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I am Sisyphus
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I am Sisyphus

by The MoleOctober 6, 2009

So, I woke up around 7:00am Pacific this morning and when I saw that long spike on my iPhone there were two thoughts that popped into my mind in rapid succession:

1) The damn daily Zero was right!

2) F…k me!

In that spirit I jumped out of bed and have been pouring over my charts since trying to make sense of the current wave count. This is the best I can offer at this stage:

First up – the medium term bearish count is dead, kaputt, gone, RIP. As soon as we breached into our previous first wave that one quickly met its maker. So, what now – I have two possibilities, of course leaving out the unexpected (of which we have seen plenty in the past few months):

Orange basically suggests that we are painting a double zigzag (again) – and that we are now in the final C wave pushing us into 1,100 to complete wave C.

Blue was pointed by Berk and is a bit more insidious – we could completed Minute {a} early Friday and now are in the proces of completing {b}. Which would mean we get a {c} wave down by the end of the week, followed again by a final spike to the upside. We both kind of like that one as it would screw the most bears (yes, you quickly turn in a cynic being a bear in this racket).

Which one it’ll be? I frankly don’t know and I don’t care. We are short term overbought and I will use any dip to scale out of my long term puts. And if we make new highs again I will try my lack there.

Psychologically I’m surprisingly composed this morning – my account took a big hit and of course now I wish I would have listened to the daily Zero and taken more profits at the bottom. But that could have backfired had the scenario turned out to be correct.

Either way, the best analogy I can think of describing the ordeal we bears have been through would that of Sisyphus as found in Greek Mythology (which I was a huge fan of as a kid):

The gods had condemned Sisyphus to ceaselessly rolling a rock to the top of a mountain, whence the stone would fall back of its own weight. They had thought with some reason that there is no more dreadful punishment than futile and hopeless labor.

Yes, that about describes it – and combing through the comments I can tell that nerves are running very thin around the evil lair lately, yours truly included. And again, the best I can offer is to remind everyone that if we want to be professional traders we need to learn how to take losses in stride and to do our best to not let them affect our trading and in particular our private life.

BTW, this is the chart that should really worry any remaining bear. An A/D ratio of 8.0? The last time we saw readings like that was on July 15, right before we ran up like hell for an entire month.

11:30am EDT: My Dollar trade went down the toilet as well last night – so, these are the next retracement levels we’re looking at:

Which is not too far away:

Of course it would be strange for the old buck to stop right there, so maybe 75.17 would be better medicine.

12:33am EDT: Quote of the day:

First the Fed and Treasury, now Wall Street’s “Too-Stupid-To-Fail” banks are stealing from Main Street’s “Too-Dumb-To-Stop-Trading” investors.

Hey wait – that’s us, right?


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.
  • Bart7

    don’t forget that Gann turn date, Oct 8 plus or minus 1 day…. glad I held off on shorts ahead of that…

  • cramar

    Ah… reality sets in!

  • C's & 3's

    Bullish falling wedge on the dollar http://www.screencast.com/users/Ed638/folders/J

  • innatedc

    I now pray for blue scenario….

  • shortcover

    let's just get to 1100 already and be done with this…

  • BaldEagle

    I have never smoked weed..But this market would be the biggest reason to ever. :)

  • mattco

    Won't stop there. They will then dangle the next carrot in front of the market. “opex is in 3 weeks”, “4Q earnings will be good”, “end of year rally” etc. This shit never ends.

  • peder1001

    going all cash.. *uck this shit

  • gsavli

    until one day it does and everybody stands surprised. right now, this looks so bad for bears, it could end like today…

  • Stainless_Steel_Hamster

    Get some before this market smokes it all

    IT'S HIGH AS A KITE

  • http://www.evilspeculator.com/annamall annamall

    GS is losing some luster, didn't really follow the SPX up so that might be a telling sign.

  • skynard

    Looks like SPX having trouble breaking out of its decending channel.

  • http://www.evilspeculator.com/annamall annamall

    at this point I prefer hashish :)

  • gsavli

    yea, like the boyz don't want any attention

  • shortcover

    they said Sept was going to stink…it didn't. let's see how earnings play out. we have forward P/E x too high, IMO. Should be fun…

  • dollar

    I'm sure EW has an explanation for this, but apart from that, all this today is based on a dollar story put forward by a journalist with a reputation for being a little “loose” in his reporting (http://en.wikipedia.org/wiki/Fisking) and so far denied by all the central banks involved who it wouldn't make sense for anyway (http://seekingalpha.com/article/165026-is-there…). I'm a skeptic.

  • PRSGuitars

    I have smoked a considerable amount of weed and will attest it doesn't make this market more tolerable.

  • BaldEagle

    whoa nelly lol

  • wooooo

    i concur.

  • dollar

    Bght more SDS and QID

  • http://www.evilspeculator.com/annamall annamall

    I just find this surreal like the twilight zone…::::—-P

  • http://www.evilspeculator.com berkshire

    I have found that sleeping through market hours makes the daily action pretty tolerable.

    Skål!

  • http://www.evilspeculator.com/annamall annamall

    or eating LOL

  • http://www.evilspeculator.com/annamall annamall

    I just put on a RIMM Oct VPS 65/60 for 1.23 (action in RIMM is weak)

  • PRSGuitars

    Back from Chicago and will have a real assessment in the next hour or so, I promise!

    Pre-update (real one coming when I get settled):

    Closed my /es long hedge from 1020 (@ 1051), rolling some Dec and Mar SPY puts (giving more time) and trimming the position. Closed my IT NQ short yesterday @ 1676 and happy I did so (well, today, at least) and contemplating re-establishing it here for some negative delta…

    http://screencast.com/t/sKYv3hSqVfD

    Following Mole on this plan of scaling back until we get another decent topping pattern. I'm happier holding 25% size in Mar puts (much more so than 50% size in Dec and Mar puts) and treating futures as my main vehicle instead of options, since we're in la-la land where time and price, apparently, don't matter much anymore.

    This schedule change (driving to see the gf nearly every weekend) is really mucking up my trading, though, i've traded decently the last few days… just saying, I wish I could contribute more!

    But I'm here, back in Cincinnati for a few weeks consecutively at least. So you guys and gals have me. Nearly undivided attention!

  • edgetraderplus

    One thing about EW, it has an answer for everything. Just not a timely one.

  • ultrabear

    yep, with you on that one – it is waaaaaaaaay past lunch time this side of the pond

  • http://www.evilspeculator.com berkshire

    Good to have ya back mate.

    Skål!

  • PRSGuitars

    No joke, I've done that before. There was like a three week stretch in late August/Sep when I did my best trading by attacking the overnight session with those time pivots we talked about, sleeping from 6 am until about 130-2 pm EST, then shorting whenever I noticed us rolling over slowly on the 5min.

    Easiest trading ever — wait for a new high after your lazy ass awakens, sell it, rinse, repeat. These morning breakouts are getting pretty lame.

