the ABCD area with that 'W2' as the BC leg. So, 'W3' here or CD leg? They close the RTH (pit) leaving us to wonder, as it creeps up slowly. There are some very cool things going on today. Very, very curious action.

Joke of the day: How can you tell if someone on TV is bullish? Answer: See if his lips are moving.

I was not around today but I see that we probably have in ES one of Roofer's best setups:

No matter how hard I try I can only see this going up... Maybe I'll eat those words, and if so, so be it, but I think this is a one way street right now. Just my two cents.

Originally posted by jimkane

No matter how hard I try I can only see this going up...

And if Jim says up .... then up it goes :-)

I would like to wish everyone at the "Kane Forum" Happy Holdidays and a wonderful New year.

Actually, jarek's version here may be the same futures (what are yours, jarek?), only with the decimal moved over two places.