One For The Road

Greetings, stainless steel ratlings! Apologies for not having been very active here today – I actually have not left just yet and was bouncing all over Los Angeles trying to get everything ready before I head out into the majestic California wilderness.

Of course the market doesn’t care about Mole’s vacation plans and will keep ticking happily along without me – one direction or the other. The script for my expected conclusion of this bear market rally is shown in the chart above. I think it’s quite clear and if you still have some dry powder and didn’t bulk up today you might want to wait until 1100 – but of course there’s no guarantee we get there. Then again – those blow off tops can keep defying overbought momentum (and gravity) for quite a while and it’s possible I might return to even higher tape on the 27th (the horror!!). We shall see – my chips are on the table and I’ve made my bets – now it’s up to the market to either prove me right or wrong.

Before I run – here’s a little freebie for you rats: Elliott Wave International have just announced the beginning of their popular FreeWeek event, where they throw open the doors to their paid services to non-subscribers for one week only. For the first time ever EWI is providing complete access to the Asian-Pacific Short Term Update and The European Short Term Update until Sept. 23. I know you’re all a bunch of cheap freeloaders, so this is your opportunity to check them out. But beware – Prechter’s do guys count some mean waves – but they’re a lot less entertaining (and obnoxious) than I am 😉

Alright – got to run – I’ll be be around sporadically tomorrow – most likely I won’t be posting and if I do it’ll be brief and to the point. I’m keeping my fingers crossed for all of you and of course for myself – but am determined to forget all about the market for the next ten days.

May the Evil Market Gods have mercy on your souls.

Cheers,

Mole

UPDATE – Keirsten posted at the same time as me – so here’s her take on tomorrow – enjoy!

Yes, it’s that time again we all love and cherish.  Double, double, toil and trouble.  Here comes OPEX!

There was a little something for everyone on today’s tape, be it long or short, but let’s face it- it felt good to see even a few crumbs on sell-off.  We’re easy to please at this point.

A quick look back at the simpleton chart I posted last night with the 100 EMA looming.  Price probed it and then retreated, (for now.)

And for the most part, we stayed in the channel until the EOD, although there seemed to be quite a bit of pressure on that lower channel line.  It’s something to keep an eye on tomorrow.

Sell on Rosh Hashanah, Buy on Yom Kippur?  Let’s look at what happened in 2008 on that advice:

Hat tip to David DDT for the reminder  😉

But here’s the best chart I’ve seen all day. A little look under the hood at what long-term investors are doing.  It looks pretty familiar.
Long-Term Investors Start to Sell

Enjoy the rest of your evening, Rats. See you on the flip side. ~ Keirsten