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...

Now, watch the 1-2-tick game again, as it's now 2 ticks over the high.

Showtime. There's the break up, and right into my posted area. Now we see if 'da bulls' are really large and in charge, or not.

why thank you dr. jim

Originally posted by jimkane

Nice charts, rat.

Dr. Jim, I like that. I like that a lot.

Watch 16 here for the first clue on this checkback off that key 19.75 high area. We should learn something here.

My next level is around 9.75-11.25, if it can get going down at all.

I just read an interesting line that said 'In the end, central banks will get what they deserve'. I beg to differ, I think the line should be 'In the end, we'll get what the central banks deserve...'.

This has all the look like the next leg up has started, and new highs for the move will be forthcoming. I have a key line here that is about to be 'retested', but once it overcomes that, I think it will be clear sailing to the upside. Do or die time, right in here.

Just creeping my overhead TL, waiting to burst through it, probably on or into the European open.

You can feel the pressure building in the ES, Aussie, crude, gold et al as the European open looms...

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.