We Made History!

My dear rat minions - today the Gods of Trading bestowed us bears with a momentous gift:

The 2002 DJI low of 7197.49 was not just breached - we closed below it! That is not just a major confirmation of Intermediate wave (5) of Primary 1, it is a confirmation of this entire secular bear market. The ramifications are of this are tremendous and will ultimately culminate in the DJI touching 4,500 or even lower (in a year or two).

Also, today also happened to be exactly the 100th time we closed down six days in a row in the history of the SPX. The odds for that are extremely low and the odds for seven consecutive down days are less than half of that. It’s time for a bounce, ladies and leeches.

The odds now strongly support the intermediate (5) scenario and all that’s left for us to do is pray for a reload bounce which might or might not materialize.

However, be warned in that market sentiment has been extremely negative today and is reaching levels that indicates that we are in the final stages of Minor 3 of Intermediate (5). Which means our next chance to load up will be near the peak of Minor 4 of Intermediate (5). So, the idea here to not load up on one of the smaller bounces just like the one we’ve seen today. What we need to see happen is a 20 point jump in the SPX minimum, or at least several days worth of slightly bullish sideways tape, which would satisfy my criteria for Minor 4.

The ISEE index was brought to my attention recently and promises to be not just more reliable than the traditional Put/Call ratio but also much easier to read (it’s a bit like the supertrin I introduced today). A reading above 100 indicates that more long call positions are being bought and a reading below 100 means that traders (but not market makers or institutionals) are bulking up on long puts. I did a bit of reading about it and it seems that the 10-day MA has been tracing the SPX extremely well in the past. Nevertheless, seeing today’s reading of 113 really surprised me - that is a bullish sign and hopefully what many of us are waiting for.

If we happen to bounce tomorrow then I would like to see 780 before I feel comfortable dipping in one last time. This would actually be a perfect setup as we have not breached the November lows on the SPX just yet. Otherwise I will keep you apprised as things unfold in order to pick a good level to dip into the cookie jar.

Gold did not follow suit today but I do see more upside potential and thus believe it would be premature to bulk up on short positions or puts. The same applies to Silver, which is currently tracing out an exponential curve.

The Dollar was pushing up today and I expect one more drop soon to complete its current a-b-c retracement. After that it’ll most likely initiate its 2nd booster rockets to propel it beyond 90 and breach its prior highs.

That’s all I have time for tonight folks - I leave you with this:

UPDATE 11:05pm EST: BTW, this was today’s Zero chart:

I think subscribers made their 39 bucks back today

UPDATE 2: WOW - must read post about AIG from Karl Denninger - he’s one sharp guy.

Cheers!

This entry was posted on Monday, February 23rd, 2009 at 8:54 pm and is filed under Market Outlook. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Erikd

when you see XLF print 7.45 today you will see the market move to the next stack up...

alphahorn

Erik, we've got a couple of newer threads today. Everyone has been wondering where you are.:)

Erikd

been tied up this morning, should update shortly..

Erikd

XLF just printed 7.40 this confirms the upward move today is starting .....

rhae

Bernanke studied the wrong era... He should have studied the beginning of the 1920's When Calvin Coolidge was President 1923 -- 1929 He chose to let the markets do there own thing, during the roaring 20's

Oh well no one's perfect, lol

BigHouse(Aka Mr Vix)

NEW POST

TomOfTheNorth

I'm watching the Bernanke testimony and it occurs to me that, whatever else he might do in his career, Chris Dodd should probably NOT answer a suicide helpline.

"Hello, Suicide Helpline. You're ugly, you smell bad, nobody likes you and you're generally a screw-up overall. But don't kill yourself."

BalaB

Ha!

El gAto

GG just flashed a sell signal. Looking to beef up gold shorts

standard_and_poor

New high in FAZ, will begin unloading process slowly as prices increase.

rhae

Bulls better defend yesterday lod, cuz it was a WR7 day... a close below would drop it down into a new range lower

wex

I have seen references to NR7 and WR7. Where can I find writings about their significance?
Thanks

rhae

Generally used as swing signals... There are several. Popularizied in the early 1980's... I still find them helpful...Best way to check them out would be through Google..

standard_and_poor

Will reload later this week.

