Well, just a few hours, and then we see how serious they were with that monster drop after the jobs report and that 45 minutes of trading time they had. This is going to be quite interesting, and I've been anxiously awaiting the open...

They are really dumping this thing. Off of 72.50. How awesome. Will it sustain? Are they going to follow through on the obvious?

Well, it did the ABCD, with an even more complex BC leg. And it has now hit dead on my best, key area, where? In the low 80's, exactly as discussed. This 83 high is dead on all my best stuff. This is it. Time to see if the 'bear' market has resumed, or if new highs are coming. Sure, there can be anything in between those two options, but if the premise is for an appropriate bounce up and then a roll and resumption of the downmove, this is the exact spot, with structure, that I mentioned way back, and have been waiting for.

And I don't feel confident about it, with this monster move up (even though I like strong moves into PTA's), mostly because this kind of move implies the manipulators are back full strength, and the sellers are destroyed. We'll see. I can say that I would not be even slightly inclined to ignore a trigger off this. This is it. If you follow the TV show 'Storage Wars' at all 'This is the Wow factor, Baby!'.

Okay, while I was typing that post (which took me awhile, so the start of the trigger move hadn't happened yet), the first, fine entry trigger occurred. One option is to take that and hence have a much tighter stop (and also more potential reward), and a possible intraday play only, or the need to do some fancy dancing to get out). Another option is to wait for something with more confirmation. The downside to the latter option is that if it dumps hard there may be no second chance.

I'm still very wary of this, as I see so few days go up so much off the open and roll over since the manipulation began in '09. Maybe it chops around and sells in the overnight (or maybe it doesn't go down at all...). Regardless, it is hard to pass up a trigger on this after all this waiting. And I know it has nothing to do with this particular setup or trade, but if one caught a big chunk of the move off the low in the 50's (or this AM), it's tough to worry about taking a stop out here on this inedible setup.

I'm interested to see if this launches another leg up off this 79.50 here. I'd be almost surprised if it didn't, or didn't try.

It sure looks like it wants that 85 area. I'd say for one final push, but they are doing a wonderful job at making this look like selling off this area is essentially impossible.

Oops, forgot to add in my obligatory 'We'll see'.

I'm sure everyone noticed that as CMG is smokin' to new all-time highs, the Big Dog, AAPL, is down on a monster up day. Now, that's curious. Is that trying to tell us something?

The way this is acting I give this essentially a 100% chance it will set a new high for the day in here. I am not being sarcastic, I think it is inevitable.

And there it is. 85ish next, I think.

Originally posted by jimkane

I'm glad you are okay.

Jim,

Thanks for your concern. Sorry to cause you any distress. A little note from me would have helped. It is good to be in contact with you the Kane Traders again! I think I missed some good trading. Well, I hope there will be more opportunities.

Good Trading,

Al Kamego