Kicking' it off. Going to be another exciting week of the same old, same old, I think. Let's see if that late weakness turns into a big drop, or if it does what I think is the highest probability which is setting the new all-time high. Remember, though, this is a monster area with a key backtest on the daily/weekly SPX.

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.

You know, I guess I'm just an ignorant dumb-a$%, who wouldn't know his own a$% from a hole in the ground, but explain this to me. According to everyone, led by the most respected of them all, Armstrong, we are in severe deflation. Now, the stock market is, well, crazy nuts all-time highs and way overvalued. Rents are at all-time highs. Healthcare, well, it's exploding, and some are seeing 60%-90% hikes this year alone. My letter for this upcoming year has been sitting for two weeks, I'm too afraid to open it. My electric bill had gone up twice in the last 1.5 years, the phone bill (literally) almost every month, garbage three times, water has been either two or three times, I forget right now. Groceries, well, I don't know about everyone else, but it's just insane here. At a local restaurant they have hiked an item I like three times now (in that same 1.5 years).

Median home prices, data just out, new all-time highs, by a big margin. Way higher than at the peak of the bubble. Bonds, just off the all-time high, a 5000 year (you read that right) high! Wages, well, they are rising slowly (except all those places jumping on the double minimum wage to $15/hr bandwagon, and around here that's almost everyone), but they sure aren't going down. Okay, crude is down, but the price of a gallon of gas here is still a lot higher (almost double) than it was before the manipulation ramp nonsense that ran it up so high. So, because crude is coming down from the biggest crude bubble in history we are in severe deflation? This is deflation? I'd hate to see inflation then. I guess Armstrong and all the rest are just way smarter than me, and I just can't understand why this is what deflation looks like. I wish I wasn't such a dummy... God just didn't see fit to bless me in the brains department, so I guess I have to take the experts' word for it, even if I can't understand it...

ES price action today is a crap...

I'm not saying there hasn't been a lot of scalping potential today (because I think there has been), but today is a day I wish I could have back, and go golfing or do something else. One never knows what kind of day it will be, and I am adamantly against 'leaving early' because a day starts out slow. I have seen monster moves come out of a day that went nowhere for hours, then exploded. If you are doing this professionally, in my opinion you stay bell to bell, and watch most of the after hours too (perhaps while you do other things, waiting for it to set up), none of this 'I trade the first two hours, then quit for the day' stuff. If it's a hobby, yes, a profession, no. But, that's just my opinion, what do I know. That being said, with hindsight, I wish I had nine holes under my belt right now, and maybe headed for another nine...

I didn't see this post when I did my last post. We are in agreement on this, for sure.

Originally posted by MarcinO

ES price action today is a crap...

One thing I will say, when it comes out of this coil... And that time is drawing near. So, we are about to see quite a volatility expansion soon enough, in my opinion.

Don't know why, but even if we are at a medium term low (like a couple of weeks) with the Euro, I still think they want to test 1.0950-60. 1.10 is too nice a number to stop right at it. That would imply upside breakout in the ES.
Just my guess.

Originally posted by jimkane

One thing I will say, when it comes out of this coil... And that time is drawing near. So, we are about to see quite a volatility expansion soon enough, in my opinion.

I agree. But to me that also likely means a sweep down first coming...

They need to drop it below 60 I guess to check how many stops are there.

And this move seems to start for good now.

PCLN not only hit another new all-time high today, it is pushing up on 1,500 a share. You read that right. Until this nonsense stops, the 'bull' isn't done, in my opinion.