"I am one of those who do not believe the national debt is a national blessing...it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country."
—Andrew Jackson, letter, April 26, 1824
Thursday, April 2, 2009
Boy has this chart changed.
I think the gap at 770 gets filled by the end of the month.
As a former proprietary trader, I respect signals therefore I'm long since 11 March. Big volume with volatility break out. But I'm feeling this is a collective hallucination. Making money trading stuff worth nothing, and what we get is something with no value at all. Call it euro, dollar or yen, it doesn't matter. If stock exchanges were in the hands of people with a capitalistic mind set today they should lose 10%. Up 4-6% instead. The day where accounting rules have been tamed, when UK is advising IMF to sell gold, when G20 is tinning glasses of champagne after creating a paper monster which is inflating useless stuff. My advice: STAY LONG INDEX FUTURES, CASH YOUR DAILY MARGIN, AND WITH IT BUY PHYSICAL GOLD.
As another Merrill Alum many decades ago can only say markets can defy logic and fundamental common sense for a long time. One of mentors who was one of two brokers ever saw make consistent good money in his account, said, "When you see the train coming, hop on board or at least get off the tracks." Keep up the great work. Regards*Rich http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3251493
Track your charts and blog and I agree with what you see here.
ReplyDeleteAs a former proprietary trader, I respect signals therefore I'm long since 11 March. Big volume with volatility break out. But I'm feeling this is a collective hallucination. Making money trading stuff worth nothing, and what we get is something with no value at all. Call it euro, dollar or yen, it doesn't matter. If stock exchanges were in the hands of people with a capitalistic mind set today they should lose 10%. Up 4-6% instead. The day where accounting rules have been tamed, when UK is advising IMF to sell gold, when G20 is tinning glasses of champagne after creating a paper monster which is inflating useless stuff. My advice: STAY LONG INDEX FUTURES, CASH YOUR DAILY MARGIN, AND WITH IT BUY PHYSICAL GOLD.
ReplyDeletei'm new to EWT. I understand regular TA. i'm frequent visitor to your blog, kenny's and daneric's.
ReplyDeletefrom ur latest chart, it seems S & P is headed to 875. is this fair assumption?
or it's going south to 780 or below.
As another Merrill Alum many decades ago can only say markets can defy logic and fundamental common sense for a long time. One of mentors who was one of two brokers ever saw make consistent good money in his account, said, "When you see the train coming, hop on board or at least get off the tracks." Keep up the great work. Regards*Rich
ReplyDeletehttp://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3251493