T. Waffle

Short SRS @ 81.54

standard_and_poor

Will continue to take profits a bit earlier than anticipated until only 20 % short. .

standard_and_poor

Closed out another 10%

v8muscle

not looking good for the bounce scenario

J-So

Bounce should start when we touch the bottom of the descending channel that we've been in for the past two weeks. I sold my shorts half on Friday and the rest yesterday morning. I took a small long in BAC and C late yesterday. I will add more longs when we touch the bottom of the channel. Most likely SSO.

v8muscle

on my chart we pretty much have touched the bottom, had a bit of a bounce off it but we're still printing lower highs/lower lows.

standard_and_poor

Just closed out 10% of puts.

BalaB

Cool.

Saw your chart. +1 I'm gonna keep my long dated Puts (for now) and just hedge. I know the odds are insane for another lower close but last I checked we're in an insane environment.

standard_and_poor

Could see much lower prices today, but odds are clearly not in favor that it will continue today, could get one very nasty
pullback.

standard_and_poor

Looking to take profits, but only on weakness.

DJ

Double short (increased stake) usd/jpy at 96.4 triggered. avg cost for usd/jpy at 95.02 now. I had shorted it last night at 95.25 first.

Blind_Squirrel

I'm with ya, wonder when we turn??

Keeps beating me up.

DJ

When usd/jpy will start coming down and if eur/usd starts going up, markets will turn up.

________________________________

Fujisan

Oh, be careful. I think there are still some room for the upside and I'm still long both on USD/JPY and GBP/JPY. My GBP/JPY target is 145.

DJ

Thanks. What is your target on usd/jpy?

________________________________

Fujisan

99 (50% fib) ~100 (200 SMA)

DJ

wow, w/o any pullback in between?

________________________________

Fujisan

There could be a pullback during the notorious Euro trading hours for a counter-trend, but USD/JPY has just broken out of lower trending channel to upper trending channel, together with breaking Fib 38.2% and Fib fan. I'm expecting a shot term pull back but it will still go higher.

BalaB

SPYs are their pivot and falling back.
will try a small long position on the pull back

EDIT:
uh............maybe not

v8muscle

xlf making lower highs and lows.... something to keep an eye on as we rally

jpm also obeyed its channel perfectly... bounced off resistance and fell right back down

rhae

SPY the open is different today, yesterday it dropped from the git go, today stuggling to gain some traction, but I do not read much in to it until amature hour done, or at least 10:00

perspective

vix charts comparing 2003 market retest.

tradepostings.blogspot.com

J-So

Congrats on the Zero call yesterday Mole.

Erikd

.

lester

does this mysterious post mean you are closing your XLF long position?

Erikd

no, error

alphahorn

i didn't quite catch that Erik :)

Keirsten

Read between the lines. ;-P

Douala

alphahorn

That definitely deserves a "+1"

nepharis

Some Tuesday morning entertainment for my fellow rats:

http://www.marriedtothesea.com/022309/mortgage-...

yazzer

Found this over at ETF corner....look how closely we are tracking the line for the Great Depression market - and look how far we have to go if we're heading to the same point....jeez
http://www.ritholtz.com/blog/wp-content/uploads...

molecool

It will be the longest line once it's done. This secular bear market is the biggest one in 300 years.

HardTimes

But another couple of things that shows me:

1. None of them are the same.
2. It looks pretty similar to 1937 too.

Take a look at http://social.stocktock.com/profiles/blogs/1937..., this was posted by someone here before...

