ES closed strong and looks good for a strong start of the week:



However I'll be watching closely bearish ABCDs on the way up since long term questions remained unanswered yet:

jim, is this what you're talking about?

Just something to be aware of:

http://www.zerohedge.com/article/nyse-margin-debt-surges-highest-february-2008-net-speculator-leverage-second-highest-ever

It doesn't translate to USO exactly, rat, but your smaller modified Schiff duplicates an obvious TL off the those two swing highs, and everyone sees that. It jumps about $3 (CL price) off the lows, hits that TL area, and pulls back in a bullish ABCD in a KZ (you can see this on your USO chart right at the end of the price action, it's very small on your chart), with very wild, rapid, strong swings forming the legs, and the the pit closes right at the ABCD completion point, where it just stops dead. Very curious, and very obvious to many.

Originally posted by rat89

jim, is this what you're talking about?

Click image for original size

So, will CL respect this line, and ES its bearish ABCD? Or will they go 'risk on' and blow those areas out??? What if CL breaks down in here? Watch what the ES does if it breaks down.

Hmmm, there is a rumor spreading that Pimp-Co is buying treasuries. Really? Buying? I wonder who said this well before today? But, of course, they denied the rumor, so we know it can't be true. And GOOG can't go down...

http://www.zerohedge.com/article/pimco-denies-unfounded-rumors-it-buying-bonds

Amazing how the ES rushes up to the 1.000 ABCD, and then spends well over an hour in a 2 point range squatting right on the area. No matter what it does, that's something.

ES just wants to go up...

Get ready...

what's the difference between an unfounded rumor and a founded rumor?

Originally posted by jimkane

Hmmm, there is a rumor spreading that Pimp-Co is buying treasuries. Really? Buying? I wonder who said this well before today? But, of course, they denied the rumor, so we know it can't be true. And GOOG can't go down...

http://www.zerohedge.com/article/pimco-denies-unfounded-rumors-it-buying-bonds

A founded rumor would be able to be substantiated with 'facts'.

Originally posted by rat89

what's the difference between an unfounded rumor and a founded rumor?

Originally posted by jimkane

Hmmm, there is a rumor spreading that Pimp-Co is buying treasuries. Really? Buying? I wonder who said this well before today? But, of course, they denied the rumor, so we know it can't be true. And GOOG can't go down...

http://www.zerohedge.com/article/pimco-denies-unfounded-rumors-it-buying-bonds

I think it may head for the lower //, not even the ML. I've been thinking 35 since forever. Understand, though, this is really just an index against the Euro, which is by far the heaviest component. If the DX was going up, and the dollar going up against all currencies, the buying power of the dollar could still be going down, even rapidly.

All I care about is the buying power of the dollar, and if you look at gold, silver, oil, foodstuffs, cotton, etc., you can see what is happening to my buying power. This is true in all currencies, even the powerhouse Aussie. It's just losing buying power a little slower as it rises with respect to the dollar. All fiats are on their way out. Do they go together, or do they fall one by one in big explosions...