Tough question. Divergences are to great to ignore on the 30 and 60m. If I had been watching the market Friday Afternoon instead of the Hubbard Glacier I would have had a few choice things to say. It appears in my absence the manipulators are still well entrenched. and have not missed a beat. I hope most of you heeded my (apparently unpopular to some) up call from earlier this week.
I'll become a crowd pleaser again now and call for a move down early in the week, but do not get to excited. The severity of this move I do not know yet. Possibly a lower low, but I'm not guaranteeing that. The daily charts have recovered some but have not cycled to the top yet. They do not have to of course. My conservative nature would like to see that. Here is the deal. I called for wave one or the first leg of this move down to end at a backtest of the busted upper bear market TL. The weekly chart last week put in a reversal candle off of that TL. With the dailys in their posture and the weeklys nearing what could be a near term low point (not to mention several other factors). my bearishness is being questioned (near term of course). Remember I am handicapped somewhat in not having compleeted my normal full analysis of the charting universe. My keys now are pretty basic and not super detailed.
I updated some of the $SPX charts in the chartbook for your viewing pleasure. Of course I had some trouble updating this chart this AM. I would like to see this move hit the 38% retracement, but it may not get there. I would also like to see a reversal here to get into my green targt cricle (which price has not touched)before the reversal as well.
Fuck BP and all the bullshit government suckup, paid off, POS greedy mother fuckers. KISS MY FUCKING ASS!!!!! You mother fuckers better have to pay the price for the bullshit greedy ass decisions you made in the name of profit and greed. FUCK YOU!!!!!!!!! If anyone out there reading this post ever buys another thing from BP you can kiss my ass as well and get the fuck off of my blog forever. What those bastards have done is beyond reproach. No, I am not jmping to conclusions. The mononic people on the (once respected) BBC (that is my main news source this week) want you to believe that RIG and HAL are American companies that are possibly to blame just as much if not more. LMAO. Fuck 'em all I say. Hold no prisoners in the war against greed and profit at any cost.
As for the V shaped recovery? Hell no. Lower lows are coming. Don't fucking listen to the bullshit financial masterminds. Matter of fact, if you have any funds with an investment firm at this time you need to have your head examined. Yup, I said it. Put it this way, if you own an equity mutual fund at this time you are not the sharpest knife in the drawer. The destruction of the global financial system as we know it is now (as preached here for a long, long time) a virtual certainty. Whatever form of state we eventually live in is a great uncertainty (socialist is my best guess), but what is certain is that what our forefathers fought and died for, what we have enjoyed and what our children will never get to experience is gone forever.
The time is now to fight and engage. Get involved in local elections. Get every incumbent out. Most of all, do not be afraid to invoke your constitutional right to raise your voice and let your anger be known. Now is the time, cause if you do not take this chance it will be your last.
Trip Update -
Blogging and updating charts while being charged by the minutes wakes you up to the concept of time and money LOL. Got to see the Hubbard Glacier yesterday. Smaller ship got to pull within 1/2 mile of one of the most spectacular sites I have eve seen. Floating in past the icebergs was cool enough, but to hear the cracking and watching the massive chunks of the sky blue massive glacier fall into the sea was absolutely amazing. (I'll posta few photos later). Rough seas got us yesterday afternoon and evening, but pulling into Juno this AM is as pleasant as it gets. Now I have some sense of what those guys go thru on Deadliest Catch, wow! Sun is shining and ready to hit land for the first time in two days.
GL and take care!