Then there's always the "past performance is no guarantee of future results", etc...

yazzer

every man (or woman) to his/her chart I suppose...

yazzer

dammit...market seems to be giving up PM gains....

alphahorn

it should, i'd like to see it kiss the bottom of the channel and rebound strongly from there

J-So

I am with you on that. I will add to my small long position at that point. I believe when we touch the bottom we will reverse to minimum of 765 and possibly up to 790 by the end of the week. Mole is right that we are oversold. We need to reset the indicators for the next plunge to new lows.

katzo7

Yeah, be careful here. Looks exactly like yesterday, drip, drip, drip.

NRIII

market internals continue to waste away...new lows are overwhelming...there is more blood to come, no...?

katzo7

I have no idea. This one is a tough one for me to figure out. Many smarter
than me say we are ready for a bounce.

NRIII

perhaps this will be it...a morning bounce of sorts...it would be too perfect to bounce substantially from here...everyone is expecting it...and the sp500 would only have tested the nov low...it's too textbook...i suspect we will see a real move downward that will defy logic...then, we will bounce...just a feeling...

katzo7

Yeah, I am getting the same feeling. But really do not know.

NRIII

well, that was a funkadelic close...

NRIII

Nicholas Ruiz III, Ph.D
Editor, Kritikos
http://intertheory.org

________________________________

katzo7

Yeah, could not watch it as I was at work. You know the two up day and short
rule? Let us see if that is still in play. Some say we go up a bit and then
fall. I have given up trying to predict opening movement or even long term
movement.

bergs

Mole

Are you going to hold your June SPY puts?

flipper

MoleCool, thanks to you and T.K, I have made more $$$ in 1 yr. than in my past 5yr's of trading. I bow to both of you, as your loyal Leachette follower. Thank You both very much.

perspective

http://2.bp.blogspot.com/_RHwzqq5yGy0/SaPtCazL0...

yazzer

so, what does this mean - you thinking a big rally? or a continued shorting opp?

perspective

let me whisper this as softly as i can to not disturb the sleeping beasts. think "i am legend" http://www.youtube.com/watch?v=Nil-vgLwXus

i think the bear market is taking its final breaths.

commence the slaughter.

perspective

i meant commence the slaughter of my post.

yazzer

oh my - a slaughter will indeed occur - but I don't think it'll be to the upside...no offense, please but this market, this economy is something of the ages....we got a long ways to go to the downside....but I will relook once we hit SPX 600-650 for a bear market rally... :-)

peterey

some similarities:

http://www.screencast.com/t/cmxdtGnTw8

MrTrader

This would correspond to a classic zig-zag down pattern, no? Which suggests a corrective rally at least

yazzer

exactly - and IF - IF - IF we get a bounce, then tis chart supports no more than 790 or so.

dust13

Mole
I am a little concerned with a teaser article I just read in http://www.elliottwave.com/
At the end of trading on Monday, Feb. 23, 2009, Robert Prechter closed the most successful trading recommendation of his 30-year career. His advice to "cover" the position came near the end of the trading day, when subscribers received the February 2009 issue of his Elliott Wave Theorist. This closed a “fully leveraged short position” he recommended to Theorist subscribers on July 17, 2007, when the S&P was at 1550. At the time of publication on Monday, Feb. 23, the S&P was trading below 750

MrTrader

Thanks for the heads up, I have found EWI articles to be very helpful and often very accurate.

yazzer

EWI is a purely technical indicator and does not take into account the fact that the majority of our biggest banks are insolvent, unemployment is headed for double digits, credit markets are wreocked, etc., etc. To me - EWI is another data point within a larger pictire of anyone's investment strategy...anyone now, after 7 down days in the market would be wise to anticipate a rally but the question is for how long and high much - I think we have a small bounce to 790-800 or, if we're lucky, 815 or so - then we redefine a new paradigm for EW Theory...this ain't your daddy's typical recession! :-)

JohnyWalker

Thats incorrect. EWI is using the same methodology (Elliot Wave analysis ) as Mole is and they are saying that their count suggests that minor 3 of intermediate five is coming to an end.

unSane

TA is based on the assumption that price action already incorporates all external data.

