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Oyster: I saw a couple of people yesterday coming out with the theory that the wedge we're all watching is a leading diagonal, as opposed to an ending one. This is based largely on a 5-3-5-3-5 count of the subwaves.

 

If true, it would lead to a top round about now, but with major further upside momentum after wave 2. Of course that flies right in the face of the CMaps, but I'm curious nonetheless what you think of it.

 

Regards, MWH

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Investors Intelligence # for the week:

 

Bulls 42.7

Bears 34.8

 

I am somewhat discouraged that the bull # dropped that much (7.9) in a rising market enviroment.

These numbers really screw the bear case, IMO, at least for the intermediate term. Looks like the fuel needed to get to SP 980.

 

My indicator oscillator jumps from a 2.72 this AM before the II numbers to a 3.11.

 

Still may short a spike to Nasdaq 1470, but otherwise, I'm looking to buy dips.

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amgns earnings were pathetic, even with all the deceit. Flat rev's and the stock trades at 12 times Sales. Of course all the lemmings , fido et al will have to protect their huge postions.//// Btw, it totally escaped me, but yesterday was meglamaniac day, the day the great statist greenscum was annointed king , again

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Pre-market update

 

I want to send my sincere tanks to those who stuck by the Stool during Doc's abscess. It was a difficult time for all. Releasing the Anals last night was difficult and painful.

 

As they say, this too shall pass.

 

As you know also, abscess makes the fart go Honda.

 

Vrroom vrroom!

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