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Living Inside a Broken Clock
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Living Inside a Broken Clock

by The MoleNovember 19, 2009

Thu Nov 19, 2009

 In the above chart, the surprise is the red bar for yesterday. Wednesday in an OPEX week was red.  ES lost its turgidity overnight.  What is happening?

Yesterday, in a comment, I wrote that the TA was supporting SPX weakness. Then, coward that I am, I hedged by saying it was OPEX week. From now on, forget that! I will write what I see and leave it to the individual traders to process through their own view of the market.  My only comment is that the TA still supports a weaker SPX for now. I’ve labeled all the trend lines and set up the legend so that it has the values for each trend line yesterday. The resistance and support points are there. 

The TD pressure at the bottom of the chart shows that SPX is still in a low risk SELL (having moved below the red line) although hesitating.  Volume was up yesterday, on a down day.  Remember that the TD SELL setup completed (Tuesday, where the little green ‘9’ is over the bar. I said that it was “perfected” in TD parlance, which meant that there would be a good possibility of a 1 – 4 bar correction. The trouble is that one can never know  how long – but the TD Pressure indicator, and volume, suggest that it may go on.

 

Equity

 

Asia was mixed with China and Australia green again.  Europe is red and up to 1%.  Here is the Bloomberg summary:

 

The IMAP below shows the DAX sectors and how they are performing. All RED with only a couple of companies in the green (the “UP” column).

 

The DAX opened in the green but sold off in steps after the first hour.

 

ES has brewer’s droop. It has been stepping down as well, with each step around a pivot point. The legend lists the pivot points, so I won’t repeat them.  Looks like 1095 is the floor of choice for now and we are seeing a reflex TA –type of rally.

 

 

 

FX

 

Surprise, surprise! The USD is strong again. Does anyone else get the feeling that the bears and the bulls are awake at separate times?  Apparently, it was a large Swiss bank selling CHF against the USD that has led to the move.

 

We are starting to see higher highs and higher lows on the tease – BUT DXY desperately needs to get above 75.622 for this to continue.

 

Only the JPY is stronger which says that the risk trade is OFF for today. Shrug.  Here is the EUR 30 min chart.

 

 One can clearly see the bottom for EUR down around 1.4828 (the 38% FIB). Last support level is at 1.4806 – which will likely be defended to the death given the 1.48 to 1.51 “do not touch” option out there (rumoured to be held by an Asian institution). The 3 min chart (not shown, trying to save your browsers if I can) shows that there is decent support at 1.4840. Resistance for now, baring some macro-news, is around 1.4884.

 

NEWS

 

Here are the main headlines.

Plus:
Marc Faber believes that excess liquidity is now flowing into Gold.

 

 

DATA

Here is the data for today:

 

As well, at 4PM the new FED B/S comes out. Plus, there is a TAF maturity today. Sometime between 10 and 11 AM EST, one can see what was rolled over at the Slosh site, here:

 

http://www.gmtfo.com/reporeader/OMOps.aspx

 

Remember that the biggest source of liquidity that we can see, is the MBS slosh, which can run until 1.25 trillion USD.  Now the New York FED has taken the whole program in house, it will be more difficult for the IBs to front run the liquidity injections (IMHO).

 

 

 

 

I guess that this is enough for a first point. Since it is now “public”, I’ll try to refine what I say. Let me know if the pictures are too much (in terms of browsers), and I’ll go back to my earlier style. But, a picture / 1000 words.

 

Keep an eye on GOLD, the USD (DXY), and EDZ – the emerging market 3x bear ETF – as liquidity gets pulled (beyond intra-day) they will likely be the first to show the effects, if History does indeed rhyme.

 

Cheers,

gmak


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.
  • tradejane

    Gmak is that you?? With pictures now too, I love it!

    PS. Bravo, Mole. Wise move.

  • gmak

    A quick addition:

    The FED has already rolled over about 32 bb of the USD 40 BB in TAF maturing today.

  • gmak

    Yes, it's me. I guess that I should put some sort of tag at the end, although the “broken clock” should be a clue.

    The posts will get better. I had a learning curve to get past this AM and tried to be brief in order to get the post done. In future, insted of just describing what I see, I will put more value-added – just like my comment posts have had to date (I hope) :-)

  • Schwerepunkt

    Great trader's summary for today gmak! I really like that TD package your were talking about. Looks fabulous on the charts. The D-wave is especially dramatic. If we continue down, will the waves invert?

  • bergs

    Gmak

    Awesome post. My browser had no problems with your content. Please keep up the good work.

  • http://gemstowear.etsy.com Jan

    gmak,

    thanks for the daily analysis and recap you provide. i look forward to it every morning!

  • gmak

    I'm not sure what you mean by “invert”. The TD waves I put up are both up and down counts. Ooops, but I didn't have that set on the 30 min EUR. I'll go update it for everyone. Good catch!

  • gmak

    To follow up on Schwerepunkt's comment, The last down wave was a wave 2 at the 1.5046 peak on November 11th. The 1 wave was at the low on Nov 3, of 1.4626; Using TD methodology (there are no waves within waves), the wave 3 would be confirmed by getting below the lowest low of the last 21 bars.

    The anchor date for the 30 min waves was wrong. It should be 10/09/2002 October 9th. That is the date that I have on all my charts (I don';t know how I missed it there) – which was the low on the SPX following the 2000 crash. I will adjust and repost if necessary.

  • Schwerepunkt

    I'm talking about the yellow and green arcs. Was just wondering if we were to drop hard at the bottom of the first pair of arcs, would the second set of arcs, which is currently up-then-down, flip so that the expected arc would be down then up?

  • dollar

    8:30 AM Initial Jobless Claims: 505K vs. 506K expected, 505K prior (revised from 502K). Continuing claims -39K to 5,611,000

  • clutchshorter

    Rally today, I can't wait guys. Buy all dips

  • gmak

    The arcs are the remains of my 4 scenarios from 2 weeks ago….. They were just ideas of where SPX could go, using the trend lines. I took out the 2 red scenarios since they were based on heading down at the time, whereas SPX moved up.

    The arcs are just freehand drawn to communicate an idea. They aren't any TA software. Right now, I would suggest that the green arc is an improbable one due to the confluence of the upper Bollinger, the 50% FIB, and the Sept 17th trend line at around 1121ish. That is a lot of weight on the back of the market when TAF maturities are putting pressure on the amount of liquidity.

    After OPEX, I will likely take another look and come up with a few more scenarios.

  • davosdax

    That was a great introduction to the morning gmak. Thanks!

  • CorporalCarrot

    Nice post Gmak, Charts look great to me, and really do help to explain some of your pre-market warmup (which had me confused previously). Looking forward to it every day.

  • Rightside_ot_trade

    gmak
    no issue at all on the charts, even on my iphone
    Am seeing bulls bears awake at different times; enough to make me close my long silver futures overnight. Not sure yet if the awake times are consistent from day to day.
    Again, these premarkets are essential to calibrating me in the morning

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

    great post GMak!
    (just make sure bloomberg has no problem with charts usage – visibility here is slightly above “comments level”)

  • Bart7

    Investors Intel sentiment update, bears dropped to 21%, near record lows on that indicator;
    http://www.schaeffersresearch.com/streetools/ma

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

    Rightside

    How are you viewing on the iphone…..do you have an app for it or just using Safari ?

  • bobthehorse

    Just realised that none of the people who threw a massive strop on these boards have come back yet. What happened to Gann and fa_q?

  • gmak

    Will do.

  • Schwerepunkt

    MIA. Bruised egos.

  • Bart7

    no pain, no Gann, or fa_q….

  • bobthehorse

    Gann with the Wind

  • bobthehorse

    Going, Going Gann, etc.

  • roncofooddehydrator

    Thanks for the post gmak, I always look forward to your morning updates.

  • AS2009

    Great post Gmak !!

    What are your thoughts on EDZ ? Where do you see this going to ?

  • ultra

    New improved gmak – nice.

    EUR bottoms just before the open, channel still intact for now, currently loitering at S1 – nose now pointing… up?

    http://screencast.com/t/NDMzNjYyO

  • gmak

    Looking at the chart, it seems to me that it is putting in bottom. At around $5, the downside is limited. It behaves like SRS but on the EM index, so IF LIQUIDITY IS EVER WITHDRAWN (note the if), EM would pull back rapidly and then slowly. The most money would be made on the slowly, due to compounding and the time horizon. Depending on how any EM retrace happens, I think the upside is limited.

    If the index were to fall an average of 2% per day over one month, then the index would wind up at around 67% of it's starting value. That would be like SPX going from 1100 to 734 – which is feasible. The EDZ would go from around $5,25 to $16.80 due to the 3x leverage;

    Now if the EM index were to fall an average of 1% over two months, then the same thing would happen to the index as the example above, but EDZ would get to $17.1

    So somewhere between $15 and $20 in an orderly breakdown of EM. If it is then followed by capitulation and a waterfall, the upside is considerable.

  • Rightside_ot_trade

    Just safari

  • gmak

    Here is what Bloomberg says about using their screens:

    Our Legal Department typically deals with requests mainly from our clients and
    don't usually have a set guideline, rather assess things on an individual basis.
    Customers are permitted to use a limited amount of information to support their
    business in a way that does not compete with us or interfere with our ability
    to sell terminals.
    They are permitted to use an occasional screen in a report or other client
    communications, but they cannot redistribute material on a regular basis. They
    cannot post information on their website or use as the sole source of content.
    We do not permit our name, logo or material to be used for marketing purposes.
    </quote>
    I take this to mean that I can post charts of historic information. It may be a little iffy on their proprietary screens, and I should probably just describe what I am seeing. Any lawyers out there, or anyone with related experience who can provide insight?

    Thanks.

  • Schwerepunkt

    Dollar bears take note:

    Saudi Central Banker: SDR As Reserve Currency A Non-Starter
    Last update: 11/19/2009 9:21:12 AM
    FRANKFURT (Dow Jones)–The International Monetary Fund's special drawing rights can't replace the U.S. dollar as a reserve currency, the governor of the Saudi Arabian Monetary Agency, Muhammad Al-Jasser, said Thursday.
    The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves.

  • gmak

    ROFL.

    You guys crack me up (Bart and Bob). You're not the old guys in the balcony from the old Muppet show, are you? LoL

  • ultra

    That'll be the sprouts…

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Ah, the morning update – love it.

    I suggest putting your name at the top somehow, since as a reader I think I am reading Mole until I learn otherwise.

    Great news Bloomberg doesn't mind flashing their product.
    Lol Bloomberg Asia Report doesn't include Shanghai. I'm still laughing that I have to do a net search every morning for that.
    -Up .5% fyi (not unusual since it is up every day 😉

    Rock on gmak!

  • gmak

    Myself, I'm waiting for another leg up in SPX before I commit whole-heartedly to the “going short” more than intra-day. EIther that, or if SPX puts in a lower low, then I would come in on the next wave up after that.

