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We Made It Through Yet Another Week


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To Rich, ShamPoo and Miss Money Penny - thanks for your kind thoughts this morning. I do my best to help maintain the educational standards of this most esteemed Institution of Higher Learning, and it's nice to know that my humble efforts are appreciated.

 

Under the inspired leadership of Our Chief, Stool U has certainly grown a lot this year, not only in terms of enrollment but also in terms of the growing and diversified curriculum that's being offered. With my own one year anniversary coming up on December 17 it's certainly been fun for me to be a part of this.

 

And now, since we are all seekers-after-knowledge here, I thought I'd leave you with the following wisdom from my 4,000+ year-old teacher, Lazarus Long, whom we haven't heard from for awhile. This one is dedicated in particular to Uncle Buck.

FROM THE NOTEBOOKS OF LAZARUS LONG

 

by Robert Anson Heinlein

 

$100 placed at 7 percent interest compounded quarterly for 200 years will increase to more than $100,000,000 -- by which time it will be worth nothing.

 

And with that I wish you all a very safe, sane (translation - don't obsess over the u-no-what too much, do some physical stuff instead) and enjoyable weekend. :)

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Well as you know I like to follow volume and I do not like the action. For most of the day the volume has been net down on NYSE and net + on Nasdaq. Nasdaq has been leading market. And over the past few hours the NYSE has not become net +. This tells me we go up. I don't like it but unless the volume reverses net - in the next hour, I believe we end green for the day. IMHO.

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S&P intraday: a mix of bullish and bearish.

 

On the 5-minute, 2-day: looks like a s/t bottom is in, with the test of 893 a spike down and a quick back up.

 

But, now that we're back in the 910 range, a bearish wedge seems to be in.

 

Breakdown a bit and then up at the close?

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So Shrub trots out his press secretary to cover his ass... shows exactly how much emphasis and importance he gives to our current economic dilemma... I guess if he doesn't admit there's a problem it will go away... In effect, since he won't step up as a spokesman, the White House Press Sec'y is the new Treasury Dept.

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This is not meant to be directed towards anyone in particular and not meant to be offensive.

 

But, we got people here trading 5 minute charts, 15 minute charts, 5 hours cycles, 1 day cycles, 13 week cycles, three day charts, weekly charts, 6 month cycles, etc. Most like Docs cycles, some like SG's approach, some follow this some follow that........Geeezzzzz! What a pack!

 

Bottom line......pick YOUR OWN desired timeframe and trade it!!!!!!! Plan yor trade, trade your plan. If you dont have a plan....dont trade....develop one and trade it.

 

Enter the trade, watch the time frame you follow and stick to that time frame. ...but do watch time frames shorter and longer than your trading time frame. But when YOUR PLANNED trading timeframe indicates a change.....exit the trade. Always use protection...either real or mental!

 

Sorry for the post....just seems we all be a little testicle about our individual bearish or bullish opinions.

 

WIth that said...

....COMPX 1412 or 1427 breaks...

...SP500 905 or 913 breaks.....

 

otherwise go to sleep!

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For those of you who follow Sinclair, this is a time to unload 1/3 of your positions. I'm long physical and short XAU, but my long term target for gold is AT LEAST 500. Plus, there is such a spread on physical, you can't just sell at every top. I'm also very leery of anything paper that is considered a gold "asset" at the moment. The current gold position will unwind; the price explosion will not occur this year. This reminds me too much of the sucker rally earlier this year.

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HardAss, I think so, on volume. I Subscribe to Market Volume.com... so nothing but volume. They use a little different interptation for their charts, mostly vol. spikes at res.& support levels.... we get to do our own analysis...Been stareing at those charts only for a couple of months, so not quit up to speed.

 

I do want to see what happens to volume as we approach pivot points and R-1 & S-1

 

Yes, the volume that came in this morning seems to suggest some price support for now, ..... we shall see.

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