Let's start a new week on the forum

This is curious:

http://www.zerohedge.com/news/gaping-trannie-spread

Incredibly interesting/curious that the ES ended Friday in a key area where a big decision had to be made, and without any bullish cues. It had me in a position where I was really anticipating the Sunday open because I truly had no feel for what they intended, and I couldn't wait to see what they were going to do. Sometimes it is that way. My philosophy is to look to trade when I feel I have an edge, a read on things. No perceived edge, no trade, no problem.

My 'best guess' was it was going to follow a pattern I have seen lately and head a bit lower. Hence, no late Friday ramp and set up for a big pop. Anyway, lo and behold, it does something as rare as hen's teeth. It opens up flat on Sunday, and over an hour later, it's still just sitting there. So is crude. So is gold. So is the Euro and the dollar. Curious, huh? And odd.

And for you PM followers, this is a worthwhile read:

http://www.tfmetalsreport.com/blog/3441/please-read-extremely-important-post

I know this is a bit early (way early), and likely my just posting this will cause and immediate and harsh snap up, but...

Yaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaay

Originally posted by jimkane

...My 'best guess' was it was going to follow a pattern I have seen lately and head a bit lower...

So, if this got going, with a little higher timeframe influence, where am I watching? Let's say 36.50-38.50, center of area. Below that I am watching just under 20. But that would take some serious selling, and we all know this market can only go up. So, perhaps more realistically it just goes for a 4PT, flat, or just below the previous swing for a nearly flat standard ABCD. The 1.000 price projection for the latter is at 49.25.

Maybe it even respects the upsloping TL and previous breakout downsloping line with a 'backtest', and that's it. That comes in around 55-56. (I'd be gravely disappointed in the bears if that's all they had.) But, those are some areas to do the work on, and see what you think. There are others, but this is a good start. Now we see.

I'm feeling a change in character off this 58.75 low. Maybe it's nothing, but that may be it, too. It would be odd if that was it for the bears, but most of them are dead and skinned, so you never know. I'm just seeing what it does...

Phew...

Originally posted by jimkane

I'm feeling a change in character off this 58.75 low. Maybe it's nothing, but that may be it, too. It would be odd if that was it for the bears, but most of them are dead and skinned, so you never know. I'm just seeing what it does...

And insane, amazing day, and not a single post? Is there a forum issue? This decided to come right off the 4PT after a slight stab through the main TL. Then up, what, 17 points or so in a smooth trend that nothing even slightly indicated even a small scale out. It doesn't get any better than this in my opinion. Another up Monday, as per the requirements by the manipulators. New high for the entire move, by one tick.

So, now it is clear, the Friday reaction. They wanted down further, but not as deep as I had hoped, they came in at the first bigger pattern spot they could. Recall I have said that a 4PT is a 'degenerate' ABCD where they are just so anxious they come in early, and that's that. Well, sitting at new highs, we see 'that's that' all right. Same old, same old. This is the 'easiest' and most predictable this market has traded in a long, long time. Something really changed on Dec 19, and 'it's still going'.

Like I said...

Originally posted by jimkane

...and we all know this market can only go up...

Watch crude...

a few more years of abcd's to the kz and we'll all have big beards