  • Unfadable

    Nice pre-market post. And it couldn't be mole posting at 8:00am 😀

    Careful out there though, this still looks like a triangle consolidation to me.

    http://img684.imageshack.us/img684/5001/2553093

  • CorporalCarrot

    Gmak

    As a suggestion, why don't you contact one of the guys at Zero hedge about using bloomberg screens. They use them frequently every day, and that site would get tons of traffic I'm sure, and is extremely well known even in the popular media. So if bloomberg were going to have a problem, they would surely have addressed the issue one way or another.

  • GDII

    thanks gmak for the pre-market post, especially with charts now.
    for the charts? the more the better.

  • gregn

    I have always appreciated your morning updates. Great post, but as Michael has said, put your name at the top — I thought I was reading Mole.

  • gmak

    I would have thought that “Living inside a broken clock” would have been clue enough. :-) hah!

    Will do.

  • Me_XMan

    Double-dip recession coming?
    ===
    The U.S. is flirting with a double-dip recession if it doesn't act to contain rising U.S. deficits, President Obama warned Wednesday in an interview with Fox TV. The government is challenged in trying to boost the economy and spur job creation while setting a path toward long-term deficit reduction. Obama said the administration is considering tax measures to spur companies to hire.

  • Me_XMan

    Dipsters buying the fricking dip as always.
    Fricking Fed won't raise rates so carry trade on the dollar game comtinues.

  • CorporalCarrot

    Its only 5 minutes after the open dude. Chill. Not saying we won't rally from here, but you generally need a good way into the day before you can definitively say the tone has been set.

  • gsavli

    Still waiting for the dipsters to shit their pants…

  • derekste

    freeeeeeeeee fallinnnnn
    </tom petty>

    so glad I held front month 111 puts overnight… too bad I closed half my position around 110.4 😛

  • Me_XMan

    LOL! HAHAHA! We're counting the days until they do…

  • gmak

    SPX is pretty close to the ULTRAVIOLET trend line (the one that began in march 2009) This is the first risk point. It would be bearish to see a close below, but neutral (IMHO) to just put a pin through, on a daily basis – given how the TA stacks up.

  • gmak

    The magic level on the trend line is 1093.33 (SPX).

  • Me_XMan

    SDS and SSO are almost identical in price.

  • WTFed

    Brotha can I get a WoW?!

  • Me_XMan

    I would be really impressed if the bull dipsters can pull the tape up today.

  • TomOfTheNorth

    Nice post gmak! Here's my latest exercise in silliness back at ya – a riff on Krugman, Roubini, et.al., it's kind of obscure but hey, I've got too much free time and my p&l isn't supporting the more excessive lifestyle I might prefer….

    http://outsidethe-cardboard-box.tumblr.com/post

  • texpresso

    is this opening strictly from the GS Sell rec on chips, or did i miss something?

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

    What a smack down….

  • Me_XMan

    How long does it take to close today's openning gap?

  • standard_and_poor

    Yesterday afternoon I stated here that the majority of longs were sold off. So far so good,
    I expect to buy them back soon if conditions improve. Went from 80% to 5% long.
    No plans for shorting just yet.

    Good luck rats.

  • texpresso

    totally agree, but why the tech 0.50% spontaneous drop?

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

    What are the conditions that you would expect to see improve ?

  • CorporalCarrot

    Texpresso,

    I think the employment data is more significant than it seems. For the last few months, this number has been declining. Now, it was still bad data, as the US was still losing jobs but at a lower rate.

    I think a lot of people expected the number to be under 500k. So to come in the same as last week, and have that number revised upwards is possibly suggestive that claims might actually start accelerating again.

    But folks its only 100 dow points. after a 700 point 2 week rally. It means nothing in the greater context until a significant trendline is broken. At the moment, by my reckoning, its just respecting the upper bollinger and the expanding wedge its been tracing for months now.

    http://stockcharts.com/h-sc/ui?s=$INDU&p=D&b=5&

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

    Also….has the possibility of this still being part of the 4th wave been invalidated ?….I don't think it has….

  • gsavli

    And I think it's all about the volume, everybody was neglecting it lately. But probably, we just ran out of dip buyers, they were getting scarce for last few days…

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

    And selling volumes have jumped……

  • TomOfTheNorth

    Oh No! Eggo rationing! Can Skittles be far behind?

    http://finance.yahoo.com/news/Leggo-my-Eggo-Kel

    The end of civilization as we know it…..

  • Joe8888

    Bounce Level here ? SPY 60 m

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

  • CorporalCarrot

    LEI coming up folks, this might turn it around.

  • roncofooddehydrator

    FAS at S3, good time to buy for a daytrade.

  • tradejane

    Took profits with Infineon and DAX. I'm a very happy little dwarf today.

  • bshah

    how come AMZN isn't moving that much..? Only 1% down.. plus, in Scottrade showing different volume in site vs Scottrader ? Has anyone noticed that?

  • CorporalCarrot

    Or accelerate to the downside………….10:00 AM Oct. Leading Indicators: +0.3% vs. +0.4% expected and +1% prior. “After half a year of consecutive increases, the month-to-month growth of the LEI is stabilizing and the gains continue to be broad-based… The composite indexes suggest the recovery is unfolding and economic activity should continue improving in the near term.”

  • dollar

    Nov. Philly Fed Mfg. Outlook 16.7 vs. 12 expected and 11.5 prior. “Firms still expect continued improvement over the next six months, although future indicators suggest that optimism has waned somewhat in recent months.”

  • dollar

    10:00 AM Oct. Leading Indicators: +0.3% vs. +0.4% expected and +1% prior. “After half a year of consecutive increases, the month-to-month growth of the LEI is stabilizing and the gains continue to be broad-based… The composite indexes suggest the recovery is unfolding and economic activity should continue improving in the near term.”

  • dollar

    10:06 AM Q3 CRE Leading Indicator: +0.9% to 102.4, down 11.1% from a year ago. NAR's Lawrence Yun says he's encouraged by the first commercial mortgage bond deal in over a year, but notes “the level of activity is well below what is required to resuscitate the commercial market. Credit availability needs to significantly rebound for any hope of a meaningful commercial recovery in 2010.”

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    in a standard impulse? dead, 1 4 violation

    in an ending diagonal it might hold

    unless it is an expanding 4 from nov.11

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

    glad to hear! now net flat..as well..looking to sell on a good rally

  • spicestory

    morning Gmak, must be some good omen seeing you on the post, ES down and out, don't quite comprehend your first chart but feel good overall the way you share your idea, thank you very much for your great contribution.

  • http://dreadwinaard.livejournal.com dreadwin

    Even with this explosive move to the downside, IYR has not fully filled the gap. Could this be a fake move down before opex?

  • gmak

    If you look at my SPX daily chart above, you will notice that the up waves have the green numbers above each bar that indicates a TD SELL setup. There are no BUY setups, and have been none since JUNE. This means that there have not been 9 consective bars where the close of each is below the close from the 4th previous bar (not counting the bar).

    I say this because today, so far, is the 1st bar in the BUY setup (falling price trend). Let's see if we can get lucky this time around and get that lower low – which would have to be below SPX = 1029.38 and is one of the points on the dotted white trend line labeled “since Oct 2nd”.

  • rocky5iitr

    people give too much weightage to opex and all , it has affected their decision making ability

  • gmak

    Ask questions……

  • gmak

    EUR = 1.4884 is being strongly defended. But the 3 min EUR has put in a higher low and this usually indicates a general up trend for the next while.

  • amokta

    ok, so the dow is down a few points – im sure we will close up for the day & the week – bull market still intact (food for thought?)

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    bob, don't remind me of fa_q, though with mitigating circunstances, it was your fault

  • Gerbil_gold

    I'm so lost, where's my soyent chart! blue or orange!?!? ayeeee!!!!

  • roncofooddehydrator

    The open so far has the feeling of a down trending day for FAS. We've broken through S2 and S3 now.

  • bergs

    Nightwind

    I think I misunderstood you the alt count is what you were referring to?
    http://screencast.com/t/YzU4MTMxMjU

  • dollar

    MBA's Q3 Delinquency Survey: Delinquency rate on 1-4 unit residential properties rose to a new record of 9.64%, +40 bps Q/Q and +265 bps Y/Y. Loans in foreclosure 4.47% +17 bps Q/Q and +150 bps Y/Y. Prime loans continue to dominate foreclosures. “The outlook is that delinquency rates and foreclosure rates will continue to worsen before they improve.”

  • bshah

    sir/dude.. no offense, but don't play with emotions… i am just holding my breath a little.. BTW, did anyone see 109.27 low on SPY…

  • Me_XMan

    If dipsters pull the tape back over 1100 then we're f*cked.

  • CorporalCarrot

    Dude, you are way too emotional, I can literally place all your comments to within 30 seconds of a 1 point uptick on the S&P. Your positions might be too big for you.

  • clutchshorter

    WTH, why is this going down, I have SPY calls

  • TransworldDepravity

    SRS having trouble breaking 8.80 right now. I'm hoping it fills the gap then I'm out.

  • PRSGuitars

    +1

    “clutchshorter: WTH why is this going down, i have SPY calls”

  • TransworldDepravity

    *ahem* happy little smurfette

  • TomOfTheNorth

    Smurfette is H O T!!

    lol

  • tradejane

    >looking to sell on a good rally

    Yup. That says it all. :)

  • CorporalCarrot

    Chaps over the last few days you should have been selling. Even if you are fundamentally bullish, the Dow had run up 750 points over 10-12 trading sessions. The S&P made new highs with some unfilled gaps in its wake.

    Even if you believe the market will make 11k/1150 by year end, a pullback was expected.

    Look at every time the dow has hit the rising expanding wedge trendline which co-incides with touches of the upper bollinger, there is a pullback after a few days skirting it. This is exactly where we have been so something like this is not unexpected.

    http://stockcharts.com/h-sc/ui?s=$INDU&p=D&b=5&

    Somewhere between 10k to 10,200 I would be looking to re-assess.

  • tradejane

    LOL, yes that's about as short as it gets.

  • gregn

    $VIX up big time, nice.

  • mtvernon

    Hehe, the Timmay Tank is back. Timmay talk, Timmay tank market. Anyone else feel the worm is turning? He is a confidence killer.

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

    Euro holding it's ground…not sure what that means!

  • gmak

    Here is something for all of us quants and g(r)eeks. The publication “Derivatives Week” reports that Volatility (Vol) spiikes is consistent with post-crises stats.

    Apparently, a derivatives strategist (Jim Strugger) at MKM Partners studied the four largest prior spkes in vol which occured in 1932, 1937, 1946, and 1987. He saw that there were multiple aftershocks during the next two years in which 10-day realized vol on teh SPX touched 35% (equiv to 40 on the VIX).

