Daneric says top might be in...but I think he said that the other day also:

http://4.bp.blogspot.com/_TwUS3GyHKsQ/Spf6boxww...

Steve

This is breaking on Drudge and would shut down all trading if ever implemented...I'm asssuming no one wants political talk here not involving markets, but as someone with 1/3rd of my masters in Economics I know wwhat a Marxist looks like. I don't see how nations prosper when a Marxist demagogue is elected. If this needs to be deleted I understand.

Steve

In part:

BILL WOULD GIVE OBAMA COMPLETE CONTROL OF INTERNET

"Internet companies and civil liberties groups were alarmed this spring when a U.S. Senate bill proposed handing the White House the power to disconnect private-sector computers from the Internet.

They're not much happier about a revised version that aides to Sen. Jay Rockefeller, a West Virginia Democrat, have spent months drafting behind closed doors. CNET News has obtained a copy of the 55-page draft (excerpt), which still appears to permit the president to seize temporary control of private-sector networks during a so-called cybersecurity emergency.



The new version would allow the president to "declare a cybersecurity emergency" relating to "non-governmental" computer networks and do what's necessary to respond to the threat. Other sections of the proposal include a federal certification program for "cybersecurity professionals," and a requirement that certain computer systems and networks in the private sector be managed by people who have been awarded that license.

Agreed - v sinister. Hilarious that it's been drafted by rockefellersen too - a delicious detail for conspirksasists everywhere to savour. What a James Blunt.

In other news... can't decide whether that was the top or not. Leaning towards yes at the min. Looks like a nice complete waveform for wave C to me on the long-term 30 min. Exhaustion gap at the open too. Guess we will see on Monday if a 3rd wave heading south turns up or not.

Indicators-wise, my better TRIN has broken the trend line of the last few days and the oscillator looks like it has just rolled over too. We have bearish divergence in TRIN at this mornings high. Tick oscillator has rolled too. All other oscillators pointing floorwards.

I'm just saying........ There maybe a somewhat of a short squeeze today around 2-2:30. The reason why I say that is the other day I tried to short a lot of the stocks [tyh, oih, pcln, etc] at Scottrade and in every case they had no more shares to short. But I was holding a few PCLN shorts from a few days before. Well, like I mentioned yesterday, Scottrade said they wanted them back.. I just got my
Fed EX from them a few mins ago saying "B*t*h" we want our shares back NOW! So I assume a lot of folks at Scottrade today maybe buying like mad before 2:30. Like I said... I was just saying.

Mmmm... here is my video choice.... I could use a little TLC about now. [Sure won't get it from Scottrade! LOL]

http://www.youtube.com/watch?v=eBvyJyzSGCE

New Post!

(since the cat is away, I'm gonna sneak this one in while we watch the paint dry)

http://www.youtube.com/watch?v=NU0MF8pwktg

Now that is music way to rock Stevie

WOAH MOMMA! I can play that! But on a scale of 1-10 it's at level 2 on a good day! IOW, I suck!

The thing about trying to play it is he tuned the guitar down aandd used heavier strings so it's a PITA as it screws up the intonation (notes sounding right on all frets) unless you dedicate a guitar to that.

Love that song! What a loss.

I saw Clapton two years ago for the first time. And his biography, "Clapton", is a must read. If you wonder how rock and rollers die, you'll be amazed that he lived. AND HE KNOWS IT and has been helping all old friends he can. I bid out a guitar he used to record a song on Jourey man and bid the top estimate off $20,000 at Christies and it sold for $66,000. Hiss entire Caribean detox is to try to give back for the hurt he caused so many in his life and that he knows the very depths of addiction down to wanting to take his life but feeling too cowardly to do it. he has not touced anything since Conner died. He thought that he'd see his son in heaven andd that he would be ashamed of him. "Tears in heaven" was never supposed to be relased. He was palying it and someone producing a movie ("Rush"?) begged him to allow its use.

