Okay, I'll get it started for this week. I'm expecting another fantastic week, as far as action.

Okay, the last key line it hit at 77.75, and it is a very key line. So, you never know, it might be done. I can live with it, but I'd really hate it.

Flush you oinker, no snap ups, he said as it surely is getting ready to launch up for a lift-a-thon.

Here they come???

From a Bruce Lee movie: "Well, I'm waiting..."

Three ticks from the Monday RTH low. They must ramp.

Ramp-a-thon, lift-a-thon, low volume levitation, no matter what you call it, it's the game du jour (or should I say de jure), and the show must go on.

Now, a nice KZ bounce and roll here would be nice, or even a collapse right off this tiny bounce. No lift-a-thon. But, reality is reality.

And yes, I think if one is a very short-term trader, being positioned long here is reasonable. For the nimble.

Here's my thinking, just to give readers some concepts. If one thinks this has more to go and one trades short-term, then the play is to define the bounce area and set the stop just outside of that, and let it play out. If one trades very short-term, then the three pushes into the area there, pushing even the lowest level of the boundary at 77.75, but not collapsing, that short trade is over and then a decision has to be made on the lift-a-thon. One can just call it done, and watch and see. But, if they explode it, no entry will be forthcoming.

Or, one can take the initial entry there and stay nimble, and bail at the first sign it isn't rising. Then, once it starts to pop, be ready if it weakens. In other words, read the price action and use discretion. That's my preferred approach. The downside is in playing this very short-term when the play should have been short-term for a move beyond this area. Maybe the long is close to a scratch, but the additional downside is missed. This is the type of decision making one must make every day. Where is it going, and how do I think it is getting there? That's always my top question.

I especially like the first paragraph. I only disagree with his use of the term 'crashing' with respect to the Asian markets. Maybe 'grinding down' is a better choice.

http://www.zerohedge.com/contributed/2013-07-30/asia-collapse-next-fed-chairman-doesnt-matter