JI
jimkane
Rep: 3,058
Posts: 33,089
I have no life... I'm starting this topic early because I am sitting around, waiting for Sunday night GLOBEX and my world to begin again...
JI
jimkane
Rep: 3,058
Posts: 33,089
BTW, right back to the upsloping price flow it battled so hard with. Upper price flow, lower price flow, what a battle. Totally amazing, technically, to me.
JI
jimkane
Rep: 3,058
Posts: 33,089
Too funny, when you study Zero Hedge, and other equally good information sites, and then you see what is going on, like one estimate of one-thousand six hundred trillion dollars in outstanding derivatives (most estimates are around seven-hundred trillion), insolvent banks and major governments, and on and on, it's not only comical, it's way beyond comical to total insanity, in my opinion, to hear bulls argue for higher prices based on the intrinsic value of stocks being so much higher i.e. stocks are undervalued. It's just madness. We'll look back on this and compare it to tulip mania some day, mark my words.
As an aside, here's an argument I hear daily, to show just how insane the reasoning of these people really is. They say that compared to treasuries, a key benchmark, stocks are the most historically undervalued they have ever been. The real problem is in the conclusion: 'Hence, they are the buy of a lifetime, the buy of any lifetime'.
I agree that compared to treasuries they likely are the most undervalued of all time. Here's the problem. Treasuries are in the biggest bubble ever seen in the history of treasuries. So, let's say the price of, oh, say, a bag of plastic beads has historically been 90% the cost of a tulip bulb. Let's say the price for said tulip bulb has been around a dollar. The beads then are 90 cents.
Now, it the 1600's and tulips start to rise. Soon they are a bubble. The cost of one bulb is your entire family estate. But beads, they are now running only 80% of an estate for one little bag. The lowest in history compared to tulip bulbs. They are the buy of a lifetime, right? Comparatively, they've never been cheaper, they are highly 'undervalued'. They must be not only the buy of a lifetime, but the buy of any lifetime ever, right? Yeah, right.
I hope everyone sees the insanity of the madness these people are caught up in.
As an aside, here's an argument I hear daily, to show just how insane the reasoning of these people really is. They say that compared to treasuries, a key benchmark, stocks are the most historically undervalued they have ever been. The real problem is in the conclusion: 'Hence, they are the buy of a lifetime, the buy of any lifetime'.
I agree that compared to treasuries they likely are the most undervalued of all time. Here's the problem. Treasuries are in the biggest bubble ever seen in the history of treasuries. So, let's say the price of, oh, say, a bag of plastic beads has historically been 90% the cost of a tulip bulb. Let's say the price for said tulip bulb has been around a dollar. The beads then are 90 cents.
Now, it the 1600's and tulips start to rise. Soon they are a bubble. The cost of one bulb is your entire family estate. But beads, they are now running only 80% of an estate for one little bag. The lowest in history compared to tulip bulbs. They are the buy of a lifetime, right? Comparatively, they've never been cheaper, they are highly 'undervalued'. They must be not only the buy of a lifetime, but the buy of any lifetime ever, right? Yeah, right.
I hope everyone sees the insanity of the madness these people are caught up in.
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, once I checked in I went kind of nuts on the posting, mostly because the action was just so incredible. I think the action since yesterday (except for the long nap time I posted) has been about as good as I have ever seen. I hope this continues. Just an opinion, but if one can't get it done with action like this, one just can't get it done.
AL
albert
Rep: 99
Posts: 3,094
Originally posted by albert
Kane TD ABCD completing at 0.300. ABCD has a Kane DT ABCD in the CD Leg. 1.272, 1.128 SL (dbs?)
Al Kamego
Click image for original size
Would you believe 50% of a Kane DT ABCD in the CD leg? (with a Maxwell Smart accent).
Al Kamego
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jimkane
Rep: 3,058
Posts: 33,089
Pretty basic stuff everyone should already know, but it's worth reviewing:
http://slopeofhope.com/2012/06/20-habits-of-wealthy-traders-market-sniper.html
http://slopeofhope.com/2012/06/20-habits-of-wealthy-traders-market-sniper.html
JI
jimkane
Rep: 3,058
Posts: 33,089
'Risk on'. Euro, Aussie, CL (nuts!), ES all moving up in tandem. Just stupid. But, that's our market. Near 100% correlation.
RA
rat89
Rep: 0
Posts: 7,015
here's the rat's nest view of spy......what if this is a giant abcd right into the kz between 126.15 and 128.49? of course there are some other areas of interest below.....but perhaps it's best to keep a very open mind knowing what we know...
Click image for original size
JI
jimkane
Rep: 3,058
Posts: 33,089
Loopy Jim. I need more sleep. Lots more sleep. I was just sitting, watching the news on TV, pondering my day with the markets, when it hit me I had been off by one cycle in identifying the ES contracts in my posts. I was saying Mar like it was the ending contract and June like it was the upcoming rollover contract, when I meant June and Sept, respectively.
No one called me on it (if you see something like this please post a comment so I can get it straightened out). I'm sure everyone knew what I meant, and the highs I mentioned, with their numbers, would have made it clear which contract I meant, but anyway, I fixed it in the posts where I saw it. I think I got them all, but if not, feel free to point it out to me.
When I was much (much) younger I was into motocross racing. Like all the major endeavors in my life, I do things 110% or not at all. I had a T-shirt back then that I still remember word for word what it said: We eat, sleep, ride, talk, breathe, dream, live and love motorcycles. I need a new shirt now that says: We eat, sleep, ride, talk, breathe, dream, live and love the markets. The 'ride' part is especially apropos. I thought of this because before I remembered my Faux Pas with the contract dates I was going to post:
Like I mentioned last week, I have no life outside the markets. Here I sit, on a Friday night, my better half sitting there probably wishing I'd come up with something for her and I to do, and all I can think about is how am I going to make it to Sunday at 3 PM?...
No one called me on it (if you see something like this please post a comment so I can get it straightened out). I'm sure everyone knew what I meant, and the highs I mentioned, with their numbers, would have made it clear which contract I meant, but anyway, I fixed it in the posts where I saw it. I think I got them all, but if not, feel free to point it out to me.
When I was much (much) younger I was into motocross racing. Like all the major endeavors in my life, I do things 110% or not at all. I had a T-shirt back then that I still remember word for word what it said: We eat, sleep, ride, talk, breathe, dream, live and love motorcycles. I need a new shirt now that says: We eat, sleep, ride, talk, breathe, dream, live and love the markets. The 'ride' part is especially apropos. I thought of this because before I remembered my Faux Pas with the contract dates I was going to post:
Like I mentioned last week, I have no life outside the markets. Here I sit, on a Friday night, my better half sitting there probably wishing I'd come up with something for her and I to do, and all I can think about is how am I going to make it to Sunday at 3 PM?...