Friday, November 6, 2009

Morning Post

10.2% ROFLMAO try 17+% if you live in the real world. Don't let the MSM sell you their crap. Things are FAR FAR FAR worse on the employment front than they are telling you. And some thought holiday hiring would help - her is a hint - it probably did. Don't fret bulls, JOBS DON'T MATTER. It is all about what the gigantic vampire squid wants and GS will drive the market ANY FING WAY THEY WANT TO. He who controls 70% of the volume makes the rules. FING BS. Fortunately most of the real investors are on the sidelines and staying there. THEY ALL LIE! LIE! LIE! LIE! Good thing it is a Friday or I'd really be pissed.

Minis 5m - Simple - the yellow rectangle is the 50 to 61.8% retracement area for the last move up. I've been calling for a top around 1067 to 1071 (with the outside chance of a pop to 1091 of which I have not given up on yet, but hope there is fading), so the top of 2 may be in and 3 of 1 may be here to pummel the market. That is not a call. Yellow (old market top line support) trendline has it now, then the green lower wedge line, then the red S/R line then the blue P2 lower wedge line. I'm not sure that lower blue line can stand one more hit. IMO it is going to take a 3rd wave impulse to take that lower blue trendline out for good and the set up has that happening. Look for 2 of 3 to backtest the blue line for the last time then Konichiwa.



SPX 60m chart - possible neg div in RSI, if not there is room to run. Upper red tendline may be (may have been) the top in the retracement box (blue).



I am not going to jump on the southwards bandwagon till I see the move in real time. I just got a feeling the PPT and GS may intervene in some way here and the daily indicators are too bullish right now. A top could be in, yes, we'll have to see what the indicators do. Remember the weeklys are driving the bus and he who has the high ground usually wins.

Sorry for the lame post, I got a lot going on this am, and I'm really not happy right now.

AUDIT THE FED SHOULD NOT BE DEAD!

GL today

11 comments:

  1. Sounds like you are pretty bummed out. Were you not able to pull the "trigger" on the long side after Wave (i) was complete? Doesn't sound like you are very comfortable pulling the "trigger" as a TRADER.

    As for the Unemployment number in the 10-handle, nobody cares. All the Street cares about is the fact that the 3-month MA on non-farm payrolls is TRENDING down at a pretty rapid clip.

    By the way, you might want to try ditching the RSI and VIX and other insignificant indicators and go back to focusing on the classic NYSE A/D line. Just a hint. :)

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  2. Nah, I pull the trigger and my calls are pretty darn good. I am in cash now.

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  3. So how many shares of stock have you traded this week, or this morning thus far?

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  4. None this morning and roughly in ad out of 50k this week. I do have a 10k block on the launching pad right now. I do not share private information.

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  5. I mean, it really doesn't matter if you make a GOOD call unless you are able to pull the "trigger" and make money off it, right?

    Perhaps you should try "documenting" your trades like Carl Futia does. Perhaps you would be able to gain a lot more credibility that way and people would come to your blog.

    People want to make money.
    Not follow some sort of religious or fanatical Elliott Wave cult. If you post your TRADES, you will put yourself above all of the kids out there that merely post "squiggle" charts and do not trade for a living.

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  6. I have considered that, but the blog is for fun and 45,000 hits a month is good enough. I believe from feedback and views that what I am doing is right. I do a very good job calling the direction of the market. It is tough putting your calls on the line every morning. Why don't you try it? You know I do not use EWT except as a nomenclature tool and that I use TA first. I may expand and add a site that helps people time moves in their 401k's.

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  7. Sharing private information has NOTHING to do with posting the time and place where you are short or where you are long. I'm sorry, to claim otherwise, is a cop-out and certainly does nothing to lend you any credibility.

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  8. "It is tough putting your calls on the line every morning."

    So instead of trying to make calls based on the major market indexes, why not focus on what groups or sectors are breaking out or breaking down and base some trades off technical work involving those sectors?

    The energy, drilling, and mining trade has been one of the greatest money making trades/investments for years now.

    There really is no need to "call" the market when these sectors exhibit the kind of TRENDS that they do . . . That is unless you Ego is so wrapped up in the notoriety of trying to call the TOP, like most other bloggers that I know.

    For them, it's about web hits and notoriety and ego Not about making money.

    :)

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  9. OK, when I get short I promise I'll post the minute I make the trade, price and what it is in (but not shares or $ amount except for % of portfolio).

    Hey, I just got added to another blogroll!

    Thanks Waveriderbill!

    http://waveriderbill.blogspot.com/

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  10. shanky moron here...read this..I'm not really the conspiracy type, but this is interesting

    http://davidrothscum.blogspot.com/2009/10/has-baxter-international-released.html

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  11. Baxter is reported to have started the last release as well. Let me know if you would like more info on it. The virus is supposedly man made. Thanks for the link.

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Keep it civil and respectful to others.