Clapton is a great blues man. Not in the top 10 guitar players if you know guitarist as people always toss about Hendrix (who is up there and maybe at the top) and omit Rory Gallagher, Al DiMeola, and many others. But it's his soul and the lore that makes it a great show. If you sat naked inhaling heroin (never injected it due to a fear from a shot as a child) for two years in your home with your guitar in your lap you'd write some good tunes too. Patti Harrison became addicted and what broke them up was that he hated that she was able to crawl out of it. So many of his songs are about his life, but you don't realize the specifics until you read the book. "Bell Bottom Blues" was a trip to America where Patti asked for a pair. I think it's "I Can't Stand It" where he got sick of her having friends over and talking about him as he sat in the other room, stoned and hearing it all. "Wonderful Tonight" was her asking how she looked in aa dress as they went out. If anyone is a Clapton fan this book is a must read of a man who fell to his knees, as he does every morning, and begs Gof to help him to have the strength to not take a drink. A terribly flawed man by his owwn admission, wwho has alwways felt he was a coward at heart and libed in fear of Ginger Baker literally beating him to death if he showed up stoneed for a reheral. He regrets "Cocaine" and didn't play it for years. Now it has "Dirty Cocaine" in it when he plays it.

A charmeed life and a cursd life. Great, GREAT read, if you are old enough to have had all of that genre in you "8 track"...LOL

Steve

P.S. I know a top luthier who does all the repair work for just about the biggest name in rock. HINT: Think North East. He is amazed that he still gets guitars shipped to him that still have needles and heroin in the cases. It is, he says, worse than it ever was. Young kids think they need to emulate those who did it and survived to be able to become stars through creativity...very sad as they forget those many, many more who died.

Many similar stories (i've heard)... if you're referring to stories like the one behind "Dream On" (ahem, I think thats the NE you speak of) and their saga

Great post Steve.

Thanks....No..NE is different...shoot me an e-mail:

I'll write address so I hope no program grabs it and starts spamming. So it's a multiple choice. Take the 1st, 3rd, and 5th and 7th words and you know where the ampersand and dot go.

mkt
pattern
guy
down
aol
up
com

Steve

my favorite is Texas Flood
http://www.youtube.com/watch?v=tWLw7nozO_U

We do have eclectic taste in music, don't we? I'll go find TF and post it. Just don't snitch on me to Mole.

just did

Texas Flood is in "100 greatest guitar solos"

Shouldn't the PPT be getting hungry for a POMO-boy sandwich about now?

Not yet POMO is at 11 today...if it happens (and that's big if) the ramp will be this afternoon, however, POMO patterns and timings have been erratic recently and I am entertaining a theory that POMO funds are now being accumulated for one huge push in the near future.....

And didn't the funds have to have their trades on the books by yesterday to meet EOM deadline?

Here hoping the buttwipes are spent! LOL

While we look like 5 down, 3 is shortest so it's not classic. BUT, if bears are lucky (has that happened since March 10th?) then we are doing an Leading Diagonal (EWT fig 1-20) and we are starting 3.

EDIT: we could be doing "b" of 2 and need "c" up to 1033.65 which would also be a 50% retracement. If it gets much beyond 62% (1035) then I guess it's not going to haappen.


Someone please say, "Yes, Virginia."

Steve

Well, I got caught napping on the open, literally. Slept in this morning until 15 minutes after the bell. I'd planned to complete loading up on Mar puts if SPY went above 104. Instead, I just bought some more 80 and 70 strikes SPY Mar puts. Still have a little left if we go higher.

All today is allot of noise, absolutely no volume. I have cashed in my ES short Chips earlier for 18 handles, so I will not trade futs any more today, but keeping all spy oct puts. feeling the time is very near.

Excellent trade! Good call earlier right before the market opened.

thanks I sold 2 @ 1038 and closed @ 1029 You saw that! :)

Hello Anna,

What strike price if I may ask?

Of course, Oct 100, 99, 98's

Will be closing longs and picking up SPY Oct/Mar puts at the next high if we get there.

Ladies here's your pretty boy:
http://www.youtube.com/watch?v=gk1aX6hvRe8

whew now I need COLD shower! LOL

Got room for more?




________________________________

Okay, I admit it.. he's hot. :-D

Join us in the shower.
 
 




________________________________

I'm using the new Disqus format, so I have no idea about the shower out of context! LOL This is one of the features I really don't like about this new interface.

Type your reply...

