Everyone ready for another exciting week?

it's funny how you can have a bias and still find trades in both directions in the shorter time frame...

Goodness Gracious! Jim warned us. Bullish Wedge and a Kane TD ABCD, price downward progress from Point D stopped at bottom line of bullish wedge, Bernanke speaks at 9:00 CST meeting. New Moon tomorrow. Goodness Gracious! My mind is boggled.

Al Kamego

nope....really strong out of the gate....funny how the bigger .886 stopped it though....

Sometimes I amaze myself, all joking aside. Or should I say the tools I have developed for myself amaze me. It hits 70.50 in another pathetic manipulation ramp, before it backs off slightly. Will they allow it to come in at all before the next 20 point or so leg up? I'm wondering where it has to go so that it can pump another 20 and get to the next level. Hmmm, it would have to go up a bit and then launch, or come in a bit and do two 20 point legs, or a 30 point leg (should be no problem for them), or... Take your pick. Remember the Passenger 57 remake I did: 'Always bet on 'up'!'

Originally posted by jimkane

So, overhead I have around 67-low 70's, and then the super-key area around 1395-1400, but it may be as early as 90. I have a time factor for the latter area of say close of Thursday to Sunday night into the start of Monday (midnight). I can't imagine it won't shoot for that area, but in doing so it would violate the next area, and that has some chance of this heading for new highs if it does. It's not a done deal, but it surely increases the odds of that, and you know that would p#%& me off even if I was long.

Originally posted by jimkane

And yes, this could have been a final 'retest' of this 56-60 area today, off that EXP ABCD, and down it goes. It could happen. I'm ready for it. I'm dreaming it will happen, wishing, hoping. But I'm not holding my breath. I'm not expecting anything but upside from these maniacs. But, I'm still staying alert for a dump, on the outside chance that I get what I want. How often does that happen...

I decided today that I'm so tired of roofer's concept of 'holding my nose and taking the trade' that I made an appointment with my surgeon to have my nose permanently sealed shut so I can free my other hand back up. I don't think we are ever going to have any real downside ever again, so, as much as I like the short side, I'm only going to trade long from now on.

Not that there aren't plenty of opportunities on both sides, as rat just mentioned, it's just that the short side plays are a real grind, sweating all the way, and the upside is monster moves, with ease. Why kill myself always wanting more on the downside and being disappointed, and always wishing for more? I'm starting to really like this long business. 'Long only Jim'. I can see it...

<sarc off>

I was closer that I expect with my estimate, the SPY high today was 137.64.

Originally posted by rat89

Thanks

Originally posted by jimkane

137.25-137.75 and 140.00-140.60, and if it only reaches 1390 then 139.50, but this is an approximation.

And if anyone has to actually ask if I did or didn't get short side bias off that high today, you must now exit the forum.

Here's a no-brainer comment, then I think I'm done for today as far as posts. Watch the ABCD right here in case that's it.

I wanted to mention the divergence we had today, but thought this did a better job. Very interesting, this divergence.

http://www.zerohedge.com/news/spot-odd-market-out

66.25 here is a brick wall, so when it pops over it, that makes the intentions clear to me.

That's what I wonder, too, rat. But beyond the lunacy of all that, my biggest concern is all the people who have just some small amount of savings, fighting the dropping standard of living since around 1972 in real terms, and they are being forced by the Fed to seek yield in much riskier investments. Say they are retired or near retired. Imagine being 70 and having to put all your money in the stock market because real yields are now negative. The Fed is doing that on purpose, and admits such. Force people into the market when that is not an appropriate investment for them. This is sick and twisted.

And then along come the propaganda cheerleaders, from all the TV financial shows, to the endless analysts, to guys like Carl. If you are not part of the solution, you are part of the problem. His endless bullish drivel motivates a certain number of people to get long the market from an investment standpoint. He spews propaganda for the evildoers. And that is what I take issue with. Him and all the rest.