  • moneyfarm

    BDK which I mentioned this weekend is looking weak on the retrace

  • pricey

    My vomit factor is starting to trigger. That usually means a top is near.

  • http://www.evilspeculator.com berkshire

    No doubt… I'd rather be up till 2 than have to wake up before 7:30 to catch this shit.

    Skål!

  • Me_XMan

    Make sure your balls are intact?

  • http://www.evilspeculator.com berkshire

    I'd say it likely has more to do with your position size and portfolio bias…

    Skål!

  • Me_XMan

    I think market wants SPX 1100.

  • Me_XMan

    Yeah I think market really wants 1100.

  • http://trading-to-win.com/ DavidDT

    yup
    I put on position, far away stops
    and sleep well

  • dollar

    Big and Brassy

  • http://colechambers.com cc

    Stock Market Hero, the video game on Xbox Live. Just time your button presses to the red and green flashes (extra points if you can hit the highs and lows when they flash).

  • http://trading-to-win.com/ DavidDT

    Cypher: All I do is what he tells me to do. If I had to choose between that and the Matrix, I'd choose the Matrix.
    Trinity: The Matrix isn't real.
    Cypher: I disagree, Trinity. I think that the Matrix can be more real than this world. All I do is pull a plug here, but there… you have to watch Apoc die.

  • http://trading-to-win.com/ DavidDT

    stop preying – start clicking on ads on Mole's site – he'll need another stake to restart trading…
    so do I – I have ads TOO!!!

  • TheCrowe

    Alpha,
    we touched 1,060.55 (which is the yellow spot on this chart http://1.bp.blogspot.com/_-p17nqJfPI8/Sss4LeAaO…)

    Nice work!

  • dollar

    What happens when this dollar story/rumor starts to unwind…

  • Lordted

    I honestly don’t know what folks are looking at on charts these days. There is a sodding great gap above the most recent highs at 1102 or wherever folks want to see it.
    We had an ABC down into a moon on Monday (if you believe in such stuff) and we have zoomed up as indicated in “berbull” chart posted here Sunday / Monday. So where is the surprise in this rally?

  • springheel_jack

    OK, alpha tells me that we need this to turn right here, so I'm calling the top.

    We have reached 1060 just about, and my lower channel line for the rising wedge is at 1062, so we have come close enough to kiss that line goodnight.

    Serious divergence on the ZL, including an H&S on the ZL signal, and patterns on the ZL signal generally seem to play out. Difficult to say where it indicates to, but it is pointing to a bearish afternoon.

    If we make it to 1065 we can all switch to long & wait for 1121. Meantime though, this is still a buying opportunity & I just bought more puts.

  • dollar

    Glad to have another bear for company

  • C's & 3's

    Mole – what do you think of the leading diagonal scenario?

  • Nightwind

    Does today's moves, take P3 off the table for now or do we have to exceed the 1080 high of spx? Thanks

  • pricey

    Are you hacking into my computer? lol

  • skynard

    The dip buyers are surely back.

  • http://trading-to-win.com/ DavidDT

    we did expect runup today – have not WE?

  • dollar

    11:08 AM Recent stock market gains are “irrationally exuberant,” economist Joseph Stiglitz says, urging government to focus on unemployment. Economic growth through 2011 will “fall well short” of what's needed to stop unemployment growth, he says, while the likelihood that the economy will be out of the woods before most of the U.S. stimulus measures expire in 2011 is “very small.”

  • humble1 ™

    parent/child fractal with a 10/15 high:

    http://siliconinvestor.advfn.com/readmsg.aspx?m

    fwiw: i also have other UP cycles, possibly stronger, into cd 10/18 and cd 10/31.

  • Bart7

    more bears capitulate? this from Slope post:
    Now even Rainbow (McHugh) is changing his view, if I remember he was looking for a major correction anytime now????
    “One date we are watching is our next phi mate turn date, which is scheduled for November 4th +/- a few days. There is also a Bradley Model turn date on November 9th +/- a few days. Could that week be when wave catastrophic (C ) down begins? Very possible, if wave (E) up takes a month to finish.”

  • http://twojackstrading.blogspot.com TwoJacks

    as I understand those retracement levels, you supposed to add a contract (or more) at each level close to 100% with the level at 100% being fully committed to a retrace. isn't 2sweets main argument against using stops. 2sweets, if you see this, please respond

  • PRSGuitars

    Oddly enough, I'm somewhat with you on this — I want to be getting defensive here, but I think aggression for another few SPX points might be warranted.

    /es and /nq putting in topping tail candles on the hourly.

    If they fight to stay WITHIN their channel(s), instead of break out, well, that'd be a nasty reversal for bulls, huh?

    /es: http://screencast.com/t/HDHhToyQPR
    /nq: http://screencast.com/t/0pjiIMMwmaF

    Failing as I type this… topping tail?

    Can't even take my own advice — sold NQ two ticks off the top (ie, sold @ 1710.75) and closed early for a scalp… sigh… that's the 2nd time I've topticked NQ on an important day (at least thus far), only the first time I at least waited for 75 pts to hit the bank. Grrr.

  • springheel_jack

    Actually I was predicting a kiss of the SPX 1062 line this morning before the open David. LOl

    Getting this far has made a mess of the EW count though & this now very much appears not to be P3.

    That doesn't bother me so much really, as I didn't think it was. There's more life in this rally yet. I'm still expecting a retracement to at least the 1008 level though.

  • springheel_jack

    Our numbers are considerably thinner this morning.

  • PRSGuitars

    Hourly topping tails in NQ, continued–

    http://screencast.com/t/XZW9BfVQTln

    Hrm. Might jump back into my NQ short here for some added delta down (if we rally feebly for the remainder of day, but still, dont want to get blasted overnight — we'll see, but looks like the indices are playing nicer than we expected them to).

    Looking for the 1-3 pm EST timeframe now (for a weak rally to establish shorts possibly).

  • springheel_jack

    It isn't time to go fishing quite yet IMO PRS.

    USD firming & we have fallen back a couple of points from 1060 now.

    From little acorns ……

  • http://www.evilspeculator.com/annamall annamall

    I would call them more like sesame seeds LOL

  • mattco

    If one of you mentions “mustard seeds” I think I will lose it! :-)

  • TheCrowe

    SJ,
    re: the 1008 level retrace – do you have a timeframe that goes along with that? post/pre opex? Thanks! Richard

  • http://www.evilspeculator.com/annamall annamall

    hahaha it won't be me I promise :)

  • http://www.evilspeculator.com berkshire

    That is great… Love it. Thanks for the laugh.

    Skål!

  • http://www.evilspeculator.com berkshire

    In my count, even the least bearish of them, this has eliminated the P3 from here. We will just have to see how the tape plays out and if we can start a new working count. Anything I can see just now would be horrendously sloppy. So I am stepping aside on the P3 count for now.

    Skål!