    “The recent ramp in vol may foretell a mean reversion toward the high end of the historical average”.

  • mtvernon

    Is it me or his grasp of the facts is bizarre?

  • clutchshorter

    Let the dipsters buy, this is where we should trap them as it spirals downwards.

  • gregn

    I see 1088 as a key level, I am expecting a violent leg up today or tomorrow if we don't break through this soon.

  • Me_XMan

    Gotta LOVE IT!

  • Me_XMan

    NNNNOOOOOOOOOOOOOOOOO!!!

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

    Should bounce now….

  • amokta

    ok, so the dow is a few more points down, big deal – seen it all before
    seriously – is this just a pull back, or doesthis herald P3 (time will tell i suppose)

  • texpresso

    Q's and CSCO just broke 13day floor, usually means a nice little drop for tech

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

    What would you target ? 1120 SPX is what I make it?

  • texpresso

    1120 to 1130

  • gmak

    Your wish is my command. lol. Need the EUR to get back below 1.4850 for that to happen decisively.

  • gregn

    I have been expecting 1025ish based on last fractal. I expect it around the 21st.

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

    Agree…………1st wave was 30 points, 3rd wave extended so if this is the end of the 4th and 5=1 then 30 points up from here…..

  • clutchshorter

    Come on, we can do -300 on the DOW, -60 SPX

  • texpresso

    little Timmy is soo out of his league here, loving this

  • bobthehorse

    The level at which the most open interest loses the most money is 1065 on ESZ9. Doesn't always work but is we can break lower today, that is a realistic target.

  • Tronacate

    Took russel short at 10am low

  • gregn

    Hell, it's not my wish. My wish is for SPX to rally to 600 :)

  • tradejane

    >Could this be a fake move down before opex?

    Could be but imo, that 43.5 area was a bit of a floor for IYR – could be visiting the 42 fairly soon.

  • Tronacate

    IYR broke through 10am low

  • gregn

    Oops, I meant 1125, not 1025.

  • clutchshorter

    Here's my take. Everyone thought we were going to rally today. All the indexes showed bullish consolidation and loaded up heavily only to be screwed.

  • gmak

    VWAP (SPX) is around 1093 right now. Highest volume is at 1092 – 1092.50; Wonder if Skynet is still around, anymore?

  • http://dreadwinaard.livejournal.com dreadwin

    I think it is happening right now! IYR is less than 10 cents from closing it.

  • Me_XMan

    Not big at all.

  • standard_and_poor

    Remaining 5% of longs closed out. Now 5% short.

  • BigHouse(Aka Mr Vix)

    Fuck you Timmy you arrogant asshole. They are hammering him on Capital Hill. That one guy said “you should not have been fired but you should have not been hired.” lol

  • Tronacate

    Will add to TF short at break of low 578.10…….a few ticks below. 5 bar pattern on daily

  • Me_XMan

    SPX could pierce 1083.

  • gmak

    :-)

  • fast996

    The foreclosure news is bringing the market down. Houses that brought a million in '05 are now selling for 600K. That's a 40 pct decline. Wonder why the banks aren't lending? The M1 multiplier is at a record low of .831 and has a target of .50, In the depression of the '30s this hit a low of 3.00. So we are in super deep shit here. This market will crash as there are parabolic moves all over. The top du jour seems to be broadening formations.

    Also IBM has possibly traced out a 10 year triangular top, topping at the 128-130 area in 2000,2001,2007,2009. The measuring implications is a price low at 30 or lower. Have a good day.

  • Tronacate

    Will add a third contract on TF short at break of neckiline

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

    I know what you meant……thanks though.

  • clutchshorter

    Dow under 10,200 today, under 10,000 tomorrow. RED all week next week. Yea, I'm being too optimistic (or is it pessimistic).

  • texpresso

    fast, IMO the market will not crash til companies start guiding down during the Jan Quarterly CCalls

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

    Bounces here looking 'dead cat'

  • Me_XMan

    Bought some SSO. Gonna play the bounce now.

  • WTFed

    and Banks are about 95% Invested in mortgages, so head's up on those deposits folks.

  • centerline

    I called scared shitless! LOL.

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

    Even if this isn't going to turn up…..a 50% retrace would be nice to load up for downside…..

  • clutchshorter

    +1 , no 10 AM reversal. Let's see if we can hold the afternoon reversal

  • gregn

    I'm getting email alerts for every comment in here… nice. Going to be a bitch to erase on the iPhone.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    I think EWTers from PPT are reviewing their options. When they got caught with 1096 breaking it's a new game, their best scenario is now playing an expanding flat for 4 and extending 5, so either hold at 1086 or 1075 and bust the sucker up from there

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    fade the news

    if this breaks people will rationalize it anyway

    maybe the market felt it was being cheated because of ireland's match against france, people got suspicious….

    or maybe it's pre Xmas spirit

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    let me help… one more (see if it crashes the iphone)

  • gregn

    1088 held pretty good, we will probably go sideways all day then bounce in the AM if we dont get through this level: http://screencast.com/t/YjFjMGU1

  • centerline

    Sorry to jump in, but if it possible to manipulate to that extreme (not ruling it out at all), EWT and TA would certainly make great weapons – ergo, intentionally muck up TA and wave counts… shift the odds and torpedo the statistics to keep the market bouyed up. That would take alot of horsepower though.

  • CorporalCarrot

    I hope you are rocking out to that metallica album today Greg :)

  • WTFed

    That's an interesting theory. Do you really think the PPT is playing with waves? This begs the question, If they can move the market around at will, stop every crash, and drive it wherever they want it to be to fit an elliott pattern, why wouldn't they simply keep slowly pushing it up forever and just ignore waves?

  • gregn

    It's a good album, nothing like Load/Reload/Anger thankfully.

  • Tronacate

    Hetfield kind of turned into a big baby……..he was here in our town for rehab…….he's a spoiled brat

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Haven't had a lot of time to comment, but I'll take a minute now.

    Internals today are severe-negative and volume is rising. I would say that is not a great sign for beyond today, but I can say that it is as good a sign as you can get that today will not recover/reverse/etc.

    I see Kemal today saying we'll hold around here and rally again. I have all the respect in the world for him, but I find w days like this the 300-gainers only means the force is too great to stabilize (this session). I see no reason to look for a bounce at this time (certainly not today). Frankly, I see little reason to look for one tomorrow either (unless/until it commences). Momentum is now DOWN

    Good luck out there. Go get the money!

  • Schwerepunkt

    I would say the Republican questioners were far more disingenuous and partisan. They were spouting pure fantasy, blaming the current administration for this crisis when, as I recall, they took office January 20, 2009. BTW, we should avoid getting into a political spat. No point in that. We can agree to disagree. I, for one, wish the Obama administration nothing but success. I have my doubts, but I hope what they are doing works.

  • fast996

    I think that after 1987 there's no question that the Fed got in bed with the investment banks to support the market. The futures are very thin in the night sessions and lent very well in munipulating markets. But primary waves are a major trend and so far the Gartley 222 pattern is perfection in this wave down from the 5 top.

  • gregn

    Obama's success and the U.S' success are polar opposites .)

  • bobthehorse

    Europe just going through closing auctions now, often a key moment. If it is going to break this support, should happen in next 15mins.

  • gregn

    That's from the horse's mouth.

  • wrc1k

    The SPY calls I bought yesterday are beating today, but the LEAP puts are pulling their weight and keeping my port even dollar-wise. Hoping to get a last bounce this week or next to sell the calls and load up on puts with the profits. If not, and we keep falling, the gains from the puts should far outweigh the hedge.

  • Schwerepunkt

    One could say that about any politician. So that's really a totally meaningless statement.

    I would say that if Obama fulfills his stated goals, the US will be a better place for MOST people. Maybe not you, depending on your income level and ideological outlook, but most people definitely. Glad to disagree with you; that's what makes a world.

  • gregn

    What people would it be a better place for and why?

  • Tronacate

    The only disappointment in Obama is the possible escalation of the Afgan shithole……get out of there asap and I will be happy.

  • ultra

    € update – we are bumping along the bottom of the up channel, but painting a bear flag in the process. Look for a drop soonish to below 1.48?

    http://screencast.com/t/ODViN2QyYjct

  • Tronacate

    Universal healthcare would be a big plus…….and a reversion to the progressive tax code dismantled by Reagan.

  • texpresso

    universal health care will make it more expensive and lower quality, how is that a plus?

  • Tronacate

    Hopefully the unions regain the strength to help blue-collar workers keep their pay from being gutted by short-sighted CEOs.

  • gregn

    What government run program is cost efficient or efficient at all that you can name?

  • CorporalCarrot

    I've noticed a worrying trend on Anna's site for the “followers” to swing from ultimate bullishness to end of the world bearishness depending on often quick one liners from Anna/Kemal. This is no criticism of them, they are just posting their thoughts as they trade during the day, its just that people seem to follow in the same way people on xtrends were blindly following sol/attila, and I know that Anna/Kemal will change their view at a moments notice and will Trade First/Post Later if it comes to sorting out their own positions.

  • davosdax

    Obama inherited a foreclosed economy, whose previous owner had maxed out all his credit cards on a spending binge. It's going to take him awhile to get things back into shape.

  • texpresso

    obama is screwing small biz, just like the libs from both parties have been, he is making things worse not better

  • Tronacate

    You're wrong……we spend more than France for worse care. I am and come from a whole family of docs.

  • gregn

    The best way to fix over spending is by spending a lot more?

  • texpresso

    we do not spend more per service, you are dead wrong

  • centerline

    classic bearish continuation wedge on SPX. Let's see if short time frame TA still has some merit. Should know here very quickly.

  • Schwerepunkt

    How about people without health insurance? How about low-wage workers? How about anybody who travels outside the US and actually likes to be liked again? How about shareholders who are tired of seeing companies operate as the personal piggy banks of management with excessive compensation, option awards, back-dating, etc., etc. The list could go on, but I am sure neither you nor I want this blog to devolve into a political debating class. So, I will shut up now and just focus on the markets.

  • Schwerepunkt

    agree

  • texpresso

    people with health insurance in this country are not healthier, you need some facts

  • Tronacate

    Per capita….we spend more. Plus we need to address 90% of lifetime healthcare dollars spent in the last 90 days of life.
    Listen…..you're barking up the wrong tree here……I've been in practice for 25 plus years……the insurance companies ARE THE PROBLEM……not the attorneys,
    patients, illegals.

  • gregn

    The people without health insurance are either small business owners (who accept that risk when they start a small business) or have no desire to have a job. Starbucks offers healthcare coverage. Low income families also qualify for state aid health care. I believe UPMC offers such health care.

  • Tronacate

    What private run health insurance doesn't cherry pick and rip off the patient??

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

    You say the volume is rising but apart from the 1st 20 minutes, the volumes are actually lower than they were yesterday for the same 20 minute time periods so far……

  • Me_XMan

    And providers!

