I'm starting this week's discussion.

The ES looks like it is starting its move up. I can't imagine they don't run it up off this area and big pattern. Even if it is just a bounce.

Yeah, we're movin' on up...

Watch the bearish standard (zig-zag) ABCD level first. But, as I said, I think it wants some up time now.

well?

fascinating area...

Two zones on franc.

.768 and .886
the market has a sense of humor after all

On the bigger scale, PCLN is just smokin' off to a new all-time high, a new one coming almost every day it seems. Facebook, as I mentioned before, is getting closer to its IPO, which I said way back will mark the end of the bull, just like a new world's tallest building used to, or a magazine cover. I do think the end may, indeed, be getting close.

It did decide to come off that ABCD, and sell quite a bit. There is an interesting lesson to be learned here, I think. Notice how many times I have said it is starting to move up, and the first area it gets to it sells down, hard, to a new low. My reads, I feel, are usually pretty good. You know, the sense of what they are thinking, I mean. This is separate from PTA's, this is just the read on how much gas it has in the tank at any given time.

Lately, as some actual sellers have come in, it keeps looking like it will rise strongly, like it has over and over in this 'bulls#%&' market. But lately when it looks that way, it rolls right over. A big change in character. This change in character has come with them trying to make it look the same as before, but then it fails. I am first in line to 'fall' for this. They are very, very good at disguising the drops. If there was anything obvious tipping off the upcoming drop, I think I would see it.

So, it's not so much my reads are off, but more that the character has changed, and they are trying to hide this, and that makes the reads inaccurate. This is something that I notice sometimes happens at major turning points. We'll see. Let's see if I can adapt to the games they are playing.

Originally posted by jimkane

Yeah, we're movin' on up...

Watch the bearish standard (zig-zag) ABCD level first. But, as I said, I think it wants some up time now.

That's it, folks. Tomorrow is a holiday, but, alas, the futures will trade until 45 minutes after the big jobs report tomorrow morning, before shutting down until Sunday night. That will be a wild 45 minutes, I suspect. Probably up huge to prep for another big Sunday night GLOBEX/Monday up. But, you never know, since they have really changed things up with the sellers now. Ah, the joy of a more balanced market. What will all the algos and players do when they don't know ahead of time what direction the market is going in, with much greater than 99.99% certainty? How will they make money? How indeed...

Let the run up to the jobs report begin... Same old, same old.

Please, everyone, read this post I did:

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