yazzer

true in some cases but not exactly either - it "averages" sentiment, fundamentals and psychology and even mathematical criteria over time to predict probable occurrences in the future. The problem is this 'averaging' effect - it cannot account for EXTREMES - either good or bad - in its predicted moves...in this case, we have a market that is worse than any in history (except perhaps the 1930s), and the 'average' prediction that TA will indicate for the future will not even come close to what will happen on the downside and will tend to over estimate what can occur to the upside...JM2c...but this has played out in recent weeks with folks calling for bounces to 870/920/1020, etc. and those not materializing....

unSane

IMO if folk are calling for bounces then they are doing it wrong. TA follows, it doesn't lead.

yazzer

yup - but you can get 'clues' to what may happen based upon historical moves...but, you are exactly right - no future move can exactly be predicted by previous moves and, therefore, future moves really do no more than refine the formulae for the market moves that lie further ahead!

Blind_Squirrel

Bob Prechter also told me to cover shorts and go long on 10/15/87!!!!!!!!!!!!!!!

TomOfTheNorth

and while the timing was unfortunate, you would have made money until 2000

JohnyWalker

Yes , EWI are now saying that while the waveform isnt complete that getting short on the basis of Elliot Wave at this point presents too much risk versus reward. They believe that Minor 3 of intermediate 5 is all but complete. They seem to be winding in their kneck on the 650 call.

Lordted

Did same thing in 2003 at the bottom becuase a lot of folks were caught by the War Rally... Waiting like lemons for the last leg of the suppossed 5th wave to happen. Meanwhile the Market was on its way to the moon fueled by tanks rolling into Samdam's front garden.

Count_de_Monee

Top of the morning plebes.
Seems the EUR is doing fairly well this AM. Me thinks risk appetite coming back today for a bounce.

According to the great technician Helen Meisler, here are some positives for the market:

1. We will be maximum oversold Wednesday.
2. The bank index outperformed the S&P 500 for a second day in a row.
3. The cumulative advance/decline line didn't make a lower low and yet the S&P made a new closing low.
4. Upside volume as a percentage of total volume (the 30-day moving average) is now at 41%. We've often seen rallies from the high 30s/low 40s range.
5. The CBOE volatility index, or VIX, is on the move, although not quite jumpy. One more day, or even one more hour, could get it "there." But there is very little panic in the market, just gloom.
6. The McClellan Summation index, while overall negative, now requires a net differential of +6,200 advancers minus decliners to turn back up. Typically, a reading of +5,000 or greater has meant we're oversold.
7. The 10-day moving average of the put/call ratio could peak in a matter of days.
8. Anecdotally we haven't seen panic, but I must share with you that when I see Brian Williams of NBC Nightly News about to start a segment on his show titled, "Meltdown: Making Sense Of It All," I know this financial crisis has become very mainstream.
9. There were fewer new lows Monday versus Friday and surely versus the October and November lows.

So get ready for a reversal day, possibly.

Covered all my shorts yesterday. Long FAS, Oil and eurusd.

tradingmom

Thanks for posting this -- every time I read Helene's stuff I think it's great, but I just can't bring myself to subscribe (I'm already subscribed to more things than I can read!) It will be an interesting day...

Douala

Count de $$$$$

Do you subscribe to a Helen Meisler's news letter or does she have a blog. What you posted looks interesting. Would like to learn more about her indicators.

[I'm not an official rat yet]

Duuuuuude

We will have a buy signal on the CCI 50 any day. http://screencast.com/t/i3eZ0imzt

standard_and_poor

Tuesday roadmap for SPX :

Today's roadmap is dedicated to Dennis and Lois:

http://www.screencast.com/t/554HubxgNty
http://www.youtube.com/watch?v=eCCn9nlIrzk

TomOfTheNorth

re:roadmap - I like the way you think!
re:Dennis & Lois - I miss Rammstein

LOL

Wishing You Good Trading Today! :-)

alphahorn

S&P I just don't think we hit the lows you've highlighted. I think from this point out it will all be about the current channel and fib retracement levels, which interestingly coincide. Yesterday we came within an eyelash of the bottom of the channel we've been in since the Jan high (this is why I added to longs all the way down, because I believe support is very close). The bottom of the channel just happens to be the 100% retracement of the Nov low, I believe this will be too much support for a breach, but if we do breach then I think we'll go much lower than your charts indicate. I think our next move is to the top of the channel which takes us to the 61.8% retracement (rather than Mole's move which takes us to the middle of the channel and the 78.6% retracement) although I would not rule out us breaking through the channel to the upside and reaching a higher retracement level. Before the turn to the abyss.

