Just a few hours until my favorite trading time of the entire week. So, how big a gap up today? Slight gap and run? Big gap and slow grind up? After all, it's Sunday in GLOBEX, the only direction is up, right? Recall how they closed this right at a key area. Now, geometry says this may be headed down, right? Yet they like to gun things on Sunday night GLOBEX/Monday. All starting from a big coil. I can't wait...

almost

hit in the pre market....can they do it at the open, or was that it?

Pretty Kane ABCD setup with good follow thru. However, Point D is at same price level as Point B. Maybe bad data point? lol.

Al Kamego

Yes, Marcin, that's exactly what I mentioned.

Originally posted by MarcinO

Two areas specified by Jim. Incredible how the blue Schiff ML was respected before it all points needed to draw it emerged.

Originally posted by jimkane

So, gold has a hugely obvious TL coming in at an EXP ABCD with lots of other things confluencing, in the upper 1600's to about 1700. Do the work and you can pinpoint the area for yourselves. It's better than if I just state the area. Notice the 1.272 is at 1676, as is the key .382. The next level (C'mon, folks, you know where I mean, and why) comes in at the TL (s) and other lines. I'm not saying I think gold will necessarily respect this pattern and area given that I expect an imminent 'leak' about QE3 due any time now, but who knows. I just know it's a key, key spot, and I am going to be watching it very carefully.

Click image for original size

QQQ short interest at an 11-year low. 43% drop into year end. And people keep talking about the market rising and being bullish. Yep, rising from the lowest short interest in 11 years. Right.

What I see likely happening, though, is that sharp one-day selloff that boosts the short interest like the most ever in history or some insanity such as that, all in one day, as they all flip like crazy. Then they'll use that to fuel the next two months of up, or some idiotic lunacy like that.

Boy, was I ever glad to see this Kane ABCD.

Al Kamego

what an interesting spot

I know I'm boring with my bearish assesment but there is a line worth to consider also for bulls.

An update to EUR/USD. Third area combined with lines intercection gave a descent reaction.

Perfect ABCD hit line, which I showed, right into area and we are still not much above 200 daily moving average. EURO still is going down. Europe is in slump.

Only one problem is we are still in trend up in US (I know where I was wrong).

I feel like crazy between all bulls. I'm still not sure if it is bad.

great charts marcin

Monday holidays are great, you get to play tennis on the weekend at the weekday rate