Some areas for ES. If a fifteen point drop anticipated by ZH is going to happen, it will fall into a nice grouping.
http://www.zerohedge.com/news/2013-10-13/early-fx-indications-eurjpy-slide-implies-15-point-futures-drop-open

Don't short it! It looks perfect! (Not a recommendation, just a comment.)

See? They make it look weak, they show a lower high, they make it look weak off that, then the trap is sprung. It reminds me of something I saw as a kid all the time when walking in the woods. The killdeer mama birds would act like they had a broken wing, and stumble just ahead of you, drawing you from the nest. Acting all weak to get you to follow. Now, that was for a 'good' purpose, and this is for an 'evil' one, but the idea is the same, to use fake weakness to create a response in the observer. And the ES goes on to yet another new all-time high. Like I said, see?

So, very short-term I want to see how it acts around 42 plus or minus. I think it will simply keep on rising, but let's see.

This is setting up for a nice, big gap open on Sunday and go. Gap and go. I suspect this critical 1740-60 area will give way with an upside breakout and a quick rush to the 1840-60 area, then a small checkback, then another rush to 2000. I'm not sure 2000, though, a monster critical area, will act any different than a bigger fractal of this 1740-60 area, and do an upside breakout and start the fast acceleration to 3400.

another 50¢ for perfection at the 1.618 and 1.27 at all the lines and symmetry of low to low and high to high

And yes, for the very nimble trader I thought short off this last push is reasonable, although a very low probability trade (with a fairly high potential R/R, though). The biggest issue is, is one long and riding, because to get off that, that's the possible lost opportunity cost.

Not to mention that short this market is essentially crazy.

Time for it to head right back up?

snap into the close?

Originally posted by jimkane

Time for it to head right back up?

from here at the first hour high

So, they keep saying there is no inflation, and we need more inflation. Let's see. I got my prescription the other day. It was up. 265% My better half just called me from the grocery, my almonds are up from last time. 20%. I looked at my tax software for this year. It was up. 33.33%. Recall that link I posted for health plans and all those triple digit increases. Nope, all that doesn't sound like any inflation to me. I agree, we need lots more.

BTW, let's quickly talk about the CPI. Now, for me, my medical insurance is almost 40% of my total expenditures. So, for me, I'd like the CPI weighted so medical insurance is figured at about that level, say 40%. Look at what others pay. And to do it right, you can't look at all those who pay little getting it from work, and figure that percentage. If your employer is paying for it, it's the same as if you are. In theory, the employer could just pay you more and not include the insurance. It's the same with FICA. I'm self-employed, so I pay 15.3%. Workers pay 7.15%, but their employer pays the other 7.15%. If they didn't, they could pay you 7.15% more. So, you pay it all, regardless. I think 99.99%, literally, of people are simply unable to comprehend that fact no matter how many times it is explained to them. It's just a limitation of the human mind (and poor education), and it a big part of why we are in the mess we are in.

Anyway, I think the CPI should weight medical insurance between 20% and 40%, but more towards the latter. And since this is one of the fastest increasing expenses, it is very important that it be weighed accurately, to insure accuracy in the CPI. The current weighting? 0.6%. Yes, 0.6%. Well, that's a nice way to keep those old inflation figures down. The Chinese recently did the same thing with housing data. They tweaked the weighting of houses, and the weighting of rural/city data, and so on. Presto, no inflation in China. EZ-PZ. Yep, there's no inflation.