We'll know soon enough.

http://www.screencast.com/users/alphahorn/folde...

katzo7

Alpha,
I will be a contrarian here. Everyone is saying we will bounce, that it will hit the top of this channel or this fib level. But what if it keeps on falling, a nice prolonged EW5 on the daily? There has been no horsepower on any move up, it falls apart. And where is all of this pent up demand for going long going to come from? I think people are either too scared, too broke, or too smart to commit at this level. Is everyone waiting for 650 or even some say 250? The problem is that history repeats itself so even I am using the 1929 parallel (bottom is still a long way away, will still take some time to get there) as a model.

yazzer

I don't think you're being contrarian at all - alpha's "bounce" is very, very small when you look at the chart at a macro level - and, especially when you look back on this chart 2 years from now)...in other words, small bounce or none, the downward slide will just look like a straight line to the abyss two years from now...

katzo7

Yeah yazzer, good point.

Beyond

hi kurt

katzo7

Hey, long time no hear from?

Beyond

yeah I posted up a new chart, looking for 785-790 on the next rally going forward, picked up some financials yesterday.

alphahorn

Spot on !!!!!

alphahorn

Good morning Katzo, I think that everyone looks to the spx these days and that they've, for the past week or more, been anxiously awaiting its test of the Nov low. I think a lot of people will get comfort from the perceived double bottom and, once it begins to bounce, will jump in. In addition to the bottom indicators we also have the expectation factor created by the Amrstrongs, Nenners... who have predicted Mar/April bear rally. I could be wrong, I'm still sitting on 1/3 cash, which for me is a lot, but I have built very large positions in the FAS, BGU, SSO, DXO and several selective stocks that I love to play during bounces.

yazzer

hell, maybe I WILL look for an opp to trade a LONG position here :-) - But I am more a mid- and long-term viosion kinda guy...

yazzer

whoa - so you're delta long in a big way with no short positions? 2/3 long and 1/3 cash - do you have stops and/or hedge points? (I assume you're thinking this should we head straight down and breach the lows?) - IMO, if we break those lows, we could head down so fast it might be difficult to get out of long positions w/o major damage...FWIW, I did sell some of my banking PUTs yesterday (BK and ZION) but held HBC (Jun puts). I am also holding my Qs Jun puts but hedged by selling near-month puts in a calendar spread so I am still delta negative. I don't see me going long at all but rather adding to my HBC puts on a bounce and either adding to my Qs or opening SPY puts...

katzo7

yazzer makes an excellent point here. In a bear market, the market will ultimately prove you right with any short position except of course at the very bottom and I do not think we are there yet. I saw this yesterday where the market ran away on the down side. Long positions in a bear market need careful watching.

alphahorn

i have stops, but I did cover all my shorts and sold my puts friday/monday. at risk is about 1/4 of my profits from last week

yazzer

gotcha - I have followed your posts here and know you to be a good manager of your hard-earned $$$! Good luck!

alphahorn

thx, you too, i'm trying to maximize the short term trends, which does have some degree of risk when playing the long side. I read last night on Pan's sight that his only losing positions have been on the long side. I've had a very good run since Nov and need to be careful I don't get sloppy, but believe this is a reasonable play.

katzo7

What the hell are yo doing up at 4:25 am EST?

standard_and_poor

:

katzo7

Oh, is this how you did this? or do you work some magic into it?

I will not go long in a bear market again.
I will not go long in a bear market again.
I will not go long in this bear market again.

katzo7

Me thinks you are a black box that Atilla kept talking about. hey, how did you send the message without posting it here?