  • http://www.aggressivelyuninformed.com nepharis

    I like that blue path… I'm holding all my long-term puts for now, and sticking to the plan. If we get a new low, though, I might hedge a little and brace for one last push to the upside. I may also start rolling some of my MAR10 puts into DEC10, to position myself to catch more of Primary 3.

  • springheel_jack

    alphahorn still has a count until we make a new high from here.

    I think he felt it was cut rather fine though.

  • Nightwind

    Mattco…what is the highest & lowest value of the $dxy ever been and at what dates did it occur? Thanks

  • PRSGuitars

    I recall reading a report that outlined that the company Pre-Paid Legal services is a ponzi scheme. This was months ago, and i set an alert that just got triggered. Whoa… now i know why.

    SEC investigation just hit the wires. Also, this from 10/2: “PPD revealed in its third quarter that 85% of its sales force quit or was unable ot make one sale annually, … just 2% of the company's sales force makes 10 sales or more each year … its stock has been manipulated to the highest point in its history by using available funds to buy up stock, driving the price up artificially.”

    Wow. Look at this beast and tell me you don't WANT — not that we will, necessarily — but WANT to short a craphole like this… weird.

    PPD. Go watch the chaos unfold firsthand.

  • Nightwind

    Jack, I'm showing a backtest on spx in the 1065ish area

  • springheel_jack

    pre-opex.

    I've been increasingly harboring secret unbearish thoughts that we would make a tradable low before opex & rally into December. I guess I can come out of that closet today!

    I'm still expecting a fall over the next week or so however. The odds still very much favor the bear wedge playing out.

  • mmTesla

    Good morning all!

  • rubbak

    I have no particular love for McHugh (can't stand how he starts every email with “index X moved in direction Y just as we expected”), but charts of his I've seen over last couple weeks did always include an expected final push up, which he said could be truncated.

  • springheel_jack

    Even sesame seeds might be too large Anna. We may just be looking at pollen here.

  • colonel_bleep

    These rumors about major economies re-pricing oil in euros brings back memories of one of the greatest trades ever, though a high price was eventually paid:

    At the end of 2000, Saddam Hussein & Iraq converted oil to euros. Oil was $20 a barrel and the Euro was .83. Obviously, that turned out to be a no-no.

    However, if Russia moves in that direction the stakes get raised thru the roof.

  • Nightwind

    Thanks. Just an opinion, but if this is suppose to be the largest crash in history, you would think that this P2 wave would also correspond as the largest % gain in history too. I don't know how this would work in EW theory.

  • http://www.evilspeculator.com/annamall annamall

    hahahahah that's for sure Jack….I keep thinking why am I sitting here, I am going to do something stupid LOL

  • http://trading-to-win.com/ DavidDT

    “good morning”?
    That sounds like an insult on bearish blog! (J/K)

  • http://www.evilspeculator.com/annamall annamall

    Or in GOLD did you hear that ???????????

  • http://www.evilspeculator.com/annamall annamall

    not so good, but HI Tesla :)

  • PRSGuitars

    Oh wow. Just saw this on the side of my facebook. NO SHIT.

    GE Capital is advertising its own senior unsecured corporate debt…

    ON FACEBOOK.

    http://screencast.com/t/stdfPJzwJetE
    http://screencast.com/t/epg6DTDDRlhk
    http://screencast.com/t/lfAXmfsaocNP

    Holy shit, folks, if this isn't a harbinger of doom, I don't know what is. I am impressed with their audacity and desperation.

  • AudioTactics

    I agree that this rally really shouldn't be much of a surprise to anyone and I think we are heading up to the SPX 1065 area.

    That's where I will be looking to initiate shorts.

    Good luck everyone!

  • mmTesla

    LOL no insult intended :)

  • mmTesla

    Aww! Still has potential to be a nice day for bears and bulls alike :)

  • http://www.evilspeculator.com/annamall annamall

    This so reminds me of the 2007 top, the irrational exhuberance, you could throw a dart and go long..

  • mattco

    2/25/85- 164.720 4/22/08- 71.329

  • http://trading-to-win.com/ DavidDT

    now we need 1PM reversal

  • losershot

    homestake mining and the djia during the great depression

    http://oxburyresearch.com/wp-content/uploads/20

  • http://trading-to-win.com/ DavidDT

    1999 was THE worst trading year for me

  • http://www.evilspeculator.com/annamall annamall

    The past 6 months have been my worst eva!

  • http://www.evilspeculator.com berkshire

    No, the move coming after the crash would correspond to the largest % gain in history, assuming it can beat the % gain from the great depression.

    Skål!

  • http://www.evilspeculator.com berkshire

    Is the the lovely elusive leading diagonal?

    Skål!

  • Tronacate

    The NDX traces out a nice channel on the 60 min which we tapped but didn't breach. Be interesting to see if we head back down to the bottom trendline.
    This is a lower high if we don't go up in the eod goose.

  • killertrades

    My suggestion. EW is useless. It works sometimes and then it doesn't. You might as well flip a coin. If it worked then at least once in a while a few of you EWers would agree on something. You never do. It seems to me to be pure insanity. Sorry.

  • Bart7

    Faber: Stocks Have Peaked for 2009
    Monday, October 5, 2009 3:32 PM
    Stock prices have peaked for 2009 and may drop by as much as 20 percent as investors buy cheap dollars, says investment guru Marc Faber, author of the Gloom, Boom & Doom Report.
    The dollar, says Faber, is oversold, and investors will ditch equities and snap up greenbacks.
    “I wouldn’t be surprised if we’d seen the peak of the market for this year because the economic news isn’t going to improve very much,” Faber told Bloomberg.
    “The correction in the market has been overdue for quite some time.”
    While officials have been saying recently that the United States is emerging from its recession, credit markets still remain tight and unemployment figures are still high.

  • z12run

    The always interesting Max Keiser says a basket of currencies plus gold (up to 50% gold):

    http://www.youtube.com/watch?v=D7dH4e8HYFA&feat

  • springheel_jack

    Well, I just added to my puts so that makes two of us. :-)

    USD is catching a bid here by the look of it. It isn't much, but the USD/SPX runaway train does appear to have stopped for a bit at least.

    if we can just get this tape to start falling, this week could still turn out ok.

    I'm not losing anything today that I can't make back on the gap to 1099 if this goes the other way.

  • wex

    Yes perhaps but recently you've been spot on.

  • dollar

    Agreed – the past six months have been the worst YEAR ever

  • springheel_jack

    1999 was a very bad year to be a sane trader. I remember looking at shorting Amazon. Crazy.

  • http://trading-to-win.com/ DavidDT

    cannot recal a single case when his timing was good…of course he keeps saying the same bearish things every day with not even “date stamp” change

  • http://iberianviews.blogspot.com/ catracho

    yes read him for a year or so..same opinion…!

  • springheel_jack

    I know. if it is incredibly rare it isn't a count, its just a rationalisation!