  • jehhyun

    “you're wrong, no you're wrong, no you're wrong!”
    please, you've both presented your sides;
    agree to disagree before this gets into a penis measuring contest..

  • Tronacate

    Well…..if you're against universal healthcare……how about we rid ourselves of Medicare???…….try that line on the wealthy retirees.

  • gregn

    I believe that medical supply companies rank in the top 10th percentile when it comes to highest profit margins. Health insurance was about 32nd. Medical supply companies can make this much money because of government subsidized health care.

  • Schwerepunkt

    I'm an American living in Canada. The health system here is great. I would not replace it with the American model. Canadians spend less on healthcare, enjoy higher medical standards for doctors, and have better health metrics and a longer lifespan. I don't know what's not to like or where you are getting your information. The Republican National Committee, maybe? EVERY other advanced society has universal healthcare.

    Damn, I really did not want to start a political debate. Honest. That's it, no more. I will not respond to your missives again.

  • Tronacate

    Providers can be a problem with over-treatment……no doubt

  • Me_XMan

    LOL! As long as the geezers have Medicare, they don't care for the rest…hehehehe

  • observingguest

    If one calls “health care”, priests in white coats prescribing “medicine” produced by pharmaceutical companies at great profit who are in a fascistic bed with the government, then we are surely doomed.

  • Tronacate

    Watch Bill Moyers interview Wendell Potter…….case closed

  • Schwerepunkt

    I agree wholeheartedly, that's why I like this site. It really is a short/long trader nexus. The bearish view is right on an IT basis, but I like to trade what I see now.

  • gregn

    It would piss them off because they were promised that health care as they had paid their entire lives for it.. of course it would piss them off. Where in the constitution does it afford the citizens the right to government supplied health care? People are becoming so dependent on the government it's ridiculous.

  • Me_XMan

    Don't tell United Health Care.

  • WTFed

    the entitlement generation

  • amokta

    great to hear that – im from UK

  • gregn

    Exactly, people feel that they are entitled to everything. This is not a sustainable or constitutional circumstance.

  • tradejane

    It is still kind of early to say but it would seem my oldnew favorite is getting ready to fly again…

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

  • Schwerepunkt

    The insurance companies should be abolished, dismantled, and sold to the Chinese and replaced with a national health service. I'm glad we agree. 😉

  • gregn

    If universal health care is so wonderful, then I suggest that you move to Canada. Or perhaps read about the fantastic care that is given there.

  • molecool

    As a brand new US citizen who was raised all over Europe I have to agree with the comments below. The health care system in this country is a joke.

  • WTFed

    well there is the issue that they spent a LOT less than what they are getting

  • Me_XMan

    Only if fricking insurers raise rates.

  • WTFed

    This is fun

  • Schwerepunkt

    U R right. I'm done with this. Euro turning down now, but we're seeing higher lows, so I doubt we get post new lows in equities today.

  • molecool

    Exactly – but just for the record: mine is bigger.

  • gregn

    So how about that VIX… 😉

  • Me_XMan

    Short but FATTER? Got it.

  • vision_invisible

    It is many little bureaucracies instead of a few larger, more efficient, ones. Anyone who thinks that private insurers aren't Politburo's enforcing quotas, making physicians go go go, and getting between you and your doctor already has done no research.

    It must be changed, doesn't mean it's going to get better but costs will go down in the end.

  • texpresso

    if socialized medicine is the answer, why is our economy consistently kicking japan and europe's collective asses? case closed on that nonsense

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    What you speak of is why I try to shake anyone from following me trade-to-trade. Half the crowd will lose money even if you give it to them perfectly (which nobody does). I'm not exaggerating. And I don't give anything perfectly anyway.

    Those guys are great, but it is a double edge sword. I hate to mention Atilla, but he is young and a smart guy who will return as a great trader if he keeps at it. However, I think it became important for him to be right and he was into to people following along – both very dangerous.

    My motives are different. I'm not going to be doing this for too much longer and I'd like to set up the ability to talk smack for a living and trade much less. More on that perhaps another time.

    Point here is that I agree w you – and it is not adding to performance at the end of the day to have people trading in your wake + you holding their hands at the same time. Most people will lose NO MATTER WHAT (sad but true). Anna is a great trader – we see that. She may pull it off too, for all I know. But I think Atilla is an example of how it ends up. It is tough to be a hero and a great trader at the same time – you need to be an old fart like me for such a feat 😉

    This is why I like and support …(wait for it)
    MOLE!
    …he'll slap you first

  • Schwerepunkt

    the problem is, most Americans have no idea what you are talking about. All they get is “socialized medicine” pounded into their ears and they run away into an ideological hole.

  • Schwerepunkt

    I do live in Canada.

  • Me_XMan

    That's one hell of piss poor excuse. Get off the board.

  • bshah

    Damn you greg… beat me by seconds.. I was gonna ask.. My puts are not increasing that much… and wondering what's up with VIX

  • ultra

    careful – bullish rsi divergence (and zero too)

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

    Isn't the US in the midst of a complete economic meltdown ?!!! It's debt is at record levels and it's going to take a century to payback all it's debt even if it can start to grow GDP at 5% P.A…….US is kicking who's butt ?!!!

  • http://twitter.com/faisal3391 FAISAL

    the best health system you can have is your gym membership. i am canadian citizen who live in u.s, right now i will take canadian health care any day. doctor and insurances are too greedy over here, i pay over 1000 for health insurance for family but i have to still pay deduclible,co-payment or spend a lot of my time just negotiate with my insurance company, note back 10 years ago things were completely different so i am just complaining the current state.

  • texpresso

    japan and europe are worse croozer, catch up

  • Me_XMan

    Damn fricking dipsters will pull this tape up.
    I had to go frocking long today after that red candle.

  • Schwerepunkt

    EUR is spooging higher now.

  • texpresso

    CSCO going up but no vol, i do not buy it– yet

  • ultra

    It's up 10%..?

  • bshah

    WOW..

  • molecool

    Well – it's a certain type of 'traders' who abandoned this blog for HOB. The remaining crew here is much stronger and I love it the way it is now. I just woke up (don't ask – stayed up late coding) and I can't believe the quality of the comments here – super happy about that.

  • centerline

    Nope. Time to go sit in corner facing wall.

  • Publius Federali

    It's amazing how stupid these supposed geniuses are. Every socialized medical system is free loading off of the US. Every drug or device or procedure is invented, regardless of where it is invented, for sale in the US market. Without the ability to charge US citizens a free market price that recoups R&D none of these things would exist today. Then the socialist go and buy these products at pennies above cost and have the guts to tell us that their systems work better than ours. Only a fool can look at socialized medicine and ignore this simple fact. Without the US all health care would be worse across the board.

  • Me_XMan

    Bear at heart but have to play with fricking brain and BIG BOYS.

  • molecool

    WHAT Metallica album?

  • CorporalCarrot

    Yes I know they get criticised a lot as just scams, but I can see exactly why newsletters often have mediocre performance. Because they are open to being sued etc, they need to consider all the little nuances & actions of every person who receives the trading information they provide……….the delays, the fact that not everyone might see it concurrently, the potential for misinterpretation. All of these things rob them of one of the critical things required in trading; the ability to be nimble which hinders performance.

  • gregn

    Haha Death Magnet.

  • CorporalCarrot

    Death Magnetic.

  • texpresso

    i like trading to joe satriani “live in SF” disc 2

  • Me_XMan

    Wrong! All other countries will have to pick up their R&D. We (the middle class) shouldn't give it for free.

  • gregn

    Are you partial to Stave Vai also?

  • centerline

    Your right. Thanks. That'll teach me to not check more carefully for confirming stats or not – and volume has been nearly worthless anyhow! No positions on this stuff by the way. Just watching today.

  • texpresso

    not for trading– too technical 😉

  • gregn

    I was going to say that, but figured it was time to stop now.

  • Offtimer

    I think the market drops 5000 points from here. It was in my dream 2 days ago.

  • Me_XMan

    Play the dip!

  • Me_XMan

    We got bigger guns than they do.

  • Huggybear
  • CorporalCarrot

    Get the actual report here;

    http://www.zerohedge.com/sites/default/files/So

  • ultra

    SPX – trendline bounce, but can't really see any parallels for it to make a channel, so…

    http://screencast.com/t/NzZkNmY0YmE

  • molecool

    AGAIN they are assuming the crisis is over – we will push over 90 next year. Expect these after shocks in 2012 at the earliest.

  • texpresso

    this bank america chip warning is big IMO, if there is inventory build already then big correction could be sooner the jan Q reports

  • Schwerepunkt

    European companies have always been major powers in pharmaceuticals and medical technology. If you go to a US hospital, you'll saw lots of German machines (Siemens, Philips) and European drugs. The Germans practically invented modern chemistry. There was a time when you had to know German to be a research chemist, even in North America.

  • http://thetaildoesnotwagthedog.blogspot.com/ dnarby

    Oooohhh, this thing is farrrrrr from over.

    I predict we have a brand spanking new (national or international, no difference to me) non credit/debt based currency in about two years.

  • texpresso

    nothing compared to the US

  • tradejane

    That sounds dangerous. Would never follow someone else heedlessly. Yes, I jumped into HEAT when Michael mentioned it but only because I was familiar with the setup from past trades and I knew what to do.

  • texpresso

    is that your maserati ghibli?

  • Schwerepunkt

    Wow! Interesting, unless it is ghost written by the Deuxieme Bureau.

  • http://thetaildoesnotwagthedog.blogspot.com/ dnarby

    I've predicted stock prices in my dreams occasionally. They have always proved right.

    Question is, did you get a timeframe? Mine has always been related to the current trade I'm in, and resolves within weeks.

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Do you see ufo's also ;))

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    I have said it over and over again, they use them (not with special finesse but then again…)

    but remember there are limits, if you extend too much certain waves and brake retractions at minimum you end up with fundamentals (that count for psychological trend changes) beyond any reasonable values.

    And of course there is the small problem that you can do it much more in fiat money, but gold values become a problem.

    IMHO

  • Schwerepunkt

    Was the report removed from zerohedge? Copywrite transgression maybe?

  • Tronacate

    We're kicking ass in incarceration rates……..is that good?

  • jehhyun

    CHODE!!!

  • texpresso

    we kick ass in general, check relative standards of living the last twenty years, not even close

  • Schwerepunkt

    And Texas leads the nation and the Western World in executions! Giddy'up.

  • tradejane

    Wow. There's not many people who can recognize a car just by seeing a part of it… No it isn't my Ghibli, maybe after “P3.” ;D

  • Tronacate

    The constitution is charged with the welfare of its citizens

  • Schwerepunkt

    Thank you Walmart.

  • Tronacate

    Sad truth……greedy fucks

  • http://twitter.com/faisal3391 FAISAL

    why will bears like Attila, Kemal and some other smart bear traders are going long. I just don't get it.

