I'll start it off. I'm still trying to figure out how to be useful in my posting and not post hundreds of times per week. I can't seem to not get carried away. (That's why I never post in the early AM session, where it takes more concentration.) Then I burn myself out, and use up my precious resources that I should be reserving for my health issues. And I'm only posting a fraction of what I'm seeing... It just drives me nuts to see all this and not try to post it. I do have to come up with a solution.

Two ticks from that GLOBEX high, as I said Friday...

One tick...

GLOBEX high exceeded. Like I said Friday. Woo-hoo. Yawn.

Now this can get to the business at hand, rising and setting new highs. The Russell closed Friday at a new all-time closing high (it's a tiny bit away from an intraday new all-time high). The banking index is on fire, at new highs for the 'bulls#%&' market. These are things ignored by most, as they watch the lagging indices and keep hoping and wishing for that lower high 'W2' that gets blown out time and time again.

So, the ES might have a little trouble just above at say 1632-33, in the very short-term. Next degree up is between 1705-10. Then it can really get moving. 'Nothing but air' up to 2000.

The really curious thing is we may not crash in nominal terms when the time comes (I suspect we won't), only in real terms. If the buying power of the currency drops substantially (not the relative value against other currencies like the Euro, but the absolute value, that is, the actual buying power for goods and services), the market will 'reprice' at higher levels to keep the real value the same (let's forget for the moment that real value will likely also drop, but I suspect way less that the drop in currency buying power, hence net overall causing a huge jump in the S&P index number). This huge jump is what happened in Zimbabwe. In the year of their hyperinflation their stock market was the number one performing market in nominal terms (not real terms).

In a case somewhat like Zimbabwe the Dow (let's use that because people relate to it better) is like 15K, and the currency drops by 90% in actual buying power. The stock market jumps 10x, so the Dow goes to 150K. Then maybe people want stocks less for various reasons related to a currency collapse, so maybe it only goes to 100K. You can buy less for the same stocks you owned than before (say 2/3 as much), but some value was preserved, compared to the 90% currency loss. But everyone seems happy because they are all millionaires now.

Point is, the S&P may rise and rise and rise, as the real value of a given portfolio shrinks and shrinks. I think this is the preferred scenario as things go to sh%&, so they can keep saying 'The Dow set yet another new record all-time high today, as things continue to improve in not only the stock market, but the economy.' They can also talk about 'the wealth effect' and how animal spirits are starting to really stir. And on and on, as the same old plays out, and we get poorer and people are just to ignorant to understand what is happening. We may see Dow 100K after all, even Dow 1,000,000 (I think we will, indeed, see it). Just my two cents.

32. Area hit. Who cares.

Crude 104.12...

Another about 5 and it hits about a 5-year high, having to go back to 2008. Remember 2008 and oil prices everyone?

Are they gonna reverse the Euro from the red and green ML sets crossing for the third time?

Looks like a perfect spot for a bull trap.

I'm seeing a lot of these lately, where price doesn't quite make it to the downside target (blue box) where the .886 (143.54) and the 1.618 (148.00) were in a 6¢ box from 144.83 - 144.89. I'm collecting these for clues, but usually it means another index gave the trigger...




qqq was at the .685 and 2.0 - we were looking at qld last week....

my daughter the dr says YES THIS really is the way it is

http://idealmedicalpractices.typepad.com/ideal_medical_practices/2009/02/how-do-doctors-get-paid-.html