WAS

True! LOLOL

good point! :)

Since K, the normally reserved misses, aka Keirsten has turned vixen ala Le Femme Nikita here she is in action in her spare time.

www.youtube.com/watch?v=jof6qtIk1BA

Him too! Hey- how was your biz trip to Sweden??

very good thank you. Quite productive with just enough fun spinkled in. A trip you feel satisfied about when you leave.

This is much better than the fro, can't wait to see the next incarnation of K :)

Morning players:
5% short from yesterday morning via TZA but stil holding TSFG as the only long position at a bit over 5% of account.

your timing has been impecable S&P! and next time you come to my blog leave MUSIC!

http://www.youtube.com/watch?v=qyIMtC5FWiM
Bobby Zimmerman with Los Lobos members on accordian and guitars I believe - with
a Tex-Mex feel. 
 




________________________________

Sold my Sep SPY calls at open, then bought more Mar 65 SPY puts. Is it possible to be wearing a 6 legged bear costume? Because I'm in one now. Will likely add a few more puts if/once we break 1040.

I sold mine too for a good gain. Picked up some Sep puts too to average down a little. I think it'll be hard to break today's HOD. We've been in this neighborhood 3 other times during the last 4 days and it's been knocked down everytime

Quick look at the intraday 10 min SPY Chart..

http://www.screencast.com/users/chartwiz/folder...

.

Looks like Sol is short AIG from 54.90. Short 9200 shares..Nuts

perfect short now
http://screencast.com/t/J8enjwmVfdH

ok come on Sol, be right this time, I shorted it too! POS. hahahahah

I am so short that I just bot few Oct45p @6.30 (damn IV)

I heard shares are hard to get..

That's cause sol borrowed them all! LOL

That would make him owner of 100% of the float?

he got a lot of capital obviously

It is going to be a great short, I just have no freaking clue when and it has destroyed anyone who has tried to touch it so far, so I am staying as far away as possible :)

I haven't validated the figures below but heres a nice excerpt I came across, other commentary nothing new:

First of all, there's no real recovery. And second, the government has had a heavy hand in recent trading.
Besides the fact that the S&P 500 P/E on a 12 month trailing basis sits atop a frothy 147... some of Wall Street's most hated names have accounted for 40% of NYSE volume this week... including Citigroup, Fannie Mae, Bank of America, and Freddie Mac...
On Wednesday alone:
Citigroup had volume of 648 million shares, following the 969 million the prior day.
Fannie Mae had volume of 425 million shares, following the 673 million the prior day.
Bank of America had volume of 173 million, following the 236 million the prior day.
And Freddie Mac had volume of 153 million, following the 235 million the prior day.

It'd be a bit more optimistic for the market if these rallies moved beyond these four trades.

Just bounced off pivot. DXY moving down again. Wouldn't be surprised to see retest of HOD or 1044ish.

Its confusing why xlf hasn't been participating in the down moves. Always makes me hesitate before going short. I check all the sectors and they look like they're all going down (besides healthcare, but healthcare is pretty stable most of the time), but the financials are just going sideways...

Bad day for AIG, only up 13% today.

Really annoying that TRIN fails to confirm downside. Maybe I'm putting too much emphasis on it, but I'm really hesitant to go against TRIN action.

On the lighter side; this is what you get when asking for help in internet forums:

http://idiot.se/bilder/beomhjalp.jpg

I too have wondered about the TRIN lately and have heard from a very good trader that it is the stocks like C and AIG , the anomolies, that have scewed the TRIN lately. What are your thougths on that theory.

I don't feel confident/knowledgeable to really judge that idea, but then the volume going into those stocks must be really massive. I can see how it could work to "mess up" TRIN, but I dont know if that is what is happening now.

A lot of the stocks that I've shorted, such as STLD and F, look to be putting in wave 2 flats and are about complete, thus wave 3 of 1 down should be in the cards for a good number of stocks!

posted yesterday - I think there might be something in it
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
you need to look at LIBOR rate - it is at historic lows, it demonstrates either
1. Total confidence that economy WILL improve FAST and no fear exists at this moment

OR
2. Full understanding that economy is shit and will continue go down the drain, but "fat cats" certain that goverments will continue to bail them out no matter what

And in case of "2" - that is when government default on international debt - when none expects it

1 Month LIBOR Rate NOW 0.26 1 year ago 2.47

can you imagine the world where western countries default on international debt?