  • Publius Federali

    And your point is what? Without the US market they could still invent these things but would never do it. They make their money selling to the US. Without our semi-free market system they would have no market to sell their products at an acceptable profit.

    It's like the drug argument. We charge $5 for a pill here that is $1 in Canada. If the drug company could only sell the drug fro $1 in the US then they would never have spent a penny on R&D to invent it. Canada and all their socialist friends mooch off of our system. I think we need to pass a law that makes it illegal to sell drugs at different prices across borders. Screw the socialists. Let them see what their system would really be like without us.

  • Tronacate

    Amen Mr. Mole

  • texpresso

    we have a higher standard of living and the difference is growing, not shrinking, the facts are not on your side

  • texpresso

    walmart has raised standards of living, you are refuting your conclusion in your analysis

  • Tronacate

    Steve Vai…….good stuff……..longest fingers I've ever seen

  • CorporalCarrot

    For some reason it won't allow direct linking. If you go to this page you can still access it;

    http://www.zerohedge.com/article/worst-case-sce

  • Schwerepunkt

    No, I AM giving Walmart credit. But, the genius behind Walmart is China. Don't fool yourself.

  • Tronacate

    Most of the good drugs are european…….all the good dental materials are German…..and Lichtenstein of all places.

  • TransworldDepravity

    I know I failed at ID'ing it. Probably because it has too many angles and I like mine with curves. hehe.

  • TransworldDepravity

    I know I failed at ID'ing it. Probably because it has too many angles and I like mine with curves. hehe.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    you get what you pay for.

    Most people at ES agree to disagree, we all have our diferent counts/scenarios, sometimes we share dates or pivot points, but it means sharing, i.e. we reached the same conclusion.

    And I don't realy find anything strange in someone trading first, posting next, I don't expect anyone to lose a trade, it's generous enough sharing afterwords.

    If someone bindly puts their faith in values and timings of someone else, well, they deserve everything they get.

  • texpresso

    you are correct about china, how am i fooling myself? check the stats, the US is moving ahead of japan and europe, your arguments fail

  • Huggybear

    Atilla just sold his longs and went fully short in his kaching account.

  • gmak

    EUR is running (DXY is weakening) but this is not being reflected in SPX, which has simply drifted up to todays VWAP. SPX level is still below the ULTRAVIOLET trend line – which is bearish.

    It's the DXY /SPX disconnect that I find troubling today. It suggests that the liquidity is not flowing. It suggests that the EUR is behaving independentlyl of perceived liquidity entering the financial system, OR that the liquidity is not being applied to equities at this time.

    I have a strong resistance area at EUR = 1.4915 which is a TD retracement point on the 3 min EUR. big move from 11″52 – 12:08 EST. I don't see any news. Some scuttlebut is that it was short covering when a US Senator began China bashing.

  • Publius Federali

    It is not where things are invented that matters, it is where they are sold. All medical products are created to be sold in the US where the majority of profits exist.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    could we turn it into a testicles percent contest? hamsters are known for their disproportionated testes

  • Publius Federali

    Are you questioning the success of the drug war? All those guys are in prison so that all our streets are now drug free and safe. Think about how easy it would be to get drugs in this country without the drug war. Instead of five minutes you could find them in one.

    Criminal justice system in this country is a joke and nothing but special interests that use the system to fatten themselves up off the taxpayer.

  • gmak

    If your health is not at risk, service can be slow – especially for elective surgery. But if there is a dire threat to health (say thrombosis) then you are given the utmost access to the testing facilities; which is probably the way it should be. Beyond user fees, there is no more sure way of stopping people from going for needless tests and care, than to make it a slow process, and do proper triage on the nature of the ailment (more severe = faster service).

  • molecool

    Yeah – but the Mole goes deeper :-)

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

    A few more points and we could see lift off in the indices…..

  • ultra

    cubes – bearish count – http://screencast.com/t/MjNhZjEwN

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    dear observingguest

    we try to keep politics to a minimum here

    I left for a while and see it has begun, will try killing it gently ASAP

    try starting with trades and markets, everyone's allowed some outside the scope, but as a minor participation

    best regards and I expect you'll take this comment as a wellcome and an explanation

  • texpresso

    croozer, why? i am not seeing vol, iam thinking afternoon heading on down

  • Tronacate

    Quality of life is better in Europe…….shorter workweeks……better benefits……less stress. Life isn't all about crap.

  • tradejane

    >I know I failed at ID'ing it.

    If it's any comfort I can't do that at all. That's why I do better when I use longer settings on my charts. I'm a “big picture” sort of person. 😀

  • ultra

    You forgot about the cheese. Now this is the area where I feel we are truly head and shoulders above the rest of the world.

  • gregn

    I read a lot from David Gratzner — born in Winnipeg on the health care system in Canada and that is not the picture that he painted. I do not think it is going to be the utopia that everyone believes it to be. Does anyone here honestly believe that the government does anything for the people? I see it as a power grab. These are the type of people that the current government preys on: http://bit.ly/Fgc8X

  • Tronacate

    Most of these drugs are unecessary. Witness SSRI anti-depressants……what a fucking joke……..ruins women's sex drive….the cost to society at large is enormous.

  • observingguest

    I seem to recall the U.S. Constitution “guaranteeing” rights, not privileges. For one individual to be “guaranteed” the privilege of welfare means that another individual must give up something to pay for that welfare, in many cases involuntarily while violating one's rights.

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

    Just look at support and resistance levels and we're close to a resistance level which could be broken to the upside…….perhaps lift off is a little strong, but a littl more of a retrace 1097ish SPX

  • texpresso

    bullshyte! you have destroyed your small biz sector, not a life worth living

  • gregn

    Will that H&S formation play out?

  • Cerebro82

    Possible triangle in the Euro, also alternate count posted
    http://www.screencast.com/users/Cerebro82/folde

    Thoughts?

  • Tronacate

    Exactly……..justice for sale……..we're fucked up

  • http://chartsandthat.blogspot.com/ ultra

    ruh roh – take anything but the cheese – anything! ok, maybe leave some of the wine, too…

  • gregn

    Exactly, the U.S. was supposed to be a free country where the government did not meddle with things like health care. The founding fathers did not go through hell to form another Europe over here. Not everyone wants a nanny state.

  • http://twitter.com/faisal3391 FAISAL

    i guess he day trade as well

  • Schwerepunkt

    our SOL is based on overextended consumer debt to buy crap made in China and peddled by Walmart. It's financed by our financial hegemons who packaged our own financial crap, again based on over-indebted home-owners, and sold it to the rest of the world. But all that debt will explode and our SOL will decline in absolute and relative terms.

    BTW, the UN does not rate our standard of living very highly. It is falling and has been for some time. Double check your own facts. See Human Development Index. We rank 13th. WHO rates us way down in the mid-30s.

  • Tronacate

    Cheese……….you mean Velveeta isn’t the best?

  • Publius Federali

    How exactly do you quantify that? Oh yeah, everyone is equally poor in Europe because they are lazy socialist that believe everyone should be guaranteed a job or supported by the government. Every person there has a digital camera, the only problem is it is a 1 megapixel 2001 model. If that is what you think is a better life then you have the right to such an opinion. I don’t agree.

    Once again, where would Europe be if they had to spend money over the past 40 years defending themselves. Once again these people are mooching off the US. We spend our money defending them and they spend their money on social services and claim their way of life is better.

    Europe will collapse before the US does. Which is why the dollar will rise before it becomes worthless.

  • Anonymous

    I see a Roquefort cheese formation on /DX.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    I leave for a while, return, find a politics discussion, try to kill it gently (as per master mole's instructions) and you are sprinkling gasoline (at the current price)

    I'm going to my wheel and run around until I destress

  • Schwerepunkt

    I apologize to the board. No more shyte talk. Just markets.

  • http://chartsandthat.blogspot.com/ ultra

    I don’t even want to know what that is lol

  • bshah

    guys..
    We are climbing back up again… Stop this quarrel and focus on market … We gotta take it down..

  • http://chartsandthat.blogspot.com/ ultra

    Wondered what the smell was…

  • gregn

    Let us all focus on the one minute chart of SPX and our collective mind will force it down.

  • Tronacate

    No….we'd rather have mother's dumping their kids at the sex abusers day care……..and create a whole new generation of criminals…..

  • Nightwind

    I am ultra rightwing (McCain & Bush are democrats to me), but our current healthcare system is bullshit. Democrats watch the Union's back and the Republicans watch the medical industry's back. The government should only be envolved if a medical condition would bankrupt an individual. Similiar to natural disasters.

  • Publius Federali

    Quoting the UN does not strengthen your case. They create figures specifically to bash the US. One of the things use to judge quality of life is universal health care. We don't have it so our quality goes down. Then they use that figure to tell us we need universal health care. Sounds like a circle jerk to me.

  • bshah

    it's working… ha ha ha

  • Tronacate

    Our Gini coefficient of wealth distribution is the same as Mexico now…….

  • Schwerepunkt

    Waiting for EUR to approach daily pivot @ 1.4943 to short ES. Short of that, I will short ES if my indicators reach the breaking point. If the pivot is broken, I may reverse my short . . .

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

    The US government doesn't seem to get too involved in natural disasters either…….have you been to New Orleans lately ?!!

  • gregn

    What are you talking about? I see absolutely no relevance in that statement. Universal Healthcare will eradicate the need for day cares and sex offenders? That would be fantastic.

  • Publius Federali

    You are not ultra right wing. Come join us in the libertarian movement. McCain and Bush are fascists.

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

    Hell at least use the phase of the moon to trade, that keep the tin-foil hats to a minimum. :-)

  • http://twitter.com/faisal3391 FAISAL

    lol, bush democrat since when

  • gregn

    I am sick of hearing about New Orleans, they didn't even get directly hit by Katrina like Mississippi did. No one heard anything about Mississippi because the people there did not whine on TV or go around stealing everything that they could. Instead, they gathered together and rebuilt themselves.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    and I'm calling the mounties on you, enough on health reform (unless it's a new index)

    you made your point

  • Tronacate

    Maybe momma can stay home instead of working to get coverage…….

    Watch out…..next neo-cons will be pushing eugenics…….then on to genocide.

  • Publius Federali

    Next he is going to tell us that guns are bad and they kill people. Which of course is true. I had six accidental discharges yesterday, hit two people by accident and put three holes in my walls. I wasn't even carrying, the gun was just sitting in my drawer when it happened.

  • Nightwind

    New Orleans was a political, engineering, and social disaster to start with.

  • Tronacate

    All the while dragging a black man behind their pickups……..old-fashioned racism in Mississippi……….

  • observingguest

    Last time I checked, most birds that have a “left” wing also have a “right” wing. The wings work in harmony taking the bird where it wants to go. Gee, that sounds similar to our political system run by our elite masters.