    He was presenting it as the only remaining possible P3 count though.

  • Anonymous

    spx retesting the TL,see whether we break above or head down.
    zn in bulliish flag pattern after the break out last week.

    http://static3.photo.sina.com.cn/orignal/577d2515g75472f6a53d2&690
    http://static15.photo.sina.com.cn/orignal/577d2515g75473888d54e&690

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    Awesome, thanks for the practical and useful suggestion!

  • springheel_jack

    I love that guy.

  • PRSGuitars

    I'm not much of an EW'er but you just walked into an NRA convention and shouted “fuck you, gun nuts!”…

    Good luck getting people to care/listen

  • http://trading-to-win.com/ DavidDT

    we are so open to new and unusual opinions here – just like in all girls school (I need an address for that school)

  • springheel_jack

    H&S in short timescale EURUSD indicating to 1.472ish.

  • Nightwind

    Mattco….that is a hell of a spread. Thanks for the info

  • springheel_jack

    The last six months have been an interesting and expensive learning experience for me too Anna.

    A rally like this doesn't come along too often though. Whichever way it goes today, things are looking up I think.

  • Nightwind

    I did short Amzn….a $70K education for me.

  • http://colechambers.com cc

    Time for me to move to Plan B (filling out McDonald's application).

  • springheel_jack

    I thought about it& moved along.

    That was a really wild bubble. Made 2003-7 look tame.

  • killertrades

    You are so right. Made me laugh. (NRA).
    But just read all of the anguish and indecisivness in all their comments. Even Prechter. He goes for YEARS being dead wrong. It is embarresing. I mean these are adults. Come on folks I am trying to help you not ridicule you. Ooops, forgot where I am. Running for cover.

  • Tronacate

    Too many fucking letters and numbers for me……..certainly see your point…….picking tops and bottoms seems to be a dangerous game of chance.

  • Nightwind

    Any bear that survived '99 was probally scared shitless when it finally turned or was broke.

  • springheel_jack

    He's not an analyst really but I can recall one instance of good timing.

    In July 2008 he predicted the SPX would rise up to 1300, but not significantly beyond & in September 2008 it rose just short of that level before crashing.

  • Bart7

    EWI short call was a swing call I think, not for daytraders…so far the top is still in from Sept. 22 area at 1080

  • Tronacate

    Hey…..I have an open mind…….EWI called a start of P3……..we'll see what they say in the update. If all the waves get raped……well

  • vision_invisible

    My education was long AMD and short Krispy Kreme.

  • http://trading-to-win.com/ DavidDT

    60min EU chart posted

  • mattco

    If you price the SPX in Euros then you get this:
    Low March 9, 2009= 539.225 High 9/28/09= 727.40
    In euros: 35.96% move
    In Yen: 47.49% move
    In GBP: 38.36% move
    In AUD: 16.44% move

  • Tronacate

    Like I say…..we are sitting on a lower high right now on the NQ…….will it hold is the question

  • PRSGuitars

    Haha — no offense meant, literally, just saying — tough crowd ahead.

    I agree that EW is tough to trade off of ROUTINELY, IF YOU ARE NOT WELL-VERSED in what to expect.

    Its like expecting fibonacci retracements to work every time. If you can't gauge strength or weakness with which to judge the fib retraces, then, you aren't using it properly…

    EW has helped me many, many times. It has hindered my trading no more than any other technique I've tried, so its no worse than selectively filling my toolbox with tactics for use against this ridiculous market.

    I think you'd get a better response if you offered what was a higher probability trade plan (whatever you use, i presume) — the EW thing gets old for non EWers but having seen it work with stunning accuracy at times, it's worth it for a targeting tool if nothing else. To each his or her own.

  • vision_invisible

    WOW. I have sold naked call options on this pig.

    You are like Santa come early :)

  • Nightwind

    Took those too. It just goes to show you that timing is more important than price.

  • springheel_jack

    Well, in fairness you don't really have an educated opinion, just like all those anti-gun Europeans who want to help you buy banning your guns.

    Some kinds of help are more appreciated than others. Hitler was trying to improve the world in his own way.

  • http://www.facebook.com/screasy v8muscle

    Just FYI, I have doubts about us breaking the 1080 high…. looking at individual stock's charts we are basically approaching some long long term resistance levels (ex. AMZN, JPM, F, etc) and in this environment I dont see us breaking too many 3+ year highs…. I think a retest of the previous high will happen, and possibly a tiny tiny push higher than that to weed out stops. Anything higher than that I think is too optimistic. I will be shorting again above 1070

  • PRSGuitars

    Awesome work! dude, nice play. This thing is in for a beating.

  • http://www.evilspeculator.com/annamall annamall

    Hard to do in Jing, I need my profit source back
    wave 5 close to end here in $dxy

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

  • springheel_jack

    Like now? LOL.

  • http://colechambers.com cc

    Just went long McDonalds calls. I hear their dollar menu is BOOMING!!!

  • vision_invisible

    Feels awesome man. Believe it or not my largest position right now. Next stop HOT. Thanks.

  • raised_by_wolves

    I like both orange and blue paths. My plan is to pick up more calls for hedging if we either, one, take out today’s high, or, two, fall to 1020ish.

    As for my MAR10 puts, I won’t sell them at a loss. That means I won’t be selling them if orange happens. If blue happens, I may sell some.

  • killertrades

    Good points. Wasn't really looking for any replies per se. , just yapping out loud. Nothing works all the time . I started out with J.M. Hurst's cycle work and kept adapting it and upgrading it. And I, like everyone else can not “predict” anything. I get a signal and I play it. I do find the short term is the way to go if you are going to trade. A few days is a long time to me.

  • ultrabear

    Prechter has made a lot of outstanding calls, not the least of them the latest in Feb/March for a bounce to SPX1000-1100.

    Yes, he was *cough* about a decade early in calling for the historic top of 2000, but given the timescales we are talking about that is not that far off (completing a wave 3 up from the South Sea Bubble) and he is freakily like reading next year's news a lot of the time.

    Care to compare your record with his?

  • http://trading-to-win.com/ DavidDT

    we are in accord

  • shortcover

    only 20%…that's just a bull market correction…

  • Lordted

    IMO the problem is people think Elliot is like the laws of Gravity … It will do this that or the other. And they expect the market to obey…
    Have found it more constructive to use it as a principle – 5 waves in any time frame (assuming can count them and all their sub waves) leads to a correction etc. What a principle cannot do it predict with certainty what will happen next.

  • PRSGuitars

    Agreed on shorter term stuff. I'm more of a VWAP + std. deviation bands scalper/trader at heart.

