Am I the only one excited? Ready to go? The Greek elections are too close to call, but absolutely nothing indicates in any way any need for 'coordinated action' from central bankers, or any additional money printing. Nothing whatsoever, in my opinion. But, and here's the rub, the insane part: the market is expecting the printing.

Now, if they don't get it, the market would be inclined to go down. This would be 'disorderly', not in that it would be truly chaotic i.e. big selling, just a small decline of say a few points, and anything considered 'disorderly' justifies more money printing. So, I suspect we'll have some printing anyway, now that they announced it 'if necessary', and the market going down if they don't get it would make it 'necessary'. See the insanity of all this?

So, I expect a big pop on that announcement. In reality, this is set up as the mother of all 'sell the news' events, especially after that crazy pop into the close and good-sized additional run up in the SPY after the futures close. We shall see soon enough.

Very nice.

Al Kamego

just like i drew it
http://stockcharts.com/h-sc/ui?s=GLD&p=5&yr=0&mn=0&dy=18&id=p86526831969&a=252811717&r=1340298057919&cmd=print

but hey.... anyone here could have drawn the same chart as long as you were not listening to the gold bugs.....

just watching the tools
http://stockcharts.com/h-sc/ui?s=UCO&p=5&yr=0&mn=0&dy=15&id=p20753586441&a=225266220&r=1340299041616&cmd=print

Incredible posts, crew.

So, how did this one turn out???

Originally posted by jimkane

I wonder if this is a good time to load up on some SPY puts? I wonder...

Note that 'joey-D' posted two pictures of bears in a row. I wonder why he did that?

Here's Carl's post from early this AM:

"Today's range estimate is 1347-1367. A move to new bull market highs is underway."


The ES just hit 1325.75... All I am saying is reread what I wrote below, and attempt to grasp why I wrote it, and what I am trying to teach with a post like that. It has nothing to do with putting anyone else down, or saying they aren't great, and everything to do with trying to help everyone in here become better traders.

Originally posted by jimkane

http://books.google.com/books?id=HkoicxU4PlUC&pg=PA211&dq=grateful+john+gates&hl=en&sa=X&ei=0hfiT6XQN4Xk2wXCoOi8Cw&ved=0CDMQ6AEwAA#v=onepage&q=grateful%20john%20gates&f=false

Originally posted by jimkane

Just for curiosity and food for thought, try this. Read this article:

http://carlfutia.blogspot.com/2012/06/breakout.html

Now ponder, from a contrarian standpoint, what if every assumption and projection in this is dead wrong? How would you act, then? Study the track record of any given person and decide if you want to line up with what they say, or fade it. This idea goes way back, and is even in Reminiscences of a Stock Operator regarding John 'Bet-a-million' Gates. Just something to consider.

ES needs to bounce in here soooooooo bad.

And here's my gold followup:





Chart created on QCharts courtesy eSignal

Posted-06/17/2012 : 16:18:01

Originally posted by jimkane

For me, this is among the most important layouts right now. Everyone sees this line. That means, to me, it is likely to be heavily 'gamed'. I also added a natural set on there that further supports the importance of that line. Of course this isn't a full workup, it's just one important concept that I am watching on this chart.

Here's one sick, twisted logical viewpoint (there is, of course, no real logic to it at all...). They print a bunch more money in Europe. The Euro should go down, but it goes... up. Euro up, dollar down, gold up and over the line. If they print a bunch or Euros shouldn't the Euro go down?

Well, the 'Euros' go into the market, the market goes up, and for the market to go up the USD has to go down. Dollar down, Euro up. Plain and simple. Besides, in the end, in my opinion, there really is no printing of Euros, it's always printing of dollars in reality. The Fed, their games, their swap lines, in the end all they are really printing is dollars... Just one man's opinion.

Click image for original size

Chart created on QCharts courtesy eSignal