  • texpresso

    that was an extended prison brawl, you seriously lack facts

  • gregn

    I do not think any of us should have to work. I think the government should provide for all of us. Why should we have to work to feed ourselves, that's absurd. I want to be able to romp in the fields with the gazelles all day — that is my America. Oh wait…. the evil corporates have polluted the world so badly that we do not have any beautiful animals in the U.S. or any fields left. And it's too cold to romp in the fields because of “climate change” — it was never “global warming” it has always been “climate change” — we have always been at war with Eurasia.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    no “get off the board” comments please

    this is a trading blog, no happy-troll hour

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    gmak – Euro went to 1.4918
    …you missed by 3 ticks!

  • Trader_Steve

    The left wing of this prior eagle is too strong and causing the bird to go into a tailspin.

    Steve

  • Tronacate

    lol………I been to Mississippi.

  • Schwerepunkt

    I grovel at your feet. As I said, no more shyte talk. But it would help if everyone stops so I don't have to respond in kind. BTW, even Mole participated, a little, on my side as it happens. ;-))

  • Publius Federali

    Too many people have no clue about how our Constitution works. NO was a failure of local government. This was not the Federal government's responsibility. NO is a failure because it is a live study of what the left wing's policies would do to our entire country. Everything Pelosi and Obama want to do to this country is already in place is such amazing places like California, NO, NYC, Detroit. But lets not let facts get in the way.

  • gmak

    Not me, TD. I usually miss by a mile!

  • gregn

    Absolutely, if I am not mistaken, the state was given a ton of money for the levees which they chose to spend elsewhere. The central government does not have the obligation to come to the rescue, it is the state's job if anything. Gotta love the race card http://bit.ly/8gnJL

  • Trader_Steve

    No argument on Bush and McCain. However, time iss far too short for a third party. Leahy is trying to get 9 more appellate judges on as lifetime appointments. That will prevent any challenge to Obama's Marxist nightmare. It's force conservativee republicans to speak out now, or we are finished.

    Steve

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    interesting logic, but let' cut the disussion shall we?

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    On the day in total, as of 12 est, nyse is up only 3% pace, but Naz vol is up 22% pace

    ….with breadth this bad, on top of this, i'll bet a buck the last hour pace will far out-weigh yesterday

  • Publius Federali

    Dude, you need to get a grip. Stop being a left/right person. Eugenics is actually the bastion of the left. Our science czar has a nice past with supporting eugenics and forced birth control. The founder of planned parenthood was an enormous eugenics believer. The Nazis were really big on Eugenics and genocide. And believe it or not the Nazis were left wing. Yeah, that little National Socialist Party thing if you recall. As for the right wing, they are fascists as well.

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    what/who is TD?

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

    OK, thanks for the clarification……I guess I was focussed on purely the Dow 30 volumes.

  • Offtimer

    Who bought 1.5 million contracts of spy at 11:25 AM?

  • gmak

    I live in Canada and have personal experience and family experience with both the good and the bad.

    My final word is that every country is in for a BIG surprise as the boomers age and soak up every available tax dollar in health care. I'm making sure that I am in as good health and top physical condition as is possible so that I am not dependent on which way the political wind blows when that comes about.

  • http://epiccallonfate.blogspot.com/ Dr Livesey

    OPEX ranges for tomorrow based on OI: http://epiccallonfate.blogspot.com/2009/11/mid-

  • gregn

    Terrell Davis

  • Trader_Steve

    WOW! Bad gun day!

    I did some pretty good shooting at 7 and 25 yds. But I have trained my guns to send the bullets exactly where I want them to go. (g)

    Steve

  • gmak

    Nice to see a trading idea. That looks like a higher low, but also a possible bearish flag (on an inverse, mind you).

  • TWD

    Well then P3 will be a dandy. Did you see that IYR filled it’s gap from Monday on low volume? I think a temporary bottom is in for the market and we get one more move to the upside which shouldn’t take out the highs. Make sure I get to ride in the ghibli.

  • Publius Federali

    I will not support Republicans. Just because one death is slower than the other. We saw what six years of Bush plus Republican Congress brought us. I would rather take my chances on a new party, as I know we are doomed with these two. Seriously, can you take direction from a group led by McCain and Graham?

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Thx, pls help further.
    I'm naive here since I can only think of a former football star

  • Publius Federali

    Done.

  • gregn

    I would love everyone to be covered, but I feel that it is the individuals responsibility to cover themselves. As for government run anything, the costs go through the roof because providers can charge whatever they want because it will always be covered by Uncle Sam. No government program here is efficient — I do not get off on people dying because they cannot get health care (which does not happen anyway as no one is turned down if they don't have health care) but I do not feel that a socialized health care is good for anyone.

  • gregn

    He meant CD, I was just joking.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    afraid berna upgraded from helicopter to ufo?

  • gregn

    hahah

  • Me_XMan

    Calls ???

  • Trader_Steve

    The Constitution “affirms” rights understood to exist and places limitations on government. I don't see the word “guarantee” in it.

    Welfare is not “guranteed” and was better administered by groups such as Churches. LBJ's “Greaat Society” destroyed the black family unit.

    Steve

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    No, he keeps saying TD
    …basterd!

  • Publius Federali

    Why is it that as soon as I read that someone thinks a stock is going to fly up I always figure that they are talking about an ultra short. I can't find any charts that look like safe longs.

  • Schwerepunkt

    Tom DeMark indicator package he uses with his Bloomberg console. You can see them on the charts he included in his morning post.

  • gregn

    The Communist Manifesto states that it is important to break down the family to create a communistic society.

  • ultra

    high delta AUDUSD showing a beaut of an h&s – carry trade… fail?

    http://screencast.com/t/N2E3YzE1OTU

  • Tronacate

    Yup……the parties will pull together on this issue when demographics force the hand of the elitists.

  • gregn

    For the short term downside, I think it is fair to say that more downside in near future is in the cards as we are below 200 period simple moving average on 15 min chart: http://screencast.com/t/MDk4MjhjMWYt

  • gmak

    Tom DeMark TA. Technical analysis indicators. Sorry about the confusion.

  • observingguest

    You misunderstood my emphasis. I used quotes around guarantee precisely because there is none. Today's politicians are trying to guarantee welfare where only individuals are responsible for their own welfare. Now I must get back to my head and shoulders reversal pattern…

  • Nightwind

    Looks to me that spx could probally put in a right shoulder along the 200ma on your chart

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Ah, vg – thx

  • gregn

    I was thinking the same thing.

  • Trader_Steve

    Let me bottom line you….I have been involved in doing all I can do which is 10,000 times what 99% of Americans do. My analysis, and that of a few brilliant conservative professors in Classics and Military history who I know, is that we are already finished. I will not go down without a fight, but thanks to liberals, we are a dead and dying nation. DeTocqueville saw it coming. Long ago, Locke's 5 points under which a people must revolt were met. But the sheeple that ask “why do you need to carry a weapon” have been brainwasheed and voted for this Marxist. Now, we are screwed and they own the courts.

    Damn, Orwell was unbelievably brilliant in “1984”.

    Steve

  • gmak

    It's refreshing that instead of a ramp and camp, SPX had a….. geez, what would rhyme with drop or dump and make sense in that context?

    dump and slump? nah.

    plunge and ……

  • Publius Federali

    Exactly. My point is that you and I may disagree as to which party is worse, but what we have to understand is that on a scale of 1 to 100, one is a 2 and the other is a 3. Does it really matter which one is the 2?

    This country is an experiment in freedom and all that freedom is based on the Constitution. As soon as we start ignoring the Constitution we destroy our freedoms. When we say that the general welfare clause allows for something what we are really saying is that there is no Constitution because everything is for the general welfare in that regard.

  • dollar

    sponge

  • gregn

    Dump and clump, dip and drip

  • ultra

    gunge?

  • gmak

    cute, but not quite the same connotation as ramp and camp. i.e. the sideways movement in the SPX after the initial gap up.

  • gmak

    Not bad!

  • SpeedSkt1

    I have never seen a market that moves via doing so many 180 degree turns……the trading action is just incredible………if this is a harbinger of what the “real turn” is going to be like……..then, almost no one is going to be able to catch this turn with precision…….it's going to be a gap and go day, just like today…….

  • gmak

    How about “Fall and Crawl”?

  • gregn

    I feel that the two parties today are the same and get the masses to fight over stupid things so as to divert the attention away from what they are both working on. Elections are like baseballs games these days.

  • Schwerepunkt

    drop and roll?

  • gregn

    Fall and stall.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    no groveling please, I'm just trying to kill the issue, and yes, mole did, and I went into a fit because HE stated the no politics rule

  • Schwerepunkt

    Bingo

  • dollar

    sponge: soaking up the dip buyers

  • gregn

    Decrease and cease. Ok I'm done.

  • gmak

    I'm watching DXY, and if it doesn't regain the pivot at 75.381 there may be more weaknss to come. Pivot below is 75.139 and then 74.944 (gulp if DXY gets here a third time in as many days).

  • 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„¸

  • observingguest

    Exactly. Since most are now bullish, a big gap would catch the most fish in the net and create the most fear.

  • molecool

    “almost no one is going to be able to catch this turn with precision”

    Aaah – someone gets it 😉

  • Tronacate

    Fact right there…….demographics are stacked against US

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    thank you, no offense meant

  • Tronacate

    Like the unconstituional war on Iraq………I agree……..

  • Tronacate

    Healthy political discourse is good AMERICAN stuff….

  • Publius Federali

    None taken. You let us run with it long enough:-)

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    and how do you trade that?

    enough greg, I sympathise with libertarian views but this is not the place

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    much better 😉

  • Publius Federali

    Long birth control, short children.

  • http://sshamster.blogspot.com/ Anonymous

    this is the fascist lair of our molish overlord, and i’ll be screwed at nuremberg, but if he says ~”no politics” I’ll try and enforce it

  • tradejane

    I’m so glad you brought it up, thank you. The cautious side of me would like to see SKF close above 24.9 to confirm this thought, and then we have some resistance at 27.5 to contend with, but the aggressive side of me feels the Germans have confirmed this turn twice at least already.

  • http://sshamster.blogspot.com/ Anonymous

    just a couple of hundred of billions

  • defleming

    I miss fa_q. He offered valuable information and had a nice style. Too bad he left.

  • K.I.M.

    eurusd is forming triangle on hourly, breakout will happen, direction well be pointed out !

  • Trader_Steve

    >>You misunderstood my emphasis.<<

    Sorry…my bad,
    Steve

  • K.I.M.

    well you stupid, you should refresh more, kind of a lost behind aren't you :)

  • Trader_Steve

    Google: “45 Goals of the Communist Party” and let me know how many you count.

    I bought a copy of the book to be sure it was real. Skousen was an FBI agent and a close confidant of J. Edgar Hoover. He studied communism and compiled all that was happening in “The Naked Communist”.

