Just over three hours. I can't wait... Lots of action over the weekend, including the 'big' Spanish bank bailout. Here's some food for thought. It's essentially identical to every comment on the topic I've made since the '09 bottom. As an intelligent investor I hear the news of a huge, monster (proportionately it's about double the size of our TARP) bailout of the ever so important Spanish banks, and I want to sell everything I own. Shoot first, and ask questions later. If it's that bad, I'm 'a steppin' aside'. But, I think there is a good chance this thing gaps up 20+ points. That is extra significant because we are in a key area. It may have one more little push up, or it could happen where it has already hit. Anyway, the market rockets up, through a brick wall area, on super bad news?

The logic is actually there. I still am caught up in the myth that it's a free market, that it discounts actual value, and that investors will be making decisions on the news. Wrong, in my opinion. It is nothing but manipulation. The powers that be will, of course, instruct their primary dealer minions to spend some of those trillions they are stealing from you and I to gun this up on the bad news, in order to prevent panic, scare hedge funds silly, and create an atmosphere of the market being thrilled to pieces with the bailout. Hence, all is, or will be, well. See, that's the game we actually have.

Combine this with a record short interest in the Euro and a short squeeze there is an accident waiting to happen. And Euro exploding has, since the '09 bottom, meant 'risk on'. This thing is all set up for a big leg up, as insane as that sounds (and is, in my opinion). And it would distress me tremendously if this great area is 'blown out'. But, alas, I am fully expecting these filthy scumbags will do it. To me it's tradeable no matter what it does, but some things would be easier for me to stomach. About three more hours and we'll know...

6 points straight up in a flash. Amazing.

Although I think we are now headed up, the area around 11.75-12.50 is an ABCD backtest of that TL, so if they want to go down that is a place I'll be watching.

All right, it's making its move.

I've never been more sure this would move up than this last read. It may not go far, but honestly, in my own mind, I was essentially 100% (99.999999%?) sure that it would at least start up for a bit. Like I had the chart from a few hours in the future. Not making any claims here, just saying, as a point for discussion, I think that was the read where I was the surest of any read I've ever done. It may be done here, as I said, but that cup and handle there, and the way it acted, it was a lock, to me, that they would push it up over that.

Next leg coming?

12.00. Big clue time.

Originally posted by jimkane

Although I think we are now headed up, the area around 11.75-12.50 is an ABCD backtest of that TL, so if they want to go down that is a place I'll be watching.

I'm thinking it wants to get to 15.75-16.50, and then perhaps 19.75-20.50. The latter area is back to the battleground for those recent highs that it couldn't hack after so many tries. If it gets there I don't think it will fail this time. It's a big if whether it can get up there, but I'm betting it can. We shall see.

Let me mention that there is something at 13.25-.50, and although I think the highs will be reached soon, this is an area I will be keeping an eye on, too.

And yes, if I have enough levels then no matter where it turns one could claim it turned close enough to an area. (I actually recall a guy who posted levels this way, and claimed his areas were hit time and again. He posted lines 2% apart and said the tolerance for the line was plus or minus 1%! Too silly. And people bragged about him all the time.) I am aware of this, but what shakes out shakes out, and this is what I have right now.

There's a nice pop. Sometimes it's just sooooooooooooooooooo easy to figure out what it's doing. No claims, just an observation.

And the SPY 'breaks out' for another big push up, appx. 3.75 ES points from where it closed. Now that's impressive. They want it, and they want it bad. Can't wait to see the news over the weekend, and how the market takes it.