Market Factors
Bullish Factors:
1) The market always goes up.
Bearish Factors:
1) DIA has not taken out its rally high from January 19th.
2) SMH left behind an un-filled down-gap Thursday morning.
3) The #2 leading sector XME is still a good distance from its January 11th rally-high.
3) The #1 leading sector XLF has not yet topped its dramatic island-reversal rally-high from October 14th.
The SPX broke out the top of my triangle. However, if the market stays range-bound here, struggling at the rally highs, I will be watching for another triangle to form. If you look back at George’s Triangle, you will see that it formed only after several days of struggle at the highs. The moral of the story is that if the market is going to roll over here, it will likely do so after a more prolonged struggle.
Shall I Create Some Jobs?
I just got a letter from the Census Bureau saying that my Census 2010 form will be arriving soon. If I fill it out and mail it in, I will save the taxpayers some money. But if I throw it away, I will “stimulate” the economy by forcing the Census Bureau to hire somebody to come looking for me. President Obama should give me a medal for that, no?
Julie
It wouldn’t matter, cuz there already isn’t enough gold to truly back all the paper gold fund securities. There is a cheat in every corner of the room these days.
String
Matt
XME is weakening, could you push it off the cliff please?
String
Joan,
Yes, there are three or four forms of the word in Spanish.
“Triple Triplets” is K’s term for three identical numbers, either positive or negative on the indexes. Ex: +111, +222, -222, etc. The most famous was -777 on the DOW.
George I thought +777 and -777 we call “Casino Royale” ?
SPY dropped below the 15min 36MA and is testing it.
That’s Better than “Snake Eyes” K.
If you are interested in the sting operation
that the big boys are operating, google
…sultans of swaps…and click on link.
I was wrong about the size of this sting. It
looks like George has us over the barrel for
$605 Trillion.
Julie,
It’s even better than that:
http://www.usdebtclock.org/
Not much of a sell-off: I do better than this at a yard sell.
George,
Do we get a SPX swing down to 1126
or lower???
Ah,
I’m catching on, eventually I will get the lingo!
Thanks and have a great weekend!
You too Joan.
String,
The XME wasn’t in the mood to cut the bears any slack today. It was close there for a while, but the market pulled another rabbit out of its hat. You would think that it would run out of rabbits eventually…
Matt
George,
I found out I never boiled eggs the right way.. I’m trying a rather weird way compared to my previous method.. will let you know results in about 15 mins (they’re cooling off) not that you care but first steps as a good chef should be blogged on a trading website LOL
Julie,
I’m checking now to see what’s going on.
This latest move up has put SPX daily 3 bucks over its previous high. On the weekly, this was merely a little dip on the chart. I don’t see any weakness on the monthly except that the MACD trendlines are below the zero line.
Intraday, the SPY has turned down on some of its indicators. This is normal to the degree of making cycle lows and recovering. The 240 chart has turned down a little on its MACD but again, that is okay unless the trendlines cross.
All in all, if there is going to be a reversal, I’d be seeing a cascade of 9MAs crossing their 36MAs to the downside on the time frames and that hasn’t happened yet.
K,
If you boil eggs in white vinegar, they will turn to rubber and bounce.
K,
The secret to peeling boiled eggs is to not let them cool too much. The shell contracts to the membrane and makes it difficult to take off.
George,
I knew this was an odd time for cooking em. They were still RAW when i cracked one so I ended up eating a fried egg. AM retrying again with the second one
I want to keep it moist on the inside unlike the times where it’s whiteis instead of the orangish glow.
anyways this is in preparation for fdic time
WHOA Hold it right there!
On Thursday, March 11, 2010, LibertyPointe Bank, New York, NY was closed by the New York State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
Thursday closings? oooooops
lets see how many will add up today.
http://blog.afraidtotrade.com/a-second-spy-intraday-triangle-forms-march-12
I’d love to read this blog on the Ipad!
if 1150 broken party. bias UP. Enjoy the weekend.
Mitch!
I’m guessing you’re in line to buy one?
George,
Will try tomorrow. I got close but like everything practice makes perfect.