    What are the benefits of hurst's cycle in your opinion? (never met anyone who used it before really)

  • http://trading-to-win.com/ DavidDT

    Thou I made back most of the money I lost on long OPWV leap puts

  • buyemsellem2000

    from S&P website-BOOYAH

    S&P 500 Statistics
    As of September 30, 2009

    Total Market Value ($ Billion) 9,337
    Mean Market Value ($ Million) 18,673
    Median Market Value ($ Million) 7,978
    Weighted Ave. Market Value ($ Million) 74,455
    Largest Cos. Market Value ($ Million) 329,725
    Smallest Cos. Market Value ($ Million) 814
    Median Share Price ($) 32.850
    P/E Ratio* 140.76
    Indicated Dividend Yield (%) 2.05
    NM – Not Meaningful
    *Based on As Reported Earnings.

  • Tronacate

    NDX trendline still holding……lower low TICK……..need the TRIN to start rocking…….

  • springheel_jack

    That's a true story killertrades. Short term direction is what makes your daily bread when there isn't a crash on.

  • springheel_jack

    That's a true story killertrades. Short term direction is what makes your daily bread when there isn't a crash on.

  • http://trading-to-win.com/ DavidDT

    is it 1PM yet? (it is somewhere in the world for sure)

  • SlowDownFast

    GS waterfall!

  • bshah

    WHoa… GS is down… Can it be…? No…

  • mattco

    Just ordered my 2009 Obama Commemorative Silver Dollar. Get yours while supplies last.

    https://www.momssilvershop.com/store/index.php?…

    Remember. Nobody beats Mom's Silver Shop!
    Don't forget to click on “Grandma's Prime Picks” on the left side for amazing deals.

    LOL- You can't make this shit up!

  • Bart7

    I sent an email to Mish last night about the “Dollar Demise” story.. He blogged on the story today… replied to my email below…
    http://globaleconomicanalysis.blogspot.com/2009
    Me:
    from a contrarian perspective, I think it's the kind of thing you want to see to mark a bottom… wouldn't be surprised to see a magazine cover soon with
    that kind of dollar story…..
    Mish;
    Exactly!

  • Tronacate

    Long QID…….lets see if we flag or reverse here

  • http://trading-to-win.com/ DavidDT

    what I have to agree with you is that having bias is (PARDON ME fellows NRA bears) PLAIN STUPID.
    All we need to do is trade what we see, not what we think and do it the best we can (no matter what imaginary friendly tool we use)

  • springheel_jack

    You're a survivor David. I'm hoping to learn a lot from you over the next year or two.

  • Tronacate

    Looking for 1650 over the next few days

  • http://trading-to-win.com/ DavidDT

    hope you are watching IYR

  • Tronacate

    Funny…….it'll go with my commemorative plate……

  • Joe8888

    Okay back from running errands…..Wow nice pop ………(throwing up )

    Guys,, We still have lower highs and lower lows here,,intact.. ( but i know, it don't feel good,,,,)

    This could be forming here, It's early, but something to watch, and would make sense with the Pivot date…

    SPX Daily Chart….

  • http://trading-to-win.com/ DavidDT

    I can teach you how to paint gray hair – we might need it after 2009

  • Tronacate

    Nice……SRS gap fill coming imo

  • anthem

    Yeah saw that. Wonder what precipitated that drop. . ..

  • PRSGuitars

    FAZ seeing positive money flow heavily last few days despite dropping 20%. Hrm?

    XLF seeing hte opposite. BAC Feb 15 puts anyone?

  • http://www.evilspeculator.com/annamall annamall

    Key sign that GS is negative, I am short those crooks :)

  • http://trading-to-win.com/ DavidDT

    did GS downgraded itself today?

  • mattco

    No. But they upgraded themselves yesterday!

  • http://colechambers.com cc

    Quick…buy the GS dip!!!

  • http://colechambers.com cc

    APPL is a strong long here…all in!!!

  • TheCrowe

    Wow, 1650 on the SPX? I guess anything is possible. (j/k. I know you were referring to the NDX. gawd I hope so) :)

  • dollar

    Bght more UUP

  • bergs

    Back from the dentist. So I must still be hallucinating from the gas.

    http://screencast.com/t/CKUL4EMfz7Z

    Forgive me Mole?

  • http://implicittrading.blogspot.com/ BalaB

    Transition was somewhat foreseeable.
    http://implicittrading.blogspot.com/2009/10/wat

  • springheel_jack

    I'm not sure I'll have any hair left after 2009. My hair's coming out by the clump from stress these days.

    Things will look up when my straitjacket arrives I suspect.

  • dollar

    Sweet, look at that XLF plunge

  • Tronacate

    Quit letting him sit on your face…….

  • http://colechambers.com cc

    somewhat foreseeable

    wise words friend, wise words…

  • insite

    just VWAP reversion, or do we push lower………

  • Joe8888

    update on VIX Chart..

    we backtested the breakout,,i was looking for that, now as long as , the vix stays above the channel,,, we should be good,,

  • ultrabear

    Really don't see what is wrong with this count either. It's basically the same one I have for Cable.

  • dollar

    New XLF low on the day, filling the gap now?

  • http://www.evilspeculator.com/annamall annamall

    Plunge baby plunge :)

  • Tronacate

    In SRS calls

  • http://www.evilspeculator.com/annamall annamall

    G/L Tron :)

  • dollar

    ;-))

  • http://www.evilspeculator.com/annamall annamall

    Let's hope that was the final Wave 5 for the dollar, and we pump to the skies from here. :)

  • Bart7

    anyone concerned that most of the Ellioticians have thrown in the towel on the P3 scenario and are calling for further move up?

  • bshah

    Who the fuck jinxed it…?
    Man… It was happening…

  • mattco

    Actually, quite the opposite. I am happy. When everyone gives up we may have a better chance. After all, this market makes no sense.

  • killertrades

    Hurst used a technique that NASA used to plot where a moving object would be in the future based on multiple plots of where it has been (Using lagged Moving Averages). It is pretty good and I have altered it over time and it is as I said pretty good. (And yes to the reply that asked would I put my results up against Prechter). Am I always right? Good grief, I wouldn't be posting these notes if I was always right. No one is always right. I take my signals and trade. I do not pretend to “predict” other than I get an idea (a price zone) based on what I just mentioned and then if I get a signal I pull the trigger . It works better than anything else I have seen. So that is where I am.

  • Bart7

    that's what I mean, had the contrarian cap on…

  • Tronacate

    FSLR lower high

  • dollar

    IWM should be next

  • peder1001

    can you say manipunomics?

  • Tronacate

    Actually, that is comforting news…..

  • SlowDownFast

    Patience…

    Not. Over. Yet.

  • de3600

    So much for the correction Cnbc Ok Mr Bob cant wait to see your face when your bitched slapped on live tv

  • Tronacate

    Thanks sweetie

  • Tronacate

    Yuppers……RUT should lead the weakness here

  • dollar

    1:09 PM Treasury sells a record $39B in 3-year notes at 1.445% (.pdf). Bid-to-cover ratio of 2.76, vs. a recent average of 2.84; Indirect bidders take 49% vs. a recent 53.6%. Yields remained higher after the auction, with the 30-year yield +0.05 to 4.07%; 10-year +0.04 to 3.26%; 5-year +0.04 to 2.26%; 2-year +0.03 to 0.9%.

