UPDATE 1:37pm EST: I was just poking around in my charts (being bored to hell and all) and uncovered this little jewel:
Maybe this means nothing, but when three different moving averages converge to a singularity the evil part of my brain is taking notice (it’s a large section). Worth noting is also where this is happening – we are basically in neutral territory here. A big move is unfolding and that sooner than later, and based on what I’m seeing this situation usually resolves to the upside. However, I’m open to other interpretations – anyone got an epiphany looking at this?
BTW, as I’m typing this the futures just jumped – maybe my keyboard is somehow triggering the NYSE to move. You know like the butterfly triggering a hurricane chaos theory – be afraid – be very afraid….
UPDATE 2:00pm EST (for real this time): Exhibit B:
My stochastics suggest that we might be busting higher – could it be we’re getting 850 after all? Whatever – just get on with it already! 😉
UPDATE 2:06pm EST: Quote of the day #2:
One day the Fed’s going to try and kick that can down the road and painfully realize thet its filled with cement.
I think that day is rapidly approaching.
— Jeff XXX
LOL – I thought Karl’s quote couldn’t be beat today but I think Jeff pulled it off.
UPDATE 2:47pm EST: After much mental anguish I decided to block CNBS08 – his comments continued to be unproductive, aggressive, and generally a mental distraction. Thus I fear that his presence will negatively influence the quality of this blog as well as the attention of some noobs. I know some of you guys will disagree but frankly I think this blog will be better without him. Too much noise and drama – I have zero tolerance for that.
Listen, I get bent out of shape myself every once in a while but I do cut people a lot of slack when it comes to wasting bits on this digital dungeon of doom. But make no mistake – my focus here needs to remain razor sharp as this bear market is the opportunity of a lifetime. So, if I see a consistent eye sore that’s detracting me (or others) from my mission to milk this puppy for all it’s worth then I have to take action.
Let’s not forget that he’s still welcome to listen. Decision final – if you disagree – you’ll get over it. If you agree – let’s not rub it in and move on. Thanks guys.
UPDATE 3:06pm EST: Daytraders – check this out:
I’ve seen the opposite happening but not this. Anyway, YM and NQ are breaching R2 and R1 pivots – pushing up higher right now.