Just over three hours until the futures open. Although there will be a break for part of tomorrow's RTH time, otherwise it's still 'game on'. I'm bored and ready for action. I'm not sure what my life would be like without the market, I guess I'd find something else that I find exciting...

The futures reopen and there's the new low for the move!

N-n-n-n-nineteen, nineteen.

N-n-n-n-nineteen, nineteen.

N-n-n-n-nineteen, nineteen.

From the song by Paul Hardcastle.

Don't forget tomorrow is the big jobs report. That should shake this thing up a bit.

It's about time

Originally posted by jimkane

Don't forget tomorrow is the big jobs report. That should shake this thing up a bit.

it just doesn't get better than this.....the failure at 141 half area defined the entire move.....

From Carl Futia today:

"The October 2011 top at 1289.25 is strong support. I think a base building period is nearly complete. The drop this morning on the employment news below the May 21 low sets ups bullish divergences on my advancing issues oscillators. Given the heavily bearish market sentiment I think this means that a big rally is imminent."

Now, we are trading 1280, isn't the 'strong support' broken to the downside? Why hasn't he posted a 'downside breakout' call? He always posts 'upside breakout' calls with little provocation. Hasn't he been bullish all the way down? Every time 'support' is broken, he reiterates his call for an imminent rally to new bull market highs, but never a call that this additional breach of 'support' is a 'downside breakout'. Eventually anyone who just sticks to one side no matter what will be 'right' (a stopped clock is 'right' twice a day, after all), and then you see the 'I told you so' call.

My point is not to slam Carl here at all. After all, he is one of the most highly respected traders out there, and his account is up way, way more (according to his posted results) than the highest end high goal I had back when I was quite naive. I've never had results like that in my entire career. My point is, he seems incredible biased, in that he makes calls one way for the bull side and another way for the bear side. He doesn't seem to apply his techniques equally, unbiased, based on only technical factors. Second, I have zero idea, as a reader, how to use his info.

If a market is falling and falling, shouldn't one be short? Is the right play to wait and wait and wait for a bounce? A bounce that may not happen for a year? And when does he get long? Off each of these 'support' areas? If so, that doesn't sound right. I just don't know how anyone could use his info at times like this. Sure, he's 'Dy-no-mite' in a relentless bull market, but we all know that saying about not confusing genius with a bull market. Every bull is a genius in a bull market...

Careful that that was a stop sweep there.

Can you update this chart, rat, to show how well it has moved since you did this capture?

Originally posted by rat89

it just doesn't get better than this.....the failure at 141 half area defined the entire move.....

Click image for original size

Recall the area I posted way, way back, for the intermediate-term, of 1260-65. That area is calling to this thing, in my opinion. Recall, also, that I mentioned two areas far below, and that I might post a chart for that. I'll try to get around to that.

I think things are lining up perfectly for a plunge down, the introduction of the next QE program, and then the monster rally into the election, complete with O'Bummer programs that, when introduced, are done concurrently with orders for JPM/GS/C/BAC/WFC/MS et al to buy with reckless abandon, so the second he makes any announcement the market shows it 'likes' his plan, probably with a +400 or more up day. I can't imagine this plan doesn't play out.

Kane DB and DT ABCDs completing at 0.447 (DB) and 0.886 (DT). And Point d of the Kane DT ABCD was at 0.886, 1.272 fibo, SL convergence on a "gap on 5" day. The tools taught here at the Kane members-only forum work well and they are getting a workout today.

Hmmmm. Hmmmm is my favorite expression today, it seems. Usually it's 'Amazing'. Anyway, the SPY has drifted back down to below the ES closing level. I'm not unhappy at all, just a bit surprised that they can't bounce this even in the aftermarket hours with nothing else trading. Very curious. I hope we see that 60-65 soon, preferably Sunday night, before we get 'the big bounce'. Then down into those 1100's, if I get my way.