Friday, October 29, 2010
25 Years Ago Today
I remember downloading this when it first came out...or maybe I bought it on tape, can't remember for sure.
Thursday, October 28, 2010
Double Top?
This is a chart of the Dow Futures with the same trend lines from this chart, which I blogged on October 6th, extended to yesterday. In that post I was saying that the market looked like we were in a fifth wave up and that a minimum of 5 waves had been completed. Obviously that did not turn out to be the top and if an A-B-C pattern is developing, with a rising B wave ending soon, then I would have to find something that signaled to me that the up wave that started at the end of August was over.
Yesterday, the market came down and touched the bottom of that trend line which had held the market up twice before. Breaking below that trend line and taking out the previous low (Dow futures price of 10860 made on 10/19) would be a good signal that wave C down had begun. As I look at the futures price right now we are about 200 points above 10860 but only 25 points above the trend line. If we do head lower we will have put in a double top, the April high was 11,258 and the high made on 10/25 was 11,247.
In summary, nothing to act on yet but it is a good time to pay attention to what is happening in the market.
In the news, probably next week the Federal Reserve will announce it's plans for Quantitative Easing II. Also, insiders are selling shares at record rates.
Friday, October 22, 2010
The Original GLee
Friday, October 15, 2010
Tonight's Entertainment
Tuesday, October 12, 2010
I want your money
Monday, October 11, 2010
The making of Empire Strikes Back
Saturday, October 09, 2010
The Shins
Phantom Limb
When I heard this I thought there was a Beach Boy's song I hadn't heard. I heard it on WXRT yesterday and could not find it on their playlist so I googled new band sounds like the beach boys and found this link which lead me to the right band. Years ago I would have been asked everyone I knew about it or called the radio station. Funny thing is I thought of calling XRT but the number listed is out of service.
Diego adds: They don't look anything like the Beach Boys?
When I heard this I thought there was a Beach Boy's song I hadn't heard. I heard it on WXRT yesterday and could not find it on their playlist so I googled new band sounds like the beach boys and found this link which lead me to the right band. Years ago I would have been asked everyone I knew about it or called the radio station. Funny thing is I thought of calling XRT but the number listed is out of service.
Diego adds: They don't look anything like the Beach Boys?
Labels: Friday Music
Wednesday, October 06, 2010
Five waves completed
This is the big picture carried over from the prediction I made on September 2nd. If this count is right then we should expect stocks to top very soon, this week or possibly today, and for stocks to fall in five waves down with three wave (rising) corrections. The minimum point on this chart is if I am wrong about the big picture and the 5 waves up from 9,850 are the beginning of a big rally.
On this 60 minute chart you can see the five waves up have been completed from the B wave low at 9,850. So either we start falling in a huge C wave down below 9,600 or we fall in a more meandering correction of the 5 waves up from 9,850. If we keep going up from here I am completely wrong and I go back to the drawing board. Either way there is no trade here. It is better to sit back and jump on the down side once it becomes clear. You miss the ego enhancing joy of selling the top but you gain the piece of mind of joining an established trend. (Many years of practice have taught me that selling tops and buying bottoms brings far more pain than it's worth.)
Sunday, October 03, 2010
Prairie Dog Town
Funny little creatures, they seem fearless until you cross a certain line. One step forward and they hide, one step back and they emerge.
