Interesting week ahead with SPX dropping on Friday most in 2 months right from the levels and lines shown by Roofer. Also his old DJIA set suggests that bulls need to be aware:





Quite interestingly Thursday's high was 80 years to the day after the 16 April 1930 top of countertrend rally from 1929-32 bear market

Okay, see ya then.

when support holds and targets are met and an .886 retest occurs.... there is no choice.

Nice work, roofer. Like you said, sometimes we just have no choice. To quote Jesse Livermore: "It was the only play possible..."

only two trades today.. no gaps in indexes... so had to play different game... gld DID NOT hit .886; however my order was sitting in market in DZZ and was hit at 12.50 exact .886.

And there's the new high for the 'bull' in the S&P. Of course the other indices previously mentioned have long since set another new 'bull' high today. Look at housing $HGX. My next areas for me for today are 15 and 19. The 4PT from the RTH chart did play out beautifully. As an aside, everyone saw that insane 3D at the LOD, with a nice spike line (most 3D will have a nice spike line almost by definition), right? Nothing but up since then, just a ride until close I suspect, setting up another up Sunday night GLOBEX/Monday, as usual.

I'll check back in right before the close to see if I got 15 or 19, or better.

An analyst on TV just said he sees a 20% rise for the S&P. We all know it's 20% undervalued here, after all. The funny thing is, all the analysts have been saying this exact thing all the way up. And if we rise that 20%? He'll call for a 20% rise, saying the market is 20% undervalued at that level, of course. All I can say is this sure is nice for the retirement account.

I honestly think the odds greatly favor we will set new all-time highs in the S&P not too long from now. The other indices may set them in another month or so. I think this will rise strongly until something happens, but as they extend and pretend they push off when anything may happen, only to greatly worsen the effect when it does. But as M has been saying for so long, they may be able to extend and pretend for years more. My own thinking is they will extend and pretend to the point that when something does happen it will be fatal to the entire planet.

To put us in that position, it may not be coming for ten or twenty years, after the next bubble reaches far, far bigger proportions than any we have seen to date. Who knows, who cares. By then we should all be multi-multi-millionaires if we play our cards right and ride the bubbles. Then I can buy lots of food for the cave I'm going to buy to spend my last days hiding out from the roving zombies :-)

Nice Kane Trading day today.

Al

Okay, my area was from 14.25-14.75, but my line was sloping up and it was looking closer to 15 when I posted the areas as 15 and 19. Regardless, it did the same thing as the last two times, it fell just a fraction shy of the area, this time hitting 13.75. Given this was a play off the LOD at 1.50, I'd say I had the area it went for pretty well laid out, and it was a ride until close, too. Always think areas, not exact points. So, another insane MRRD fake week where we hold our noses and ride the expansion. I don't expect this to end any time even in the distant future. We'll see.

my apologies for showing sloppy work today... i was so eager to get my trade off and get in my yard that i did not dial down and see the micro gap left on open... thus for seventh day running price opened on gap on five, the computers searched out the .886, and that was it for the day... price was off and running..