Hindenburg Omen!
Triscadecaphobia! P3! Fires in Russia.Earthquakes! Volcanoes! Icebergs the size of a small country! Obama is President! What the hell, I'm not sure why the futures are not up over 100 at this point. the way CNBS puts it the future is so bright we all need to wear shades. So, Sheeple herd up and buy, buy, buy. there has never been a better time to invest in equities and prices are better than at Blue Light Specials at K-Mart. Long term investing is the key. Who gives a shit where your entry point is, bottom line is prices will eventually go to the moon and all is well.
For those of you that don't get sarcasm, please stop reading now, go away and don't come back. Most agree for the most part things suck all round and we're headed much lower in the markets for quite some time.No more higher highs. The top is in and even the top of the first corrective is now in. Nothing but misery (that should according to EWT) be worse than 2008 is coming. That is about the only thing I agree with Prechter on.
SPX 60m - For those of you looking for a possible pop cause the 30m and 60m indicators are bottoming, I suggest you see the pink box here and compare it to where we are now. I am guarding against a pop, but not really counting on one.
SPX 30m - You all know I basically get on my knees every morning and try to rub this chart the right way so it gives me the proper daily signals to follow. Well, it says up. Up as in small corrective up, not up as in up (that would be on a daily chart which is screaming down as in DOWN). SPX hit my green box at the double fib and has paused. Now a 38% retracement of this fall gets us back to......1097! Sounds like to much to me, but does it really? In this POS rigged market, hell 15097 is a possibility if that is what they want.
So, I'm looking for a possible pop today if the 1187 level can be breached. It should churn and not run up. Those dashed lines below the wedges are the wedge targets. If it does fall look for it to stop there and set some nice divergences for a pop at that point. I'll call that the 1065 level since that is what I have been looking for all week. As for continued downside action, I'd say the odds are really good and that won't churn, that will run. Bottom line, I'm cautious about a minor corrective here but looking for much more weakness. Look for the government to throw out some lies and rumors to move the markets. They are out of bullets, so that will be all the ammo they have left. Life sucks, so get used to it. There will be no recovery and the depression is coming. Cash is the best place to be (in the mattress type cash).
Its Friday than goodness. I'm way behind updating charts, but when the markets are moving like this and really not showing any patterns updating does not do much good anyway. I'll be up to date by Monday for sure. Have a great weekend everyone and thanks for all the views, donations and support.
Oh - I have been keeping a secret for you all -
Shanky's Dark side is a blog I have been quietly been running where I track all the intraday action. I suggest you check it out while it is still free. This is going to become my pay-for play site. Scroll back thru what all I have posted there. I think you will like it.
