Okay, crew, let's kick some buttkowski this week.

ES sniffing around the edges, getting ready for its move to the 18 area (in my opinion).

I have no idea why today is so dead. Some might say the blizzard in the northeast, but everything is run by machines, so what difference does that make?

Time for the ES to make its play?

Crappiest trading day I recall in as long as I can remember. Funny, I was just talking to a student two days ago about how the action can slow (usually during the summer), and we get these four or five point range days, all day long. And here we have one now when the action should be hot. Imagine if the market did this frequently.

There is an old saying that says: 'Be careful what you wish for, you just might get it'. I want the market to reach 'fair value' (to me that would be around S&P 400 or so). If I did get that, first off, the complete meltdown of the world that would accompany that, well, it would make me wish I hadn't wanted 'fair value'. But, if the S&P was trading say 400, there would be few if any traders left (I think), very few machines left (I think), and little volume (I think). It wouldn't likely be this big buy the dip scenario, and right up it goes again (although it might be).

If the S&P was at 400 it would imply the world imploded, it was a Mad Max world with total social chaos (I think). And trading would suck, if any of us could even do it. Likely the Internet would be long gone, as would our power grid. Trading would be the last thing on our minds. So, point being, I'd better be careful what I wish for.

It is an incredible paradox and irony that to me, this trading is amongst the best I could ever ask for. And to have it, we have to have all this money printing that will at some point (I think) end the world as we know it. Even though I've been at this coming up on fifteen years now, my entire career has been in a money printing era (this is similar, in a way, to a 'trader' who has only traded in a bull market). Recall Hal Holbrook's character in 'Wall Street', back in 1987 "...too much cheap money sloshing around the world. The biggest mistake we ever made was letting Nixon get off the gold standard."

All of what I think of as 'the market' (and yes, I do think my concepts apply even a hundred years ago, since I've studied charts from that far back) is really a market driven by insane money printing. What would it be like if it was strictly a cash and carry business with no printing, no easy credit, no fractional reserve banking (one of the greatest evils ever devised by man), and so on? Could we be traders in a 'fair' world? Just some things to think about as we watch paint dry here...

So, as the probe near the low end of the day's range (after the initial pop), will this just trade in this range until it grinds to a close? On a Friday? It seems so unlikely. That 18 area seems an impossible dream now. Will they sweep the stops on the downside? That seems likely as I watch this. And then back up into the range? It doesn't seem to have the energy to do what I would expect, a sweep down, then a sweep up and to 18. Could it actually sell a little into the close? A Friday close after new highs for the entire 'bulls#%&' market? I can't imagine that. Ah, the questions. It will be a fun ending to watch regardless.

There are the stops on the downside.

Okay, at least something to wake me up. Now the snap back up into the range?

Anyone notice NFLX is up over 300% in a few months? Nah, not too much easy money sloshing around the Street...

'Too easy.'

Originally posted by jimkane

Okay, at least something to wake me up. Now the snap back up into the range?

Good Stuff jim thanks for posting!!