Starting it off. I'll quote my last post from last week.

"Anyway, the ES did something it usually doesn't do, and that's make any kind of move in the Friday after close mini session. This time it kept moving up, set a new high for the entire move, and closed almost at the high tick. It is now fully at the monster weekly backtest line. If this is a bear market, it should roll off this, and roll hard. There is a key area above, built from the immediate price action, and that comes in at 76-87, with a grouping of key Fibs at 94.00-95.50. I could see it hitting the lower end of the area, maybe a little above the lower end, and still be respecting the key TL backtest, but not much more.

Still, does it even seem remotely feasible that this is going to dump to significant new lows from here? The only hope I see at all is that not only do all pundits and analysts say no, it's completely and utterly an impossibility, most readers in here, I believe, are also saying no out loud right now. And that's not meant as a slight to the readers in here, who are among the most highly informed out there, I feel, it's more meant to imply just how good they are at sucking people in. We'll see. I don't really care, from a trading standpoint, what these maniacs do with it. So, that's what I'm working with as we reach arguably the most critical juncture perhaps in trading history."

I am sooooooooooooooooooooooooooo tired, and for a change I can't wait until the week is over so I can sleeeeeeeeeeeeeeeeeeeeeeeeeep. Anyway, it got the all-time high on the next pump, into a 3D basically. That was the play. Then the qualified (only a very skilled trader able to read price action, not married to the position, fully aware it's a lower probability countertrend trade, etc., etc.) short, which is now 'in play'. I could see it flushing down to the low 90's like it was nothing, but 98-99 is the 'price flow' right now. This is fun. Or, it would be fun if I wasn't almost asleep. I had a little nap time, but not much today. But, with action like this, what can one do?

BTW, gold swooooooooosed to new lows for the entire bear market, silver traded the 15 handle, the yen is getting pile-driven, the dollar is close to a new high for the entire move, and crude looks ready to take out the low. Suh-weeeeeeeeeeeeeeeeeeeeeeeeeeeeeet. Trust me folks, this movement is as good as it gets in my opinion.

Okay, I'm headed back to the cot. I hate the idea of trailing stops instead of watching every tick of everything every minute of every day, but I can only go on so little sleep for so long, so it's back to the cot. Yes, this is, again, a cot night, without a doubt.

And yes, watch the ES at 4.50 here, not only because it's a 3-legged structure, but also because it's an area.

No posts... Too bad. Anyway, the play is long for the run into the close. Pretty basic stuff.

Setup was the mini sweep down as they made it look about to dump hard.

It just broke the downtrending TL, so watch in here in case they don't plan to do much with it. This would be a great trap to the upside. With good entry placement it won't matter. If they don't follow through in here there should be plenty of cushion to watch what it does.

Armstrong today said we may have a Dow minimum target imminently of 20K, but more likely 24-26K. I think that is the low end of minimum.

I will give Armstrong credit, though, as he includes this with his 'prediction'. I agree 1,000%, as it's what I have been saying for years and years and years.

"This is all find and dandy to make money in stocks, but it is a devastating signal for a collapse in government and the monetary system that may be an under statement. I am not selling hype so I tend to downplay rather than exaggerate potentials to sell newsletters. The truth is bad enough – I do not need to spin it to sell stuff."

Source: http://armstrongeconomics.com/2014/10/31/dow-jones-omg-a-possible-sling-shot-move/

I think the two key, operative words are devastating and collapse. Armstrong, in my opinion, isn't one to hype things. He doesn't sell doom like so many to get subscribers who promise to tell you how to handle the collapse. He hasn't even said much about imminent collapse until this decide to do the 'breakout' now. It's a sign of the move out of sovereign debt i.e. the bursting of the bonds bubble. That would be a very, very bad thing, in my opinion. It was inevitable, again in my opinion, but it was a little bit off. This may indicate we 'lost' that lit bit, and the time is essentially nigh. Ouch.