I'll start the week off not with a trading item, but an economic item, albeit one that will directly affect trading in a profound way as it unfolds. No, it doesn't matter jack squat for the trades we may do Sunday or Monday. But in the overall, it's just about all that does matter, as far as trading. It's nothing new, just a summary of what is happening.

http://armstrongeconomics.com/2014/12/20/coming-emerging-market-debt-meltdown/

Look at that! Shake it down pretty hard, then snap reverse it way harder. What a trap! They wanted to gun the stops, so they shook 'em out hard first.

Overnight high hit there.

75, and dropping hard again. What a yo-yo. Didn't I say 75 and change (I was thinking 75 .20 to 75.33) was the spot to watch?

BTW, that FB play I mentioned is looking great now, at new all-time highs. I'm looking at the 83-84 area to see how it handles that.

ES dumping hard again. Wow, it hates this area.

Either it's just getting crazy squirrelly, or they don't want anyone on board when they gun it.

I can't imagine a gun up today (RTH) at all, though. I didn't see it before, and now I think it's less than a one in a million chance.

It's acting absolutely bizarrely, in my opinion.

It must sweep the TL here, I think.

Wow, it respected that TL. Are they going to gun it as soon as cash closes? Now I think it's not off the table.

Nice little ABCD earlier, went right to the expected spot, but the total points for the move was small. Nice pattern and move technically, though.