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...

and what now??

mob? blast up and out of there? or sharp move down?

So it hits 15.75, and that checks it back 10.25 points by my data, then it starts up like crazy, and hits 21.25. See how my areas are potentially helpful to me?

Originally posted by jimkane

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.

Uh-oh. I'm starting to see everyone, even Carl Futia (who's still wildly bullish), call for 1280 imminently. So, I suspect we won't see 1280 for awhile. I guess we have some upside coming, then maybe we'll see 1280, and lower... Too bad, I was hoping it would start down from here.

3D and a Kane DT ABCD completing at 0.685 fibo. Nice.

Al Kamego

The ES sure wants to start another leg up from this very spot, I think. I'd prefer it roll down hard, but then again, I'd pretty much always prefer that...

It wants up sooooooooooooo bad.

Notice the bullish ABCD here. Clue time as to if they have a shot at that up they want so bad.

Also note that the price action is saying 'down', and speaking very loudly. I am wondering if it looks too much like 'down', and that's on purpose. We shall see. I may get my flush down I want so badly.

super duper key area, no?

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.