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...

Watch for them to come in on this dip.

Some additional selling off that bearish ABCD. Interesting. Watch this little bullish Elliott abcde here, again, for clues.

Forget that, it dropped through it before I got this posted. So weak.

1303.25. It did what I asked for, the rollover final push right to the area. But I wouldn't buy this with your money if you gave it to me free right now. Not yet.

If this takes out that 1298.75 low from 6/8 it could get completely toasted.

Probably the selling is almost done, but this could 'flash crash' if they aren't careful.

Hard to comprehend this is down well over 40 point from last night's high. Just unreal.

This is acting like it wants to test or even flush out that 98.75 low.

I'd love an after-cash bounce, and then they take out 98.75 decisively on the rollover. That way it could drop way below it.

I had to stop in the middle of writing that to attend to something I had going, and that bounce I hoped for has started with vigor. I'd like a much bigger bounce, and then they could kill this thing overnight, and really flush out that 98.75 low area. But alas, this is a major area here with something really, really key, and it may be done going down. We shall see.

Still selling. Amazing. I noticed something, and I thought it was too 'coincidental' not to mention it. I am not trying to get credit where credit is not due, but it is rather curious. When this gapped and ran 20+ points yesterday I sensed something big was going to happen. 30 or even 40 points. I figured the most likely was a blowout of my key area, hence up 40. I just didn't expect it would reverse there and sell hard. I thought the extreme bullish sentiment would push the envelope for awhile longer (quoting Carl Futia from today: "Today's range estimate is 1322-34. The ES is headed for new bull market highs.")

Anyway, this thing went down 42.25 points off that high, the high end of what I was sensing. I'm not sure why I thought such an extreme move was at hand (how often do I post that I see a 40 point move coming for one day?), but I could feel something in the offing. Too bad I didn't read it right and short it right off that high... My area was clear, I just second-guessed the work, and it cost me (opportunity cost). Like I say to my students all the time: 'Do your reads, if you want. If they help you, keep doing them. If they detract from your results, stop doing them.' That applies to a long series of reads, not one individual read. Mostly I think my reads help me. This time it surely didn't.

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.