I have to start the topic again? C'mon, let's get some volunteers in here. Okay, Sunday night showtime, let's roll.

here's a question.....gdx slipped through a very important support at the lower green line....is it trying to go for a 5 pt and the last swing to the upper line was a distraction?

I will say that I have a major, serious confluence on this one in the area of mid to upper 58's. It is rather curious to me, though, how they are beating down the mining stocks when the metals are smokin'. They have all sorts of reasons, like nationalization fears and on and on, but it seems rather 'odd'. I think it is all part of the manipulation to keep PM's down, or anything related to PM's. So, I wonder if these may all have more downside.

Anyway, watch this area if they manage to take this down any further, and see what it does there. It's also an ABCD with an ABCD in the BC leg. It's not in a strong impulsive trend, though, and is the second 'big' correction before even hitting a new high off the last major high, and that's a red flag. But, the area is very key for clues.

I think I see it...5856, 5868, 5874 ?

good point about the nationalization fears...that's what happened to the oil majors a while back too

Originally posted by jimkane

I will say that I have a major, serious confluence on this one in the area of mid to upper 58's. It is rather curious to me, though, how they are beating down the mining stocks when the metals are smokin'. They have all sorts of reasons, like nationalization fears and on and on, but it seems rather 'odd'.

Found "Mr. Hat".

Here is what Jim wrote way back in 2004:

I ... took out one of my old baseball style caps from the closet, got a magic marker, and wrote across the top 'In the penalty box'. I decided that if I couldn't adhere to my plan, I was going to be in the penalty box one hour per infraction. After that, with that hat staring at me from the top of one of my monitors, I stayed on track. For a while.
Then I got sloppy. Bamm, on with the hat. I can tell you, for someone who lives to trade, it is like torture. Not only was I in the [penalty] box for an hour, that didn't mean go have fun and watch TV for an hour, it means watch the screen for an hour with the mouse unplugged. It cured me pretty darn quickly. I think it was one of the best tricks I had ever come up with.

tx, how did you find that? I still can't find it, with any reasonable technique, no matter how I search. Google or Bing can't even find it with the entire paragraph typed in... (I finally got it with a partial paragraph, one of many cuts I tried, with Kane Trading.) I used to find things at my website all the time that way, using Kane Trading and a few key words and it would get it right away. Here, nothing, almost no matter what...

Anyway, here's the link, for those that want to follow up on the entire story of 'Mr. Hat':

http://www.kanetrading.com/a_comm/04_1Qarc/february/021304_d_comm_arc.html

I wanted to post this after the close, back before anything happened, but I ran out of gas after my usual late Sunday night GLOBEX antics. My point on the lower post was that that I thought that was likely it for the day, for the RTH, not for the move. Recall my earlier post saying "I'm 'hoping' for an acceleration down..."

My 'intraday' (read: very short-term) side is short until this starts to rise before my very eyes. And it is still trickling down, and I'm seeing what it does as it hits into the area mentioned way back. If this area gives way, then it gets into 'W3' territory, where it may really dump.

Notice that bounce to 58 area was it, too, and it started this move down from there. From the high at 58.50, it has fallen five points so far, to new lows for the move.


Posted-05/02/2011 : 15:57:16

Originally posted by jimkane

Let's see what the ES does with this first .447 at 58 here, as this closes.

Posted-05/02/2011 : 15:49:25

Originally posted by jimkane

Okay, that may be it for the ES.

Now, some people have nightmares about monsters and zombies, a car without brakes, closets, tall buildings, or snakes... For a short-term trader, this is what a nightmare looks like:

http://www.zerohedge.com/article/golden-flash-crash

As per the conversation rat and I had earlier on PM's vs. how the mining stocks are performing, here's an interesting bit:

http://www.zerohedge.com/article/so-much-sprott-silver-scare-every-dollar-pslv-sales-was-reinvested-silver-equities

That's the general area, but I have different numbers, so we are looking at different things, I suspect. The 1.000 ABCD by one technique is at 58.50, and by another the .886 ABCD is at 58.51. My other numbers are all around that area. I also have many lines in there that don't come from standard sets.

Originally posted by rat89

I think I see it...5856, 5868, 5874 ?

good point about the nationalization fears...that's what happened to the oil majors a while back too

Originally posted by jimkane

I will say that I have a major, serious confluence on this one in the area of mid to upper 58's. It is rather curious to me, though, how they are beating down the mining stocks when the metals are smokin'. They have all sorts of reasons, like nationalization fears and on and on, but it seems rather 'odd'.

mini crash in gold.............but us Kane Traders know where to look.

jarek,

Very impressive work!

Good Trading,

Al Kamego