Okay, I'll start it off.

And another nominal new high. Will this just ramp into the close so I can quit for the day at least at my area?

1.000 ABCD here at a key line I have. It has to overcome this to reach for my key area. I think it can, but it's so weak, it has to break out of that grinding mode. Programs have to come in...

Here we go?

Everything is as it should be, in this, the best of all possible worlds.

-Candide, by Voltaire

Now watch closely...

See why I said watch closely? I said things start at 88.25, and it hit 87.75 with a price action pattern I show mentor students. I expected a check back or reversal. And it obliged me nicely. Now, will it start up here at this 82.50? Hit those low 90's (or even the next level)? Or will it continue to drop? I have no idea. I just make decisions/commitments, position myself, and manage accordingly. It's all I can do. It's all anyone can really do, I think.

Why do I feel a massive asset liquidation across the board is coming? I don't know, but I'm getting that feeling. Like one person said in a blog post somewhere, paraphrased, they are selling everything, including treasuries. They are going to cash? Literal cash? It seems odd.

The thing that makes me more dubious with my massive liquidation feel is that all the 'top' gold bug gurus and some other economic writers are saying the system is about to collapse any day now, 'Phase II' is about to start, and it's time to get out of the entire system now before it's too late. It's not that I don't have any respect for these guys, some of them top names, it's just that they would all be exactly 'right' if something big happened now.

Maybe they will be temporarily right, in that we get a wicked asset selloff, but nothing earth shattering. They all say the end of the world is here, and things go back to 'normal', and they aren't really 'right'. It was just one of those 'forced liquidation' things. But, treasuries drop, too? Where does the money go? Actual uninsured cash holdings? I thought most funds have charters that don't even allow for that...

So, I just wanted to make a mention of this because I'm getting a really eery, odd feeling that something is up. I'm getting this solely from the charts, higher timeframe to lower, and the price action. The intermarket relationships. And something seems 'wrong'. Just a thought, it probably will amount to nothing. But I'm heavily favoring the short side, and simply thinking very short-term intraday long on the bounces. Just my two cents.

Thanks for the last post, Jim. It gives a big picture perspective - a framework to use if things will start to go really bad.

wicked asset selloff

Okay, let me say that I can't stomach 'Cramer'. I think he's, well, never mind what I think, I can't stand him. And I don't trust anything he says, since I think he's gaming everything, using his position for manipulation profits, even if he says he has no positions in said items (he, or his family, may have different positions that move similarly, let's say). This is nothing more than my opinion, but bottom line is I can't stand him, and I don't trust him. Nonetheless, I think this article sums up why this 'bull' market may be done already, or soon. On the other hand, is this just more of his games, make it sound bad right before it rocket launches up and he's loaded with cheap stuff partially brought about by his dire warnings? Anyway, this is a good read just to get a better feel for about how I view things.

http://www.thestreet.com/story/11961521/1/cramer-a-perilous-backdrop.html

TLT update from previous... after taking half off on thursday morning as shown, the close on thursday left me with the same quandry we often get using the tools of this forum... price had thrust down, then done an abcd to line.. classic sell signal.. but given that our longer term charts suggest a larger low in bonds, the bullish scenario would have price completing abcd with equal legs with abcd as middle leg... so i marked an equal leg and placed stop twenty cents below... so far so good .. but time will tell...