I'm starting this week's discussion.

This key .300 here at 12.25 here, though, very well may stop this if the severe sell (the seeming one in a million sell...) isn't to play out.

10.75 has been hit, and all semblance of looking like a big sell is now completely gone. I can't say whether it goes up from here (probably?), but whatever they were trying to make it look like, they completely stopped that. Just some thoughts. They love to play games, don't they...

Originally posted by jimkane

10.25-.50 next?

As an aside, I'm hoping for some more short-term down in here, just to state what I'd personally like to see.

What moves! Kane TD ABCD completing at 0.382 fibo. Price declines to 1.272 times Point C-to-D distance, sharply reverses at 1.272 DBS with additional 1.618 fibo overlap, and takes off to a 3.618 fibo multiple of the Point D - DBS price progress. The tools taught here are awesome.


Al Kamego

Yay! Somebody else posted! Nice chart, Al.

Thank you. Price movement seemed kind of crisp. Imo, the Kane Trading member area is the place to be for trading talk.

When I first started reading your comments on price action here, I was so impressed, I thought it was uncanny, and I was tempted to ask "Is Jim controlling the markets with his mind?" (just playing, here). Anyway, I am impressed.

Al Kamego

personally, i was disappointed that it didn't test x marks the spot before taking off today, but there it is

So, is it ready soon for the next leg up into/upon the European open? I rather strongly think so. I mean, it had its chance to go down and it didn't, it stopped at the first area it could find. It made it a few ticks from a new high for the entire 'bulls#%&' market, and yet that didn't trigger a big sell. They made it look like a monster sell coming. They got whatever shorts in they could. Then nothing. Nada. You think it's waiting for the European open to sell??? Good luck with that. Maybe I'll eat these words, in fact I hope more than anything that I do, but I'm not seeing it. New highs coming soon, that's what I see.

In my opinion, and this is just an opinion, I think the odds are over 99% that this will set a new high here soon. I know that sounds crazy, but I just can't see them selling this off in here. We'll see. Like I said, I hope I'm dead wrong, but this is about the most skewed I have felt the odds were in as long as I can remember.

How incredibly odd, they don't like the Fed minutes here. Usually they gun it way up on those...

Please, everyone, read this post I did:

http://www.mypivots.com/board/topic/4050/-1/jims-economic-links#99179