Insect Overlord

Well, /YG is a tough nut to crack. This is the second trade in a row where I was sitting on a $250 profit and I got stopped out at a breakeven. Yes, I could take profits, but I must learn to let profits run. But I'm also trading against myself...and I've noted over and over that gold can be extremely bullish. So I'm left asking, why the fuck don't I just take profits when I'm short and let them ride when I'm long???? I'm frustrated with myself right now.

Chop it up

Insect - Yeah - I know what you mean. Got stopped out last night on that quick hit....but played the short side on the close and the long side in the last few hours. Took small but nice little profits - but just scalping. Gold has actually been quite scalpable tonight....:)

Here is my scalping chart for tonight.
http://screencast.com/t/khTapQkeQDg
The horizontals are todays (tuesdays) pivots, and the trendline is only from a week back.

I'm on the same page with El Gato (as in bent short) - but I'm happy to ride the chops in and around the pivots - and I will buy the bottom line if it goes that low - with a very tight stop.
Good luck with it.

El Gato - ah to have the patience to trade like that - but that is the better way to trade.

Insect Overlord

It has been very scalpable lately. And I'll freely admit, I've thought more than once that I should just immediately take profits at $125...one successful scalp a day is a nice little deal. But I always hold on to try to catch the bigger move. Maybe it's greed, but I like to think it's discipline to try and catch the big move. In the end, I think it's greed, since I'm obviously not disciplined enough to take my profits when I have them.
On a sour note, I offered to take the kids to school today. If you look at a 15m candlestick chart of /YG, if the 8:15 candle didn't close with a sell signal, I don't know what does. And I missed it.
There will be more opportunities tomorrow (or later today...the day is still young)

El Gato

Insect.......I've been short gold for a few days now.....stop at 1005..........my trade has been onside a few times as well. However, just leaving it as I feel a bigger move is coming........Line up your trading frequency with profits levels and stop levels. FWIW

Vic

I'll give you the code:
http://evilspeculator.com/amember/signup.php

dadude

you use amember pro??? oh god!

molecool

Why - is it bad? I researched a bunch of those membership modules and this one seemed to get high ratings.

Vic

That's the link to sign up for the Zero.

Vic

Here are a couple of symbols at or near resistance -it comes from a canned scan, so I leave the charting and judgement to you.
CERN, ABII, TRV.

Vic

I closed my GOOG puts today at noon in an impulse. I thought we would complete an ab=cd fib pattern but I got burned last week trading goog (got stopped at a loss) so I needed to bank some coin. It sucks cuz I was short on POT too and today the bastard falls big.
Oh well, I left MA puts open and I'm too hoping for a chance to reload.

Heads for for those trading FSLR. Earnings tomorrow after the close.

Fellas, do you have an Elliott wave book you would recommend?

mulli

Look at the ES chart from the high on 1/06 to the low on 1/20 and then the high on 2/09 thru today's low. The patterns on the charts look almost identical in form and time frame. If this plays out, we can expect to see about an 80 point rally in the next few days. Take a look and let me know what you think.

dadude

hey what is the script for the zero indicator for TOS? Or is that a secret?

slartybardfast

for real? Are you seriously asking this?

dadude

yes i am actually asking....are you going to answer?

slartybardfast

I could tell you, but then I would have to kill you.

Keirsten

It's proprietary. You can sign up to receive the feed.

dadude

thanks keirsten...i'll give a go and try to replicate the TOS script with the information I can collect.

Molave Street Dwende

While you're at it, can you see if you can figure out what the KFC Original Recipe is? I'm dying to know...

molecool

Be nice folks - he didn't know that it was a proprietary indicator. No need for a public flogging ;-)

slartybardfast

knock yourself out!

de3600

Fast money should fire Carter Worthless and hire Mole

BuyOnTheDip.com

historic, exciting, profitable times.

take advantage!