I can't, which doesn't mean that it won't happen though. Maybe it's still a bit too early in the game....

SPY 15m... support tagged nicely, fib can't tell time. I added a pitchfork. I know what I would like to happen, come down and bust support, ....but it could go up and tag the pitchfork median line too... I dunno, beats me, haven't go a clue and 50/50 odds
http://screencast.com/t/8G0NhpRppp

none could imagine Great Britain not to be the number one 200 years ago

Big changes are coming sooner or later, no question there. If they don't extend QE program there will probably be problems with repaying debt soon enough. However, do I believe they don't extend it? No.

covering...

I love Christmas songs!!! sadly it's a little early.

yeah what he said

if I was long - today's action would scare me more than if I was short

Jeez - what do I know - I am green on stupid /nq short (not nq stupid...me)

fwiw SPY voodoo fib ext. time (1.27)suggests support tag 103.17 at 11:14 est. which is also 60m strong support.... just VOODOO

Thanks!

Is anybody shorting silver from here? It's popped a large gap open into Mr. Evil's happy zone...

look for higher 15 min close http://screencast.com/t/WyMfNqlDLzgt

haven't added yet, but still holding large short position

Alpha,
SLV printed 14.77 this a.m. premarket. 100% retrace would have been 14.8ish
(see http://www.screencast.com/users/alphahorn/folde...) was this encouraging and an opportunity, or bothersome?

No position, watching/listening (and hopefully learning)
Thanks,
Richard

I misplaced my cajones yesterday and just shorted spy instead... Today at -.60 i will be flat.

everybody is shorting everything from here :)

So far so good. We just had a tick spike into the -1120 zone. Hopefully this won't portend a reversal like the last few days / weeks. Continued spikes downward and we are set!

LOL, HAHAHAHAA, so true
+56.7

Mid summer rally starts with Intel and then ends with Intel? Now that would be to funny!

your words to the trading gods mouth

now all we need is USD to pick up - and it is right at support - next week will be a lot of fun
I hope we will have "slightly" higher close (no red please) - that would be added benefit for counts

Its bouncing above the long term resistance line right now (euro/usd), but hopefully its a false break.

http://www.screencast.com/t/jbEZB8g4Sqh

closeup:
http://www.screencast.com/t/BFGHZmZKcz

Maybe if we all cheer in unison "Here we go, Dollar, Here we go!!" it might help it along :)

you'd think even the FED would be rooting with us at this point..

doubt about FED thou - the only wait out ot inter debt is to debase the currency - they have to finance 10 trillion deficit somehow

12.... but I'm sure they'll get congress to raise the debt ceiling.

Congrats to anyone who shorted at open. I was busy selling all my longs. I'm still holding aig though. ADR opened at 4 and crashed to below 2.

Looks like we just bounced off gap resistance, I can't decide whether to go long or short and I'm pulled in some nice gains from yesterday so I'm going to ride out my aig long and stay the rest in cash.

Wonder if AIG is going to make a new high..iTs been going sideways for most of the morning.

Not only the gap, but both SPY and DIA have found support on the 5 EMA so far.... Lovely daily candle on the cubes though.

nice call on AIG from yesterday...figured 50 was the end...

this chart has been berry berry good to me
http://www.screencast.com/users/alphahorn/folde...

Nice Chart, Mr, Esquela.

What did you think of that single haanded triple play against you last weekend?

Steve

and me too....have it on my desktop alpha...good work...

I have it on mine too innate. If the dashed-grey-line to dashed-grey-line theory holds up this a.m., next stop is closer to 1120, right?

looks great alpha!

Groundhog day by the look of it.