I’m 0/2 today in egg boiling
Matt
Dollar was too weak today, and that propped up XME. I tend to believe a lot of what I read on HFT is conspiracy theory stuff. However I am starting to beleive there must be something to it. I mean how does GS have 100mil trading days when I sit here and watch millions of shares trade a day in SPY in a 5 penny range. Dunno, I have lost any faith in fairness. To catch a thief one must think like a thief. To profit in this realm seems to imply thinking like a thief.
String
K,
I like what I’ve seen with the Ipad.
K says:
March 8, 2010 at 5:54 pm
traders and speculators also kicked apple from $200 to 85 but apple did nothing wrong so it rebounded even stronger.
doesnt matter if speculators attack. if you can survive it (aka dont have an underlying problem for them to speculate on) then you’re good to go.
K,
My thoughts as well.
Mitch,
That’s why instead of being purely technical I now have started doing hybrid evaluation. Only thing missing is Free Cash Flow but i’m not there yet.
Have a good Weekend.
K,
Good chart link. I also read his comments on the Elliott Wave count – as usual, so many interpretations.
I boil my eggs 15min on medium to medium high heat. You want the water boiling lightly, not a gusher. That way they will not be too hard boiled. Cool them only enough to be able to handle them then peel them immediately.
Happy Easter
Mitch
It is good to have you back. We seem to have lost Jungle Lady, we didn’t need to lose you too. I still miss ole Dave. The last time we heard from him he was suffering badly from gout. We never heard whether he got better, and that is troubling me.
String
Sting,
I wondered about Dave and JG too. I’ll be on my best behavior should they come back – promise.
How about Obama getting stuck with Matt’s export meme? haha
K
I have my ciabatta dough mixed and covered. I will cook tomorrow morning. I am having homemade pizza tonight so the oven should have cooled down to just warm by bedtime. I will let the dough sit in the oven overnight, and cook tomorrow morning. I will update you Sunday if it worked.
String
Mitch
I wanted to vote for Obama, because I bought into his rhetoric. He is slicker than slick Willy as for as I am concerned. I really thought he might mean what he said. Here I am nearly 60 and gullible as ever. I didn’t vote for him because I have always admired McCain. NOTHING ever changes though. If we taught the truth in High School government classes it would embarrass the teachers. I have just become such a cynic, it even bothers me.
String
Stringm, I will update you tomorrow as well. Being my first “bread”
Btw I went to yahoo finance to pull up AAPL income statements and Balance sheets and oddly they’re missing?
shame yahoo shame.
K
I don’t think balance sheets mean anything. These days NOTHING can be trusted. Just like the other day when the FDIC announced they were selling loans from seized banks, and all the other banks that were partners on the loan squealed like pigs. If the FDIC sells loans for $.40 on a dollar, the other partners have to mark their loans to that. Since they are carrying them on the books at par, marking them down will make them the next seizure candidate. You can’t trust a book for anything, and it is really kinda sad. I feel for you and the rest of the youth of the world, my family especially. My generation did not hold true to their morals. I was raised different than this. I still want to believe a man’s handshake is as good as his word. Until we get back to that, we are headed the wrong way. I will be in pair-o-dice before this gets turned around, good luck to you.
String
String,
I just wanted to see how healthy apple would be going through my valuation that is all.
K
It has not been that long since AAPL was under fire for back dating options grants. Whatever you see in print means nothing. They are concoctions that vary from one company to the other. If you believe it to be true, you will be disappointed. You can’t even compare one companies lies against another, cuz they all lie different based on the conditions at the time.
String
Stringm says:
March 12, 2010 at 7:07 pm
K
I don’t think balance sheets mean anything. These days NOTHING can be trusted. Just like the other day when the FDIC announced they were selling loans from seized banks, and all the other banks that were partners on the loan squealed like pigs.
String,
I read that one too. I got the impression FDIC was going ahead with it though. Did you see the figures in that article for what the loans were selling for after FDIC takes them over and sells them off – 40% of book for performing and 20% for non-performing? Yuck! If those are lies I don’t want to know the truth!