There's not much to add to Jim's yesterday post. I'll refrain from posting here long term setups which are not based on KT methodology.
PS. This might be a good contrarian indicator of a nearby turn :-) DJIA has just completed an ending diagonal almost to the day at 0.618 time retracement of Oct 2007 - Mar 2009 drop
JI
jimkane
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Yeah, I was hoping for something worthy of #5000. The heck with it.
Note the SL here (5-min all-sessions) and the breakdown of the 3D on the 1-min here, all past the 1.272 from the morning's low, to the 1.618 of that. Point is, if they can't bounce it here, wow. The break of that little 3D in an area like this is very climactic action, short-term.
Note the SL here (5-min all-sessions) and the breakdown of the 3D on the 1-min here, all past the 1.272 from the morning's low, to the 1.618 of that. Point is, if they can't bounce it here, wow. The break of that little 3D in an area like this is very climactic action, short-term.
JI
jimkane
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Now, that's extreme. Extreme for this 'bull market'. It's nothing compared to when we melted down, of course. But for a market with a VIX in the 16's a few days ago, this is pretty harsh selling. I love it!
JI
jimkane
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Wow, they can't super-climax it, and they can't bounce it. About 15 more minutes to really flush it out... It would really be odd to me to have it just close here.
JI
jimkane
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Okay, here's my a little bit higher timeframe thought.
The market is selling on the Obama news about crushing the banks, and actually putting forth some starting legislation that may actually do something good. The banks have been whining all day long. Wah, wah, wah, poor babies, you won't be able to keep paying tens and tens of billions in bonuses straight from taxpayers and hard-working people (like those who used to get interest on their savings and now get zero).
But, here's what I suspect, contrary to what Meridith Whitney is saying. I don't see anything like this having any chance of passing. They will water it down so much, essentially just let the banks 'rewrite' it, that what passes won't have essentially any effect. Same old, same old. And the market will soon figure this out. And when it does, I think, this will bounce with a fury that will long be remembered. Just a thought.
As usual, the charts prevail, at all times, regardless of the underlying causes. I just don't think you can change this radical bullish sentiment this much this fast based on one piece of legislation that has almost no chance to pass as is at all. We'll see. In the meantime, I'm dancing a jig of joy with the selling.
The market is selling on the Obama news about crushing the banks, and actually putting forth some starting legislation that may actually do something good. The banks have been whining all day long. Wah, wah, wah, poor babies, you won't be able to keep paying tens and tens of billions in bonuses straight from taxpayers and hard-working people (like those who used to get interest on their savings and now get zero).
But, here's what I suspect, contrary to what Meridith Whitney is saying. I don't see anything like this having any chance of passing. They will water it down so much, essentially just let the banks 'rewrite' it, that what passes won't have essentially any effect. Same old, same old. And the market will soon figure this out. And when it does, I think, this will bounce with a fury that will long be remembered. Just a thought.
As usual, the charts prevail, at all times, regardless of the underlying causes. I just don't think you can change this radical bullish sentiment this much this fast based on one piece of legislation that has almost no chance to pass as is at all. We'll see. In the meantime, I'm dancing a jig of joy with the selling.
JI
jimkane
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Originally posted by jimkaneWell, they got one more push down before the little short-covering, bringing it right back to the same level. Not much of a climax, but a good setup for the usual Sunday night/Monday up that we have seen 17 of the last 19 Sundays if my info is correct. All I know is I see one heck of a lot of ABCD's all in here across the board, similar to the July '09 time period. If they give way that will really be something. Big clue time.
Wow, they can't super-climax it, and they can't bounce it. About 15 more minutes to really flush it out... It would really be odd to me to have it just close here.
RO
roofer
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i hope all grasped what i did... i did not forcast.... i simply used the tools of this forum across all my traders until there was not a single buy signal left... that is when important reversals occur...AT THAT MOMENT IN TIME!!!!, THERE IS SIMPLY NO GEOMETRY LEFT TO SUPPORT THE MARKET....jim is perfectly correct to be looking for ABCD'S.... I AM TOO..but looking across hundreds of charts, i believe price was at or near this years high at the recent high...i have no big ideas of how important this high was based on theoretical constructs.... just trading the tools....as the machine that grinds.