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.

jim, you should call horse races ;)

Actually for a little while when I was much, much younger I hung with my dad who was going to the track with a professional handicapper friend of his. I learned a lot about the concept of a probability game, and having an edge, from watching this guy. I truly think that's all we are is handicappers, ultimately. If we are doing our job right, that is.

Originally posted by rat89

jim, you should call horse races ;)

I'm anxious to see what they do with this flat/4PT hybrid in here. If it fails, we have the full-blown sell the news event and the gap closure, I think.

And it reacts to the area with a nice trigger. Remember, not all setups are to be traded, 'context' and the potential for the move to be completed are big factors in this decision for me. But here, initially, the reaction off the area is very standard. Now I wait for the 'failure'. We shall see.

What an amazing 'triangle' that looks set to break down. That probably means a fake down and then up strongly...

There's the fake break down and blast up. Let's see if it sustains. If so, it will be one of the most classic snap traps I have ever seen.

Originally posted by jimkane

What an amazing 'triangle' that looks set to break down. That probably means a fake down and then up strongly...

Double snap trap?

I just got up for a bathroom break and I couldn't help but post that I'm going back to bed with one of my famous ear to ear grins on my face. I hope I can sleep smiling so big. This not only dumped right off my area (48ish was my post, 47.50 was the high), it closed the gap, and went beyond that right back to a previous key price flow. Sell the news. Another great read on my part, no bragging intended. Euro gives back 132 pips off the high by my data. Need I go on? Okay, back to bed...

one other thought on GLD
http://stockcharts.com/h-sc/ui?s=GLD&p=5&yr=0&mn=0&dy=18&id=p25239001550&a=252811717&r=1340028457163&cmd=print

I still have the feeling gld could move down sharply....if it wants to at the right time