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wndysrf

Stripper On The Flagpole

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This is one chart that is not fun to look at. An ascending triangle seems to be forming on the OEX. Let's hope not. By the way, this ascending triangle is forming on the DOW also. Makes you start to get the runs. Let's hope it's just bad gas.

 

OEX010902.PNG

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Read em and weep... Tonite's headlines from SeeBS Market-TWATch

 

 

Dow, Nasdaq rally to new highs for 2003

 

http://cbs.marketwatch.com/

its going to take a marginal new high (past Dec 2) to give her one I bet. Anything less just won't do. All @ Poovision will be yapping about it as it'll be deemed a positive breakout and Pudlow will be chanting 40% straight up. Should be quite a laughable event. I'm prepared and actually looking forward to it. :P

 

BTW, if a "new high" is made there will be multiple negative divergences setting up on many various trusty indicators. DOA.

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mark and commentator - thanks for another good summary and market call.

 

I agree with mark, pitbull, and even machinehead (thanks all) that we are in an important bull move for gold and gold stocks - which was clearly indicated by the FEED statements about encouraging inflation one to two months ago. Nothing has changed since, and I think (more likely than not) there is an invisible market "peg" by the FEED across the Tresury spectrum to keep interest rates from rising too fast, if at all.

 

Still believe GWB is aiming for war, but until Jan 27 I don't think anything of consequence will happen. The next two weeks look safe to hide and hold gold issues.

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Just got an interesting note from a HedgeHog in N.Y. He says some hedge funds made huge short bets on the single digit midgits like AWE, ARBA, the usual trash stocks and are now getting absolutely killed. This may be what is driving this rally. Too much leveraged speculation on the short side on the smallest stocks, thinking they would go back down to $1.00 or less.

 

I bet that is what happened on SINA, why it is going straight up for no reason. Watch it collapse as fast as it went up.

 

 

Screamers to ride tomorrow:

 

Looks like JNPR has the potential to go parabolic. Perfect setup, beautiful rounded bottom:

 

SharpChartv05.ServletDriver?chart=jnpr,uu[l,a]dahlniay[dd][pc50!c200][vc60][i].gif

 

Next screamers to break out? Watch carefully for opening gap up tomorrow on these two:

 

SharpChartv05.ServletDriver?chart=vtss,uu[l,a]dahlniay[dd][pc50!c200][vc60][i].gif

 

Stranded longs may have already sold on the last two spikes:

 

SharpChartv05.ServletDriver?chart=pmcs,uu[l,a]dahlniay[dd][pc50!c200][vc60][i].gif

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Piledriver has the right idea. Holding only shorts overnight is frustrating. Playing both long and short at the same time, though, allows you to make money and still be hedged, until the picture becomes more clear. That monster gap this morning was incredible. I was thinking a little pop would happen today to get the indicators up from Dover Sole, but a meltup like we had was amazing.

 

Fokker, if you draw trendlines from a longer term perspective, it looks like that may be a bearish symmetrical triangle. But if that is the case, we may head up and touch the top trendline one more time before the major decent that should be coming.

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Fokker, if you draw trendlines from a longer term perspective, it looks like that may be a bearish symmetrical triangle. But if that is the case, we may head up and touch the top trendline one more time before the major decent that should be coming.

Yup, agree. Thing is that double bottom at/around 775. As ever, it all depends on what it's gonna do next. For my sake, I hope it goes el tanko :wink2:

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Every trick in the book will be used, as they have over the last three years, to hide the truth.   But guess what?  It has not worked and it will not work;

yeah soup, and it'll keep on not working increasingly faster. the higher we go the thinner it stretches. things have deteriorated substantially since even october and the dow is 1,500 points higher than it was then. every jam job edges us closer to a circuit breaker day.

 

could we have a 1,000 point spike? sure. so what? we could have one this week, and the week after next it wouldn't matter. the economy has entered a global depression - not a jobless recovery, not a recession, not a V-shaped X-wave corporate-rightsizing mobius strip - a full-blown, global, kondratieff-winter depression.

 

one reason the public is able to consciously entertain the parade of establishment stupidities like 'a new bull market' is because large events develop over timeframes that exceed most people's attention spans by several orders of magnitude.

 

"did you realize there's a historical parallel between the present and every other time a gross excess of debt has collected in the economy?"

 

"no, i didn't. hey, i'm sort of hungry."

 

the other is that conscious awareness of an uncomfortable situation often is avoided as long as possible.

 

but no matter who is hauled in front of the cameras or how much fiat currency is printed and pissed into the wind, this will run its course. it is inevitable. this is the endgame.

 

the flash point will be when enough people come to this same realization at the same time.

 

this could happen tomorrow. at the speed of thought.

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The casino is still operating over there I see but market flat here. I've had mobs of put signals over the past week, gotta say I think it's gonna drop big time SOON. The DOW has to break formidable resistance at 8800 and the way our market acting today I'd say it won't make it, not in the next session anyway. Signalwatch saying NAZ & OEX near or at resistance as well so I'm expecting you guys to have a down day.

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Anyone notice those bullish descending wedges on the VIX, VNX and QQV daily candles (easier to view from a distance on the weeklies) ...

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B4 - you're a smart guy, I respect your views. I wonder about 6000 - 6500 scenario. 7500 maybe. It will be interesting to see how all the predictions pan out this year. I keep waiting for all the credit bombs to go off, but they never seem to materialize in any cataclysmic fashion. If these things don't come to pass THIS year, there will not be a fourth down year in a row.

 

One other thought. Is it possible that Greenspan consulted with Bush and the new guy Steven ? (can't remember his last name), and conspired to force money out of treasuries and into stocks by using the div tax cut, as opposed to some other form of economic stimulant?

Again, Gross says stocks outperform bonds this year. I will have a hard time betting against him.

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Sweef, it would be nice if the trendline on your chart held.

 

It looks like the $VIX is getting ready to head back up. Stochastics crossed up today at least.

 

SharpChartv05.ServletDriver?chart=$vix,uu[m,a]daclyyay[pb50!b200][vc60][iup5,5!la8,17,9].gif

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