Zero Gravity Day

Continuous bank failured and horrible economic news notwithstanding the market busted what can only be described as one wet bull boner this morning:

As you know I expected a spike up but this is a bit silly. What should make the bears very very nervous is that gap up, which might be a small degree ‘point of recognition’, indicating a third wave up. Not something I would expect inside a completing flat – no sirreee! It’s not looking good for the bears this morning. I just checked the Zero Lite and we saw massive positive signal at the open.

I’ll be back after I collect a few more charts.

11:48am EDT: I just checked the Periodic Table of Finance Bloggers again and it seems that Joshua still has not put us on his list:

Of course this is unacceptable and must be remedied immediately. I had written Joshua last week, informing him that this site gets more traffic/eyeballs than probably half of his list combined. For some reason however he has not replied and we still don’t exist. If you are unhappy about being relegated to a non-existent status you might want to write him – perhaps if he gets a few more emails he might change his mind.

Yes, evil is as evil does 😉

12:05pm EDT: Boy that was quick. Here’s Joshua’s response:

Hey Mole,
I have made 3 major oversights in my Periodic Table, and as I’ve commented, Evil Speculator was one of them.  That said, I just began reading you, several of your loyal followers have urged (threatened) me to do so!

Mea culpa for missing Evil Speculator, It certainly won’t happen in the next iteration.

Thanks for reaching out, btw.  I’m adding you to the blogroll and my reader.

Thanks!

Josh

Alright, let’s give the kid a break – seems like he got the ‘message’ and is eager to change his wayward ways.

12:24pm EDT: Okay, you rats need a bit of a cheer up:

I just checked the Dollar chart and lo and behold – we busted a new low on the DXY:

NOT looking good at all for the bears. I doubt that this is the end of this push down, but heck what do I know. Let’s check 2sweeties’ RL calc:

Based on the huge shoe that just dropped on the ole’ buck Monty Python style I set the 100% odds at 74.08. Based on that I see an 86.5% chance we turn at 74.74 and a 69.1% chance that we turn right here and now.

The highest frequency of reversals was actually at 75.4 and we busted though that this morning and never looked back. 74.74 has reasonable odds plus a reasonable frequency, so if we keep plunging here this would be my next level to anticipate a possible reversal.