~ great post.

de3600

Remember the funniest things can rally a nation even in the darkest times

http://www.youtube.com/watch?v=QTev5pSuYLk no hope no chance was not gonna happen but yes

Keirsten

Nice thing to remember De. The whole nation became hockey fans in those few days. ^5 :-)

v8muscle

XLF is getting hammered AH... broke new lows, at 7.06 now. Earlier AH it was at 7.40something

also on my radar, institutional dumping of JPM... $100M of stock in the last 3 mins of trading today with $60M of that happening in the last minute. I remember similar amounts of MOC dumping with XLF the day before it broke under $8 i think.

Disclosure: short JPM via March $15 puts

Twin

I think we are going ~700 pretty much immediately.

http://screencast.com/t/RN40FqZMd9

The concept of oversold is an oscilator concept. You know very well osciallors don't work in a trending market.

-Rhett

Eric_in_SFL

i only got to watch a little less than the last hour today and wow, getting knocked down at every attempt to rally and the TRIN at "0.50" while were still moving down with momentum! What have the times come to, we need to see some upside soon or there will be no more trading in 40 days, we'd be at 0.

REY

ISN'T ISEE INDEX A CONTRARY INDICATOR? SO READING ABOVE 100 IS ACTUALLY BEARISH FOR THE MARKET AS DUMP MONEY IS BYING CALLS.....

molecool

Yes, if we had rallied for the past two weeks, Rey.

El gAto

GG ......this close to a sell signal. The train should leave the station tomorrow for gold, otherwise it will be time to bail on the short side. If it breaks , I'll extend my time frame . stop at entry.........trading for credit

Duuuuuude

I know this does not follow the wisdom of this blog, but it is still in play. http://screencast.com/t/kE8WIuNyt We are still within the limits of good cycle counts, but it is critical for the SPX to hold above 739 on a WEEKLY close. Failure to do so will confirm that the high in January was actually the 4th wave peak, and open the door to 613 and potentially 536.

molecool

Dude, it already happened on the DJI, the COMP, the OEX, etc. - that train has left the station.

El gAto

LOL.........sorry....I should have said "the submarine will submerge"...short GG

Duuuuuude

The Week's not over yet.

Have not yet violated P&F either. http://screencast.com/t/THPe904O

jacksoo

Mole; posted this over at Slope but thought you might also enjoy the read.

Tim: I think this report "UK recession: how are the Coping Classes faring now?" illustrates the growing problems that we will all have to deal with on one level or another. The Govs of the world have all ridden the back of the credit driven global economic boom looking like experts - well the tide is not only going out, its rushing hell for leather out to the horizon - now lets see how the professional politician handles the growing societal unraveling.

http://www.telegraph.co.uk/news/4788246/UK-rece...

TomOfTheNorth

Dear Hosts, Rats & Leeches,

Please attend, the most insightful explanation of our current crisis:

http://www.youtube.com/watch?v=mzJmTCYmo9g

I hope you find it enlightening.

MrTrader

Thats awesome, nice post.

Eric_in_SFL

Bout time for a bounce?

www.thefuturetrade.com/Resources/ELWaveShortTer...

Steve

wow, I haven' seen RET in a long time...

chartsandcoffee

Fib Spectacles - http://chartsandcoffee.blogspot.com/2009/02/fib...

TomOfTheNorth

I'm liking a run to that 715 number you've got posted....... ;->

de3600

Tuesday 10:00 AM Consumer Confidence
Wednesday 10:00 AM Existing Home Sales
Thursday 8:30 AM Durable Goods Orders
Friday 8:30 AM GDP-Prel.

wed

9:00 AM S&P/CaseShiller Home Price Index
10:00 AM Consumer Confidence
10:00 AM Bernanke Monetary Policy Report

molecool

SHIT - now we'll NEVER get a rally - LOL :-)

Insect Overlord

The market is funny my friend. It's funny I tells ya. You know how numbers can be on news events. They're shitty, and yet the market will rally...or they'll be better than expected, but they included the word "happy" instead of "glad" and the market will tank.

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