    Steve

  • gregn

    Wow. Amazing. The control at school level has always pissed me off.

  • gregn

    If universal health care is so wonderful, then I suggest that you move to Canada. Or perhaps read about the fantastic care that is given there.

  • WTFed

    This is fun

  • gregn

    So how about that VIX… 😉

  • texpresso

    if socialized medicine is the answer, why is our economy consistently kicking japan and europe's collective asses? case closed on that nonsense

  • bshah

    Damn you greg… beat me by seconds.. I was gonna ask.. My puts are not increasing that much… and wondering what's up with VIX

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

    Isn't the US in the midst of a complete economic meltdown ?!!! It's debt is at record levels and it's going to take a century to payback all it's debt even if it can start to grow GDP at 5% P.A…….US is kicking who's butt ?!!!

  • http://twitter.com/faisal3391 FAISAL

    the best health system you can have is your gym membership. i am canadian citizen who live in u.s, right now i will take canadian health care any day. doctor and insurances are too greedy over here, i pay over 1000 for health insurance for family but i have to still pay deduclible,co-payment or spend a lot of my time just negotiate with my insurance company, note back 10 years ago things were completely different so i am just complaining the current state.

  • texpresso

    japan and europe are worse croozer, catch up

  • Me_XMan

    Damn fricking dipsters will pull this tape up.
    I had to go frocking long today after that red candle.

  • Schwerepunkt

    EUR is spooging higher now.

  • texpresso

    CSCO going up but no vol, i do not buy it– yet

  • http://chartsandthat.blogspot.com/ ultra

    It's up 10%..?

  • bshah

    WOW.. You & long.. WTF

  • Publius Federali

    It's amazing how stupid these supposed geniuses are. Every socialized medical system is free loading off of the US. Every drug or device or procedure is invented, regardless of where it is invented, for sale in the US market. Without the ability to charge US citizens a free market price that recoups R&D none of these things would exist today. Then the socialist go and buy these products at pennies above cost and have the guts to tell us that their systems work better than ours. Only a fool can look at socialized medicine and ignore this simple fact. Without the US all health care would be worse across the board.

  • Me_XMan

    Bear at heart but have to play with fricking brain and BIG BOYS.

  • texpresso

    i like trading to joe satriani “live in SF” disc 2

  • Me_XMan

    Wrong! All other countries will have to pick up their R&D. We (the middle class) shouldn't give it for free.

  • gregn

    Are you partial to Stave Vai also?

  • texpresso

    not for trading– too technical 😉

  • standard_and_poor

    Need to see an abc correction followed by improving internals.

  • gregn

    I was going to say that, but figured it was time to stop now.

  • Offtimer

    I think the market drops 5000 points from here. It was in my dream 2 days ago.

  • standard_and_poor

    Tech is usually higher of a much higer beta.

  • Me_XMan

    We got bigger guns than they do.

  • Huggybear
  • CorporalCarrot

    Get the actual report here;

    http://www.zerohedge.com/sites/default/files/So

  • http://chartsandthat.blogspot.com/ ultra

    SPX – trendline bounce, but can't really see any parallels for it to make a channel, so…

    http://screencast.com/t/NzZkNmY0YmE

  • texpresso

    this bank america chip warning is big IMO, if there is inventory build already then big correction could be sooner the jan Q reports

  • Schwerepunkt

    European companies have always been major powers in pharmaceuticals and medical technology. If you go to a US hospital, you'll see lots of German machines (Siemens, Philips) and European drugs. The Germans practically invented modern chemistry. There was a time when you had to know German to be a research chemist, even in North America.

  • texpresso

    nothing compared to the US

  • Schwerepunkt

    Wow! Interesting, unless it is ghost written by the Deuxieme Bureau.

  • http://thetaildoesnotwagthedog.blogspot.com/ dnarby

    I've predicted stock prices in my dreams occasionally. They have always proved right.

    Question is, did you get a timeframe? Mine has always been related to the current trade I'm in, and resolves within weeks.

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Do you see ufo's also ;))

  • Schwerepunkt

    Was the report removed from zerohedge? Copywrite transgression maybe?

  • Tronacate

    We're kicking ass in incarceration rates……..is that good?

  • texpresso

    we kick ass in general, check relative standards of living the last twenty years, not even close

  • Schwerepunkt

    And Texas leads the nation and the Western World in executions! Giddy'up.

  • Schwerepunkt

    Thank you Walmart.

  • http://twitter.com/faisal3391 FAISAL

    why will bears like Attila, Kemal and some other smart bear traders are going long. I just don't get it.

  • Publius Federali

    And your point is what? Without the US market they could still invent these things but would never do it. They make their money selling to the US. Without our semi-free market system they would have no market to sell their products at an acceptable profit.

    It's like the drug argument. We charge $5 for a pill here that is $1 in Canada. If the drug company could only sell the drug fro $1 in the US then they would never have spent a penny on R&D to invent it. Canada and all their socialist friends mooch off of our system. I think we need to pass a law that makes it illegal to sell drugs at different prices across borders. Screw the socialists. Let them see what their system would really be like without us.

  • texpresso

    walmart has raised standards of living, you are refuting your conclusion in your analysis

  • Tronacate

    Steve Vai…….good stuff……..longest fingers I've ever seen

  • CorporalCarrot

    For some reason it won't allow direct linking. If you go to this page you can still access it;

    http://www.zerohedge.com/article/worst-case-sce

  • Schwerepunkt

    No, I AM giving Walmart credit. But, the genius behind Walmart is China. Don't fool yourself.

  • Tronacate

    Most of the good drugs are european…….all the good dental materials are German…..and Lichtenstein of all places.

  • texpresso

    you are correct about china, how am i fooling myself? check the stats, the US is moving ahead of japan and europe, your arguments fail

  • Huggybear

    Atilla just sold his longs and went fully short in his kaching account.

  • gmak

    EUR is running (DXY is weakening) but this is not being reflected in SPX, which has simply drifted up to todays VWAP. SPX level is still below the ULTRAVIOLET trend line – which is bearish.

    It's the DXY /SPX disconnect that I find troubling today. It suggests that the liquidity is not flowing. It suggests that the EUR is behaving independentlyl of perceived liquidity entering the financial system, OR that the liquidity is not being applied to equities at this time.

    I have a strong resistance area at EUR = 1.4915 which is a TD retracement point on the 3 min EUR. big move from 11″52 – 12:08 EST. I don't see any news. Some scuttlebut is that it was short covering when a US Senator began China bashing.

  • Publius Federali

    It is not where things are invented that matters, it is where they are sold. All medical products are created to be sold in the US where the majority of profits exist.

  • Publius Federali

    Are you questioning the success of the drug war? All those guys are in prison so that all our streets are now drug free and safe. Think about how easy it would be to get drugs in this country without the drug war. Instead of five minutes you could find them in one.

    Criminal justice system in this country is a joke and nothing but special interests that use the system to fatten themselves up off the taxpayer.

  • gmak

    If your health is not at risk, service can be slow – especially for elective surgery. But if there is a dire threat to health (say thrombosis) then you are given the utmost access to the testing facilities; which is probably the way it should be. Beyond user fees, there is no more sure way of stopping people from going for needless tests and care, than to make it a slow process, and do proper triage on the nature of the ailment (more severe = faster service).

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

    A few more points and we could see lift off in the indices…..

  • http://chartsandthat.blogspot.com/ ultra

    cubes – bearish count – http://screencast.com/t/MjNhZjEwN

  • texpresso

    croozer, why? i am not seeing vol, iam thinking afternoon heading on down

  • gregn

    I read a lot from David Gratzner — born in Winnipeg on the health care system in Canada and that is not the picture that he painted. I do not think it is going to be the utopia that everyone believes it to be. Does anyone here honestly believe that the government does anything for the people? I see it as a power grab. These are the type of people that the current government preys on: http://bit.ly/Fgc8X

  • Tronacate

    Most of these drugs are unecessary. Witness SSRI anti-depressants……what a fucking joke……..ruins women's sex drive….the cost to society at large is enormous.

  • bubble jeopardy

    I seem to recall the U.S. Constitution “guaranteeing” rights, not privileges. For one individual to be “guaranteed” the privilege of welfare means that another individual must give up something to pay for that welfare, in many cases involuntarily while violating one's rights.

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

    Just look at support and resistance levels and we're close to a resistance level which could be broken to the upside…….perhaps lift off is a little strong, but a littl more of a retrace 1097ish SPX

  • Cerebro82

    Possible triangle in the Euro, also alternate count posted
    http://www.screencast.com/users/Cerebro82/folde

    Thoughts?

  • Tronacate

    Exactly……..justice for sale……..we're fucked up

  • gregn

    Exactly, the U.S. was supposed to be a free country where the government did not meddle with things like health care. The founding fathers did not go through hell to form another Europe over here. Not everyone wants a nanny state.

  • http://twitter.com/faisal3391 FAISAL

    i guess he day trade as well

  • Schwerepunkt

    our SOL is based on overextended consumer debt to buy crap made in China and peddled by Walmart. It's financed by our financial hegemons who packaged our own financial crap, again based on over-indebted home-owners, and sold it to the rest of the world. But all that debt will explode and our SOL will decline in absolute and relative terms.

    BTW, the UN does not rate our standard of living very highly. It is falling and has been for some time. Double check your own facts. See Human Development Index. We rank 13th. WHO rates us way down in the mid-30s.

  • Schwerepunkt

    I apologize to the board. No more shyte talk. Just markets.

  • bshah

    guys..
    We are climbing back up again… Stop this quarrel and focus on market … We gotta take it down..

  • gregn

    Let us all focus on the one minute chart of SPX and our collective mind will force it down.

  • Tronacate

    No….we'd rather have mother's dumping their kids at the sex abusers day care……..and create a whole new generation of criminals…..

  • Nightwind

    I am ultra rightwing (McCain & Bush are democrats to me), but our current healthcare system is bullshit. Democrats watch the Union's back and the Republicans watch the medical industry's back. The government should only be envolved if a medical condition would bankrupt an individual. Similiar to natural disasters.

  • Publius Federali

    Quoting the UN does not strengthen your case. They create figures specifically to bash the US. One of the things use to judge quality of life is universal health care. We don't have it so our quality goes down. Then they use that figure to tell us we need universal health care. Sounds like a circle jerk to me.

  • bshah

    it's working… ha ha ha

  • Tronacate

    Our Gini coefficient of wealth distribution is the same as Mexico now…….

  • Schwerepunkt

    Waiting for EUR to approach daily pivot @ 1.4943 to short ES. Short of that, I will short ES if my indicators reach the breaking point. If the pivot is broken, I may reverse my short . . .

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

    The US government doesn't seem to get too involved in natural disasters either…….have you been to New Orleans lately ?!!