Is the gap filled yet? A couple more points to go I think.

compq price target of 2055 hit. Long QID at 24.70. Although i do not like to provide guesses as to what will happen..i am hoping the toilet finally is flushed on this market next week. Just remember anyone that tells you what is going to happen is full of sh*t. Nobody knows..just remember that.

good luck - looks like you timed it perfectly
(Just, PLEASE, let go off mentoring tone)

Good luck to you as well...i'm not mentoring..just trying show the important of concentrating on price levels vs technical indicators...thats all. Not looking to offend.

mercury - all my price level ARE from technical indicators :)
I posted INTC chart before - that blue line around $22 is derived FROM D-Wave technical indicator :)
http://screencast.com/t/z25fHB10z
But, in general I agree - no technical or fundamental or any method will ever tell precise entry/exit point - it is all about "areas" and "probabilities"

and here are targets for COMP - I'd say pretty damn close
http://screencast.com/t/k3EHNtOmnq

$QQQQ TDCombo SELL daily $$

It still has not "locked" but this is the first time if flushed

TDCountdown Sell on HOurly

hi everyone,

first i want to say thank you for your post and charts it is really really helpful.

is better for day trading to look on 5 minute charts then 1 minute?

tnx

depending on what duration - if u don't scalp - I would highly recommend at least 10min or 15min

http://screencast.com/t/G6TXJGftZeu

thank you

Well that was a scary 15 minutes...

Any chance, in wave theory, that the expanding triangle formation here can be all of "v" ? I know it can be contracting but not sure of expanding.

Steve

I covered my short at a profit on this down draft. I felt I was early in shorting this market.

I need to stick to my core belief that we will see 1045 in SPX before the market reverses in any significant way.

Morning Gap fillers today will be eating steak tonight.

GS getting taken out to the shed for a beating.

yesterday's high is little support here..

so close to gap fill , should happen soon.

I mentioned this too about 9:25am Joe, great minds!

we should fill the gap soon, then,, we will see,,,,,Freakin AIG @ 55 bucks,,,,,,,,,,crazy...

We did! and then lower....I think we have seen HOD, and move lower at close. (wishful thinking LOL)
AIG is freaking crazy. when that POC bursts it will be ugly. :-)

We bounced off the 20 ma,,,on the 10 min SPY,,,,,We shouuld now hit the 20 ma .on the 15 min soon..


Only thing is,,,Today is Friday,,and low volume,,,,,It's rare to get a big Fall on a Friday,,,specially on low volume summer days.....

But , don't get me wrong... our day will come,,very soon....

blow me off top - short all in

sent this chart to ZStock yesterday
http://screencast.com/t/z25fHB10z

I don't like the low tick and trin right now. just seems like another day of games. It is 1st and goal at the 1 yard line.

If this is another one of those low volume summertime Fridays, you're right... this could be a yawner after things get settled in.

could this be the gap fill?

IF that would be - that would be the best top indicator I know of
and there is NO WAY I am going to miss it IF it IS

Hah, Prechter just came out with an interim report telling everyone to get short.

he says himself he is "correct, but early".

He put his August report out early and was on the news everywhere. Was something said in the laast 24-48 hours?

Thanks,
Steve

I am just going to say this, if you feel the need to come to this blog and be nasty you will be dealt with swiftly and harshly by one of the Evil Sisters.
We are a good community and we want to keep it that way with class and intelligence! :)

Evil Sisters. I like that. If any of you have not read TK new post on Slope, its pretty funny.

:-) love your morning pics BTW Gus!

Get em evil angels!

Reloading now.. Anna just passed me more ammo.

You got it sistah! LOL

will do Ckeltner! :)))

Short /ES at 1037.25 ... target 1031.75... Looking for a gap fill this morning, but I'm going to take any profits before 9:55am when Sentiment comes out...

Good Job chumprop, hope you caught that huge move! :))

I'm selling into this rally in the pre-market...

Short SPY at 104.00.

I'm concerned that I may be early though. Market has shown significant resilience so a dip here would be a gift.

Good job Audio!

shorting w/ both fists at the bell...come to papa...

Long /es at 1036. Looks like morning accumulation and we are headed above 1040, maybe even 1050 today.

Wow....alot of kicking and fighting on this blog in the last 24 hrs....can't we all just get along?

Indeed Inna. I'm about to put a halt to the whole thing in a few seconds.

Hi K, I just did, enough of that low class garbage! :)))

With your new avatar it really sounds ominous.

With your old avatar we wouldn't have been nearly as scared. ;-)

You have no idea. :-D It was the claws, now it's a loaded weapon.

hehe, nice avatar, I had to refresh

Hi Ck! LTNS.

9mm, .40. or .45? (g)

Steve

45, 46, whatever it takes

I never argue wirth James West (g)

Steve

Long INTC at 19.80..Selling at 20.20