  • jaxon

    what puzzles me, and i would appreciate imput, is that when i look at the Dow Trannies i see an absolutely perfect 5 wave down off the highs. for this reason i am holding shorts. of course, these shorts are long dated OTM. but when i do a comparison chart the Trannies seem to lead historically.

  • http://implicittrading.blogspot.com/ BalaB

    gotta be diplomatic
    : )

  • http://implicittrading.blogspot.com/ BalaB

    gotta be diplomatic
    : )

  • mattco

    Interesting. I am looking at buying some new issues. I heard they are going to add 6 hour TIPS to next weeks auction. lol

  • http://trading-to-win.com/ DavidDT

    it IS happening

  • PRSGuitars

    IWM leading Selling on Strength from WSJ here @ 1pm EST:

    http://online.wsj.com/mdc/public/page/2_3022-mf

  • shortcover

    McHugh still on target w/ his waves…pretty unwavering either a truncated final wave or we do 1100-1120 endgame.

  • Bart7

    someone on slope posted otherwise this morning, said McHugh was wavering and saying top might extend till November…

  • Bart7

    GS green

  • dollar

    I see GLD on that list too…

  • killertrades

    Thanks. Very interesting. And note that was DEFLATION , not inflation. Shows that it is best to go with the chart and not a bias about what SHOULD happen. Thanks again.

  • Douala

    Time for the mid day Dr report
    ~~~~~~~~~~~~
    Stocks are rising with strong follow-through to Monday's rally, confirming that wave (E) up is underway. This rally could last several weeks or falter at any moment, however it should be the final leg for wave (B) up. Then a plunge should occur.

    http://www.screencast.com/t/fp0BFqvA6r5y

    Also you want to be a trader? But can you handle The Pit?

    http://www.youtube.com/watch?v=_UXomMnQKT4

  • bshah

    If it is, I am all up for / into it… Let's take nose dive and swim out to the better world …? Shall we all…

  • Scrillhog

    Getting support off some MA's?

    http://content.screencast.com/users/Scrillhog/f

  • malusDiaz

    Those averages are all over the place… this is not 'normal' movements….(IMNSHO)

    http://alturl.com/y6sd

  • Tronacate

    Nice to see……thnks

  • Carl V

    With the power of my telepathic mind I am trying to influence EUR so that it could break down this 3rd fan line since the last major low of Oct 2 – please help me – remember “together, yes we can…”
    http://screencast.com/t/Pvr1aWvlVl

  • bshah

    YES !!!! WE CAN !!!!

  • killertrades

    Excellent. “when there isn't a crash on”. I have been fortunate in that 'crashes” are where I do make most of my winnings. And then I nibble along making my daily bread , some bigger bites then others but nothing like the “crash” meals.
    You hit it right on.

  • Tronacate

    TICK lower high on 5min…..TRIN perking up

  • http://www.evilspeculator.com/annamall annamall

    Just added for a total of 6 lots short EUR/usd Rock on :)

  • BaldEagle

    If our best chance is hope and prayer, it's not looking too good…

  • http://www.evilspeculator.com/annamall annamall

    :) hope you got m my email

  • http://www.evilspeculator.com/annamall annamall

    Oh can I do the honors??????????? 😀

  • http://colechambers.com cc

    Adding to my XRT long…right now…Go Retail!!!

  • Tronacate

    Send it today?

  • http://www.evilspeculator.com/annamall annamall

    Yessiree :)

  • amokta

    so what happened, wheres the big drop into the p3 abyss – just as well i didnt go for a bear etf trade!
    http://www.youtube.com/watch?v=bga4vLTOJ4U

  • Joe8888

    H$S Top….on Broker Dealers….10 min chart

  • TheCrowe

    Douala,
    Thanks for the post. I love the “This rally could last several weeks or falter at any moment” line. Talk about hedging your bets.

  • BaldEagle

    where's my email 😉

  • Nightwind

    The rally will go higher or lower. Please send your check to flybynight enterprises.

  • Carl V

    Wow, be careful Anna, it hasn't crossed the trendline yet

  • Carl V

    I know, i know….

  • http://www.genxantihero.blogspot.com LostIllini

    Okay I'm positioned. Time to fill the gap.

  • Nightwind

    Spx break below 1052 would probally cause a selloff. Finger on the trigger.

  • dollar

    It seems like a lot of bears who wanted a highr, “better” entry point instead became bulls…

  • Tronacate

    What address?…….don't see it…..:(

  • dollar

    new daily low XLF

  • BaldEagle

    Better make sure that trapdoor isn't open, los bulltards.

  • http://www.evilspeculator.com/annamall annamall

    yahoo.com Krometal

  • Tronacate

    I almost reversed everything……..right at the daily top……

  • http://www.evilspeculator.com/annamall annamall

    Too late…so far so good :)

  • rhae

    Fed is to stupid to know how to exit from the roach hotel they built… maybe not stupid… they just can't fiquire out how to protect their fellow roaches, … Stomp on them I say….

  • http://www.evilspeculator.com/annamall annamall

    No I agree Stupid…they didn't see the 2007 housing bubble and it was right in their face Rhae :)

  • http://oahutrading.blogspot.com/ steveo77

    The easiest way to make money in this market is simply to follow Anna :-)

    EUR/USD Short

    http://screencast.com/t/xBNQpdSdQj

  • Tronacate

    not me…… live.com tronacate

  • Joe8888

    10 MIN XBD H&S ( Broker Dealers ) played out

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

  • gmak

    My aren't you the adrenaline junky. 😉

    Looking at EUR trying to get below its pivot (I'm short here). I went for a nice ride earlier all the way up to 1.476 – being short. Got out at scratch to take a breather. Made some cash long EUR – and now waiting for some fat-thumbed trader anxious to get off for a beer in Europe to take us down to 1.46 handle. (hope).

  • shortcover

    I subscribe to him…the targets are the same based on today's report…no waver…let me re-read regarding dates, but i never pay attention to those really, just the S&P values. Said that the final thrust may be truncated (ie sooner than later) and also started discussing how C is essentially imminent…also mentions gold breakout…

  • Tronacate

    His view on gold is completely opposite prechter…..

  • http://www.evilspeculator.com/annamall annamall

    Sounds like you know me well :)

    that sounds like a awesome plan to me G/L to us both Gmak :)

  • http://trading-to-win.com/ DavidDT

    they just do what cornered animal would do to survive

  • Tronacate

    Bite the hand that feeds you?

  • Bart7

    thanks for the update / clarification, somebody posted other info on slope

  • Bart7

    thanks for the update / clarification, somebody posted other info on slope

  • CandleStickEmUpper

    breached

  • http://trading-to-win.com/ DavidDT

    anything and everything

  • Carl V

    But sometimes it works: see 😉

  • Carl V

    Yesssssss !

