Friday, October 28, 2011

The MSM, in their typical mass hysteria, have been talking about the futures being DOWN, I mean, wad ever, I guess we are down a little from the close yesterday, but what do you expect after a dumb ass day like that?? That's actually just about the best looking pattern I can imagine, as they've basically gone sideways all night, tested the low of the dump into the close yesterday, and held, I mean, it's kind of a triangle, and a break over the upper trend line will lead to a test of yesterday's high, or better, while you could also say that it's a descending triangle, and a break of the lower line will lead to, aaaahhhhh, welllll, WHO KNOWS, hahahahha!!
Anyway, after a huge day like that you would THINK, that we get a narrow range consolidation type of day, but I thought that LAST Friday, and what a terrific day that ended up being! I'll probably stick around all day, just to check it out and set what I see, like, what else do I have to do. 
Good luck to you out there in La La Land. 

The PP, Pivot Point, for the SPY today is $127.45, you can get this number for the SPY, and all stocks, every day at http://www.marketvolume.com/stocks/pivotpoint.asp?s=SPY&t=spdr-s-p-500.
Be that what it may, after a huge gap up like yesterday, where it leaves an Island like that out in the middle of no where, it just about renders the R1 and S1 levels worthless, for instance, on the IWM S1 is like 3 points below where it closed, I mean, it doesn't mean we CAN'T hit that level, but it would have to hit the gap fill from Wednesday to do so, which is a major support level in itself. The PP is still legit, and VERY workable, as it's sitting right at yesterday's open, the PP is $75.35, above that and we are bullish, and below that and we are, aaaahhhhh, eeeeerrrrrr, well, that udder thing, wad ever it's called!

Geeze, my boys are a little negative here, hahahaha, hey, lighten up guys:

Warning: Ride Down Just as Fast as Ride Up
The market is at a tipping point and is facing the prospect of an ugly and dramatic selloff. Get Sam Collins' take.
Only Fools are Chasing Bear Market Rally
The charts are repeating a dangerous pattern last seen in the May to October rout. Get Serge Berger's take.
Tap into Profits With Oversold Fracking Stock
Carbo Ceramics is an energy pick that could easily yield 20-30% in short order. Get Sam Collins' play on CRR.

ARE THESE PEOPLE FRICKING NUTS??!!!!
Rather than relying on higher returns, a surer way to improve your retirement prospects is to boost your savings rate.

The damn banks, THAT ONLY EXIST BECAUSE WE BAILED THEM OUT, charge more in fee's than you can get back in interest payments!!!!! And that's all thanks to that fricking Ahole that works for the banks, Bennie Da Pumper, who is seeing the fulfillment of his life long dream of NEGATIVE REAL INTEREST RATES, and the accompanying stealth inflation that no one wants to admit to!
Wad ever, I mean, yea yea yea, you could put your, quote, "savings", in a 30 year bond and get your massive 3.45% yield for the rest of your miserable life, BUT GOOD FRICKING LUCK WITH THAT ONE!

My, PERSONAL, opinion, is that for some one even REMOTELY thinking about doing that, should put their IRA in a Self-Directed Individual Retirement Account, and use it to buy Real Estate. Real Estate in the parts of Nevada that I've been looking at is incredibly cheap, with many houses going for 50% of their cost replacement value. I mean, it may take you five years or longer, but if inflation starts to kick in toward the end of this decade, like John Hussman is talking about, you'll get an easy double, and once housing gets rolling again, at least it will keep up with inflation like it did for a million years, before Bennie and his predecessor the Greenman ruined the housing market and the economy.

Hmmmm, speaking of the FED, and the fricking bleeping banks that OWN it, here's a nice timely article addressing that very issue: Brandon Smith: Want To Defeat The Banks? Stop Participating In The System! 

Basically, we filled the gap left over from the first trading day in August, now, that's a Hanging Man candle, which is a bearish candle, BUT, ONLY if we gap down tomorrow. It then sets up a horrendous looking Island Reversal, or Abandoned Baby, or Evening Star formation, what ever you want to call it. 
One thing about that candle, that's a FALSE tail, the actual low was only $126.61, HOWEVER, a lot of times when you get these "Phantom" prints like that, it's the Market Makers, or some times called Da Boyz, signaling what their target it when they take it to the retails that piled into this thing.
Of course, that's neither here nor there, plus I have NO IDEA where we open up in the morning, I'm just suggesting that a lower open may not be, aaaaahhhh, good.
One good thing though, for the bulls, is we had good volume, and I still think we pretty much have Clear Air above us, up to the old highs around $135, should, THEY, decide to take us there. 

SELL THE WORLD WORKED, for the first hour at least, hahahahahaha! That's a pretty consistent pattern on these huge gap ups over NOTHING, but, wad ever. The dirty rats set up that little green, inside bar type of Hammer candle right out in the middle of NO WHERE, there was no support any where that I could find, sigh, it pretty much obeyed R3 after the open, but turned up WAY short of R2.
I sure hope we don't get into that obnoxious, slow, narrow range type of grind higher thing that we got for most of the day, god I hate that, any way, it set up a very nice trend line under it, and when they broke it going into the last 15 minutes of the day, Wooooo Weeeeee, it was Sadie Bar the Fricking door as it seemed like every one was beating each other over the head trying to be the first to get out of Dodge before the close.
Ordinarily, I'd say that's a bad sign, but of course with all the LOVE being shown it's hard to see us selling off hard. But I WILL say this, nobody is going to want to be giving back the enormous gains they've made this month, and we start showing any weakness, I can't help but think people will start selling like crazy. Just my personal opinion of course.
I didn't sell any of my personal positions, but I did hedge the shit out them to lock in what I could, and still leave room for some more upside.

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