  • gregn

    What are you talking about? I see absolutely no relevance in that statement. Universal Healthcare will eradicate the need for day cares and sex offenders? That would be fantastic.

  • Publius Federali

    You are not ultra right wing. Come join us in the libertarian movement. McCain and Bush are fascists.

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

    Hell at least use the phase of the moon to trade, that keep the tin-foil hats to a minimum. :-)

  • http://twitter.com/faisal3391 FAISAL

    lol, bush democrat since when

  • gregn

    I am sick of hearing about New Orleans, they didn't even get directly hit by Katrina like Mississippi did. No one heard anything about Mississippi because the people there did not whine on TV or go around stealing everything that they could. Instead, they gathered together and rebuilt themselves.

  • Tronacate

    Maybe momma can stay home instead of working to get coverage…….

    Watch out…..next neo-cons will be pushing eugenics…….then on to genocide.

  • Publius Federali

    Next he is going to tell us that guns are bad and they kill people. Which of course is true. I had six accidental discharges yesterday, hit two people by accident and put three holes in my walls. I wasn't even carrying, the gun was just sitting in my drawer when it happened.

  • Nightwind

    New Orleans was a political, engineering, and social disaster to start with.

  • Tronacate

    All the while dragging a black man behind their pickups……..old-fashioned racism in Mississippi……….

  • bubble jeopardy

    Last time I checked, most birds that have a “left” wing also have a “right” wing. The wings work in harmony taking the bird where it wants to go. Gee, that sounds similar to our political system run by our elite masters.

  • texpresso

    that was an extended prison brawl, you seriously lack facts

  • gregn

    I do not think any of us should have to work. I think the government should provide for all of us. Why should we have to work to feed ourselves, that's absurd. I want to be able to romp in the fields with the gazelles all day — that is my America. Oh wait…. the evil corporates have polluted the world so badly that we do not have any beautiful animals in the U.S. or any fields left. And it's too cold to romp in the fields because of “climate change” — it was never “global warming” it has always been “climate change” — we have always been at war with Eurasia.

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    gmak – Euro went to 1.4918
    …you missed by 3 ticks!

  • Trader_Steve

    The left wing of this prior eagle is too strong and causing the bird to go into a tailspin.

    Steve

  • Tronacate

    lol………I been to Mississippi.

  • Publius Federali

    Too many people have no clue about how our Constitution works. NO was a failure of local government. This was not the Federal government's responsibility. NO is a failure because it is a live study of what the left wing's policies would do to our entire country. Everything Pelosi and Obama want to do to this country is already in place is such amazing places like California, NO, NYC, Detroit. But lets not let facts get in the way.

  • gmak

    Not me, TD. I usually miss by a mile!

  • gregn

    Absolutely, if I am not mistaken, the state was given a ton of money for the levees which they chose to spend elsewhere. The central government does not have the obligation to come to the rescue, it is the state's job if anything. Gotta love the race card http://bit.ly/8gnJL

  • Trader_Steve

    No argument on Bush and McCain. However, time iss far too short for a third party. Leahy is trying to get 9 more appellate judges on as lifetime appointments. That will prevent any challenge to Obama's Marxist nightmare. It's force conservativee republicans to speak out now, or we are finished.

    Steve

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    interesting logic, but let' cut the disussion shall we?

  • Publius Federali

    Dude, you need to get a grip. Stop being a left/right person. Eugenics is actually the bastion of the left. Our science czar has a nice past with supporting eugenics and forced birth control. The founder of planned parenthood was an enormous eugenics believer. The Nazis were really big on Eugenics and genocide. And believe it or not the Nazis were left wing. Yeah, that little National Socialist Party thing if you recall. As for the right wing, they are fascists as well.

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    what/who is TD?

  • Offtimer

    Who bought 1.5 million contracts of spy at 11:25 AM?

  • gmak

    I live in Canada and have personal experience and family experience with both the good and the bad.

    My final word is that every country is in for a BIG surprise as the boomers age and soak up every available tax dollar in health care. I'm making sure that I am in as good health and top physical condition as is possible so that I am not dependent on which way the political wind blows when that comes about.

  • http://epiccallonfate.blogspot.com/ Dr Livesey

    OPEX ranges for tomorrow based on OI: http://epiccallonfate.blogspot.com/2009/11/mid-

  • gregn

    Terrell Davis

  • Trader_Steve

    WOW! Bad gun day!

    I did some pretty good shooting at 7 and 25 yds. But I have trained my guns to send the bullets exactly where I want them to go. (g)

    Steve

  • Publius Federali

    I will not support Republicans. Just because one death is slower than the other. We saw what six years of Bush plus Republican Congress brought us. I would rather take my chances on a new party, as I know we are doomed with these two. Seriously, can you take direction from a group led by McCain and Graham?

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Thx, pls help further.
    I'm naive here since I can only think of a former football star

  • Publius Federali

    Done.

  • gregn

    I would love everyone to be covered, but I feel that it is the individuals responsibility to cover themselves. As for government run anything, the costs go through the roof because providers can charge whatever they want because it will always be covered by Uncle Sam. No government program here is efficient — I do not get off on people dying because they cannot get health care (which does not happen anyway as no one is turned down if they don't have health care) but I do not feel that a socialized health care is good for anyone.

  • gregn

    He meant CD, I was just joking.

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    afraid berna upgraded from helicopter to ufo?

  • gregn

    hahah

  • Me_XMan

    Calls ???

  • Trader_Steve

    The Constitution “affirms” rights understood to exist and places limitations on government. I don't see the word “guarantee” in it.

    Welfare is not “guranteed” and was better administered by groups such as Churches. LBJ's “Greaat Society” destroyed the black family unit.

    Steve

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    No, he keeps saying TD
    …basterd!

  • Schwerepunkt

    Tom DeMark indicator package he uses with his Bloomberg console. You can see them on the charts he included in his morning post.

  • gregn

    The Communist Manifesto states that it is important to break down the family to create a communistic society.

  • http://chartsandthat.blogspot.com/ ultra

    high delta AUDUSD showing a beaut of an h&s – carry trade… fail?

    http://screencast.com/t/N2E3YzE1OTU

  • Tronacate

    Yup……the parties will pull together on this issue when demographics force the hand of the elitists.

  • gregn

    For the short term downside, I think it is fair to say that more downside in near future is in the cards as we are below 200 period simple moving average on 15 min chart: http://screencast.com/t/MDk4MjhjMWYt

  • gmak

    Tom DeMark TA. Technical analysis indicators. Sorry about the confusion.

  • bubble jeopardy

    You misunderstood my emphasis. I used quotes around guarantee precisely because there is none. Today's politicians are trying to guarantee welfare where only individuals are responsible for their own welfare. Now I must get back to my head and shoulders reversal pattern…

  • Nightwind

    Looks to me that spx could probally put in a right shoulder along the 200ma on your chart

  • http://centrifugaldeforest.blogspot.com/ Centrifugal_Deforest

    Ah, vg – thx

  • gregn

    I was thinking the same thing.

  • Trader_Steve

    Let me bottom line you….I have been involved in doing all I can do which is 10,000 times what 99% of Americans do. My analysis, and that of a few brilliant conservative professors in Classics and Military history who I know, is that we are already finished. I will not go down without a fight, but thanks to liberals, we are a dead and dying nation. DeTocqueville saw it coming. Long ago, Locke's 5 points under which a people must revolt were met. But the sheeple that ask “why do you need to carry a weapon” have been brainwasheed and voted for this Marxist. Now, we are screwed and they own the courts.

    Damn, Orwell was unbelievably brilliant in “1984”.

    Steve

  • gmak

    It's refreshing that instead of a ramp and camp, SPX had a….. geez, what would rhyme with drop or dump and make sense in that context?

    dump and slump? nah.

    plunge and ……

  • Publius Federali

    Exactly. My point is that you and I may disagree as to which party is worse, but what we have to understand is that on a scale of 1 to 100, one is a 2 and the other is a 3. Does it really matter which one is the 2?

    This country is an experiment in freedom and all that freedom is based on the Constitution. As soon as we start ignoring the Constitution we destroy our freedoms. When we say that the general welfare clause allows for something what we are really saying is that there is no Constitution because everything is for the general welfare in that regard.

  • dollar

    sponge

  • gregn

    Dump and clump, dip and drip

  • http://chartsandthat.blogspot.com/ ultra

    gunge?

  • gmak

    cute, but not quite the same connotation as ramp and camp. i.e. the sideways movement in the SPX after the initial gap up.

  • gmak

    Not bad!

  • SpeedSkt1

    I have never seen a market that moves via doing so many 180 degree turns……the trading action is just incredible………if this is a harbinger of what the “real turn” is going to be like……..then, almost no one is going to be able to catch this turn with precision…….it's going to be a gap and go day, just like today…….

  • gmak

    How about “Fall and Crawl”?

  • gregn

    I feel that the two parties today are the same and get the masses to fight over stupid things so as to divert the attention away from what they are both working on. Elections are like baseballs games these days.

  • Schwerepunkt

    drop and roll?

  • gregn

    Fall and stall.

  • Schwerepunkt

    Bingo. By Jove, I think you've got it!

  • dollar

    sponge: soaking up the dip buyers

  • gregn

    Decrease and cease. Ok I'm done.

  • gmak

    I'm watching DXY, and if it doesn't regain the pivot at 75.381 there may be more weaknss to come. Pivot below is 75.139 and then 74.944 (gulp if DXY gets here a third time in as many days).

  • http://evilspeculator.com 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„¸

  • bubble jeopardy

    Exactly. Since most are now bullish, a big gap would catch the most fish in the net and create the most fear.

  • http://evilspeculator.com molecool

    “almost no one is going to be able to catch this turn with precision”

    Aaah – someone gets it 😉

  • Tronacate

    Fact right there…….demographics are stacked against US

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    thank you, no offense meant

  • Tronacate

    Like the unconstituional war on Iraq………I agree……..

  • Publius Federali

    None taken. You let us run with it long enough:-)

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    and how do you trade that?

    enough greg, I sympathise with libertarian views but this is not the place

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    much better 😉

  • Publius Federali

    Long birth control, short children.

  • K.I.M.

    eurusd is forming triangle on hourly, breakout will happen, direction will be pointed out !

  • Trader_Steve

    >>You misunderstood my emphasis.<<

    Sorry…my bad,
    Steve

  • K.I.M.

    well you stupid, you should refresh more, kind of a lost behind aren't you :)

  • Trader_Steve

    Google: “45 Goals of the Communist Party” and let me know how many you count.

    I bought a copy of the book to be sure it was real. Skousen was an FBI agent and a close confidant of J. Edgar Hoover. He studied communism and compiled all that was happening in “The Naked Communist”.

    Steve

  • http://sshamster.blogspot.com/ Anonymous

    yes, I tried talking to him but to no avai

  • gregn

    Wow. Amazing. The control at school level has always pissed me off.