  • Tronacate

    They can “bite me”

  • rhae

    SPY 15m, I think I can now take my head out of the paper sack.. ( panic attack) swing high maybe, ok , like the bust..
    http://screencast.com/t/AtdzCb3S2

  • BaldEagle

    Lo and behold it does. Drinks on me if we wipe all of the green off the board

  • molecool

    Honestly, at this point I'm fucking sick of this market. I think I need to step away from this for a while.

  • dollar

    BAC leading the way down

  • http://www.evilspeculator.com/annamall annamall

    :-))) let's hope I am right in the long run for us bears :)

  • henrymart81

    You took the words right out of my mouth. I wanted to short this rally so bad but I can't stare at the market all day today (tomorrow I can)………..

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    we've tested the support of the rising wedge and failed……..question now is, can it get back into the channel and resume the fall………volumes need to come in on the sell to support it.

  • Tronacate

    Me too……if I wasn't buried neck deep in positions I'd take a long vacation

  • http://www.evilspeculator.com/annamall annamall

    That might be our key that we are about to turn, everytime you leave we go down :)

  • bshah

    ouch….

  • Tronacate

    Oh really?

  • http://www.evilspeculator.com/annamall annamall

    I didn't mean that in a mean way, Molester knows that, I meant when he went on vacation last month we dropped nicely, He knows I wuv him LOL

  • Scrillhog

    On the 5 min ES looks like we broke out of a bear flag and might be forming another. I see some possible support around 1046. It also looks like it's shaping into that one pattern that shall not be named…

  • molecool

    Maybe – but the wave count would be extremely strange and if we drop from here I'm almost ready to kick EWT to the curve…

  • mattco

    Just kick Hochberg. He's a dufus!

  • gmak

    I have a meeting. Let the carnage begin.

  • ultrabear

    *YAY*

  • Carl V

    Yeah, from side i am full of FAZ, SRS and UUP…we will know soon I guess 😉

  • http://oahutrading.blogspot.com/ steveo77

    We nicknamed him Botchberg, or affectionately, Botch

  • http://www.evilspeculator.com/annamall annamall

    Mole babe that works for me…EW fan or not :)

  • http://www.evilspeculator.com/annamall annamall

    G/L see you later Gmak :)

  • insite

    thank god

  • http://www.evilspeculator.com/annamall annamall

    sooner than later and down equities please!! :)

  • Tronacate

    5min looks like inverted dragon……..in that case we've turned and hit at least 1st target

  • dollar

    yesss…xlf 😉

  • http://trading-to-win.com/ DavidDT

    'we go down' – when Mole leaves???

  • Joe8888

    Remember the answers are here, its up to us to dig n dig ,,until we find it,,,,,,

    SPX DAILY CHART,,,,Bearish Backtest….?

  • http://www.evilspeculator.com/annamall annamall

    I knew when I heard Lester was never going anything but long again we were at a top LOL

  • http://www.evilspeculator.com/annamall annamall

    yes, when he went on Vaca we had the best week :)

  • http://trading-to-win.com/ DavidDT

    welcome to d-wave club buddy

  • Tronacate

    That's fucking hilarious……..lester the “market molester”

  • http://www.evilspeculator.com/annamall annamall

    This is very bearish that we have reversed and if we can close on the lows well then I will feel allot better!

  • dollar

    volume seems to be picking up as we go down

  • vardoger

    sitting right on the 23.6 off 1019 now

  • http://www.evilspeculator.com/annamall annamall

    that I like to hear dollar :)

  • http://trading-to-win.com/ DavidDT

    u mean market not “we” – I got it :)

  • http://www.evilspeculator.com/annamall annamall

    yeeessss 😉

  • Douala

    TheCrowe

    LOL… I know I got a kick out of that line too. Good ole McHugh!

  • Tronacate

    I was hoping for the latter……damn

  • Styrfart

    whats the chance, that spx is closing below opening?

  • http://www.evilspeculator.com/annamall annamall

    girlfriend, I never could find that thing you were talking about darn it LOL

  • http://www.evilspeculator.com/annamall annamall

    not likely, but i would love it :)

  • Tronacate

    $INX just gapped and cracked the lower trendline from 10/5

  • insite

    ok, this clinches it. Gmak's calendar is the best metric i've got. i think he's batting a thousand here…..

  • http://www.evilspeculator.com/annamall annamall

    He's terrific. :)

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    Noticed that too, volumes on the down ticks are getting closer to levels we saw on Thursday's fall…….need them to pick up just a little more to convert the bullish muppets.

  • http://www.genxantihero.blogspot.com LostIllini

    AA not looking good, it's sick like Anna.

  • http://www.evilspeculator.com/annamall annamall

    Can you imagine if you were duped into going long this morning????

  • ultrabear

    we need to get him booked up for the rest of the year

  • Brian_mk

    you mean like Lester? .. did I just say that out loud????

  • http://trading-to-win.com/ DavidDT

    imagine how much money u did not make

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    I was almost duped into closing my short !!!

  • Joe8888

    Mole,, Hang in there buddy,we may have seen the top…..( fingers crossed…)

  • http://www.evilspeculator.com/annamall annamall

    I knew that was a sign of a top, he said I am never going short again… LOL

  • Brian_mk

    I say we all get access to his calendar and schedule meetings for him daily for about the next 8 months!

  • http://www.evilspeculator.com/annamall annamall

    yeeeesssse :)

  • gsavli

    this monkey going to heaven. will it succeed in reaching its goal, sure hope so…

  • http://www.evilspeculator.com/annamall annamall

    glad you held on tight, my fingers are still hurting from hanging on LOL

  • dollar

    how hard was it to add to shorts this morning, oieee!

  • http://www.evilspeculator.com/annamall annamall

    I know, I did the same ….feeling ill for allot of the day. :) and going long the $DXY :) good for us. :)

  • dollar

    HUGE red volume on the XLF 15 minute, way bigger than this mornings green volume

  • mattco

    Is there a short ban on AMZN? The freakin thing does not fall. I am not short, just watching.

  • pricey

    I almost duped my pants!

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    I don't think we'll get close to the low Anna…..If SPX splips below 1048 and we'll slide very quickly and we'll close red setting the futures up for a huge slump overnight…….

  • Osso

    love u…

  • http://www.evilspeculator.com/annamall annamall

    :-))))))

  • LegendC

    Bullish momo has completly vanished now, but we look oversold here, anxious to see what is next.

  • Stainless_Steel_Hamster

    old but….

    http://kennystechnicalanalysisblog.blogspot.com

    and LD rules

    Waves 2 and 4 must either overlap or be within 10% of length Wave 3 of doing
    so. All internal data points are considered.

  • thunda72

    Watching LQD… It tested the trendline and is headed back down. I'm out of today's calls for minimal gain. Waited too long to exit.

  • centerline

    you still have fingers? I think I chewed mine off this morning.

  • http://www.evilspeculator.com/annamall annamall

    A doji would be very nice :)

  • http://trading-to-win.com/ DavidDT

    bounce soon

  • ultrabear

    For. Real.

    Anyone got his PA's number?

  • http://www.evilspeculator.com/annamall annamall

    LOL :)

  • http://www.evilspeculator.com/annamall annamall

    hahahaha :)

  • Tronacate

    ….let's not get overconfident…….this market is still up fucking 10+ points…….there are alot of possibilities……and 100 points up on the Dow isn't knee slapping success by any means…….

  • Douala

    Hey sweetie….I will email you a picture of it. Hold on.

  • Meshugga

    As i thought (for once!), 1057 was key number on SPX and it held so far and reversed nicely. now if this can break thru 1042 we might run all the way down to 1005 in short order. still very unclear.
    Mole fwiw, sometimes basic fib's work much cleaner and smoother then EWT.
    at least for me 😉

  • KidDisco

    This is a weak selloff according to zero…

  • edgetraderplus

    Short es, 1051.50. Could be a turn day. Close will tell.

  • http://www.evilspeculator.com/annamall annamall

    Yes, I agree here, but it's nice to see such a sharp reversal, but no pom poms out just yet :)

  • raised_by_wolves

    As a newbie, I've known no other market. Honestly, I'm having the time of my life. I'm sorry you aren't.

  • PRSGuitars

    Warning — retesting top of previous channel in SPX and 50 sma as we speak:

    http://screencast.com/t/62gGgaZFkB

  • raised_by_wolves

    You wouldn't give up on the big EW picture would you?

  • edgetraderplus

    volume picked up on the current decline…sellers active and stronger than buyers
    at a point where buyers should be in control…

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    I agree, it is so far…….but the rally was fairly weak too…….20 point rally erasing 3 days worth of falls with a fraction of the volume…..

  • Bart7

    I think EWave is highly overrated, especially in calling short term moves. Always looks great in hindsight…

  • SlowDownFast

    Sliced right through!

  • BigHouse(Aka Mr Vix)

    I'm glad i stayed in bed with teddy bear. Looks like the market is coming back down. In fact, i finished watching a Chuck Noris movie.Keeps me out of trouble on days like this :)

  • BaldEagle

    Hah, I warned you about that trapdoor you crazy bulls

  • elliott_surfs

    Now toss on some Enter the Dragon – I'd like to see Bruce Lee chop this rally to pieces

  • Woolly Llama

    3 cheers for a Gravestone!!

  • dollar

    Gotta go negative on the indexes, XLF is close

  • BigHouse(Aka Mr Vix)

    I will not get excited until i see a clear 5 wave move down on a weekly chart.Until then i stay in bed…

  • Joe8888

    SPY INTRADAY Support here,

    double bottom , 50 ma hit , .382% retrace level..for a little bounce,,,

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

  • ZigZag

    When Chuck Norris does a pushup, he isn’t lifting himself up, he’s pushing the Earth down. :-)

  • http://trading-to-win.com/ DavidDT

    still don't want to vote for turnaround Tuesday?
    http://trading-to-win.blogspot.com/ new EU chart there

  • centerline

    wow. the mother of all traps today. no mercy for anyone, long or short. just a bloodbath. weak hands grabbing ass all over the place.

  • Tronacate

    TRIN is rocking here

  • Douala

    I agree with you. I don't think EWave was meant to be used on what I call the sub atomic level. I have seen charts here with wave counts on a 1min time frame.

  • http://trading-to-win.com/ DavidDT

    u've got mail

  • molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • http://www.evilspeculator.com/annamall annamall

    oh yea baby :)

  • goldpackers

    Today should have completed A of wave 5 of the diagonal. Now in B which should hold 1040ish and then C up into 10-9 or 10-15 and we are done. Then 975 SPX

  • molecool

    Untamed mustang day – everyone lands in the dust.

  • http://www.evilspeculator.com/annamall annamall

    I thought you were in bed sleeping (with your eyes wide shut LOL)

  • http://trading-to-win.com/ DavidDT

    pardon moi – “everyone”?

  • Tom_27

    What is a 5 wave move down, nowadays? :-) I don't remember seeing these in a while :(

  • centerline

    voted!

  • pricey

    Nice chart on this. I would have preferred a break though.

  • tradejane

    Well put, Centerline. In fact the last time I remember the market being this fickle was back on the way down… :)

  • jaxon

    we just got 5 wave down off the high of the day and the move was not part of a correction. should we celebrate?

  • hank30

    I'd rather see a slow descent to hell. Market may stay rangebound for a few days.

  • gmak

    I'm back. Looks like all I did was stop the rise. :-) Watch out for a pop now. (seriously, are traders here so market-whipped that they are looking for good-luck charms and omens? Wow!)

  • jaxon

    although it is minuette, it remains 5 down. the 5th wave is extended so we might expect a deep retracement to wave 2 but i think we should descnd from here. hold tight.

  • goldpackers

    A of 5 was 41 points. B should test 1042 A=C at 1083, a minor new high and then we celebrate! As fast as this is going, probably done by Friday. Big Gann days 10-8/9. Very few stocks will participate in this last C wave up.

    Wish and hope that was it today but have to be patient with the wave structure.

  • goldpackers

    SPX following 2007 which peaked on 10-8. Interesting that 10-16/19 are on a Friday/Monday as in 1987
    Both years we were down hard the equivalent of next week. If so beware!!!!!!!!

  • Douala

    DavidDt

    I love your blog and I appreciate your hard work in doing it. I ALWAYS click the ads when I am there! 😉

  • Trader_Steve

    >>seriously, are traders here so market-whipped that they are looking for good-luck charms and omens?<<

    What you got?…anything that works? Eye of newt (I'll even take Gingrich…LOL)

    Steve

  • Trader_Steve

    >>seriously, are traders here so market-whipped that they are looking for good-luck charms and omens?<<

    What you got?…anything that works? Eye of newt (I'll even take Gingrich…LOL)

    Steve

  • Anonymous

    Sorry PRS , I just got to this. I sent you (on the site) a reply about
    Hurst, but there was so much traffic right after it slid off the page
    really fast. Did you get to read it? If not email me at jmarc@mail.com
    and will do it again.
    Thanks
    Take care
    Joe Marc

    —– Original Message —–
    From: Disqus
    To: jmarc@mail.com
    Subject: [evilspeculator] Re: Best I Can Offer
    Date: Tue, 06 Oct 2009 16:48:10 -0000

    PRSGuitars wrote, in response to killertrades:

    Agreed on shorter term stuff. I’m more of a VWAP + std. deviation
    bands scalper/trader at heart.

    What are the benefits of hurst’s cycle in your opinion? (never met
    anyone who used it before really)

    Link to comment: http://disq.us/w7m4

    —–
    Options: Respond in the body to post a reply comment.

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