Note to Barack “Dithers” Obama:
Make up your damn mind already and bring the troops home from Trashcanistan. Start with any National Guard units that may be there; they might be needed for Operation Enforce Global Economy right here in the USA.
What is Operation Enforce Global Economy, you ask? The pillars of the global economy are our foolish free-trade agreements with low-wage nations which encourage American companies to move plants and jobs out of the country. Everything is going according to plan: millions of Americans have been, and continue to be, thrown out of work, while everybody raves over the fabulous economic growth of the developing nations. Of course they are doing well! We are giving them our economy!
But the question is: how much longer will Americans go along with this foolish policy? The citizens of Detroit are not an exception. The plants they used to work in are now located in Mexico and Asia. Cobo was not an anomaly. That scene could be repeated in any American city.
Just be glad nobody has figured out how they have been betrayed yet. You should immediately begin figuring out how to roll back our trade policy to pre-NAFTA standards. With a sufficient tariff level, factories would pour back into the USA sparking a huge economic revival. One thousand factories would come back from Mexico alone, and maybe five times as many from Asia.
Imagine that: thousands of new factories being built. Millions of Americans going back to work.
What a beautiful thing that would be. All those desperate people in Detroit and other cities with new jobs; happy and prosperous with a newly-revived American Dream. They would have to carve you into Mount Rushmore.
In the mean time, do not hold any more events like Cobo. It is definitely not a good idea to encourage the unemployed masses to congregate. Set up a website where they can fill out the forms online; at least until the troops are home.
George, I mentioned FHA last night
btw
SPY About To Hit 52 Week High… On Lowest Volume Of The Year
HIP HIP HOOORAY!
oh by the wya will we see the lucky 101 bank failures this weekend? I have yet to check but will keep posted
Deal signed for Hummer sale
GM to sell the SUV brand to a company in China.
HAHA can i laugh harder? nahh cause i’ll start coughing
Matt, your last paragraph nails what confused me so. I don’t think they would be so stupid over here…
The troops can go home now. The prize has been awarded. But why didn’t oil go down today?
FHA is the next Countrywide
Matt what I find interesting is taking a look at things ecologically. Not so interesting is when I am part of the food chain. Obama has probably seen or heard the word JOBS more this year that Steve has. And Steve signs a lot of checks.
Mitch
SYY caught a bid today, will be watching Tues., THX
String
I try to serve up what I know people like! You have been helpful to me. I’ve got a call spread working on a highly volatile stock. If I make it out alive I’ll fill you in.
Sounds good, I am not trading much because I can’t sit down and I have trouble typing standing up. (Or Sitting for that matter). I hope they can help me after the MRI on Monday. SYY went ex-div this last week, and I had forgot about it. There was run up the day before. That is a good pattern to look for. I need to get off these pain killers so I can think. Have a good weekend.
String
The long term investor in me (vs. the speculator) is the proud owner of many shares of TBT all accumlated below $47.50 during Q2 and Q3. My day finally came, with many more to come! I’ll lighten up once this move is over to a more rational position in the portfolio, so I am seeking TRADERS’ advice on where this group thinks TBT peaks this time around (it was 59 last time, with a nice gravestone doji giving away the top). I have my opinion, but don’t want to tarnish the thinking of this fine group. I’ve sold covered calls against the position in the past, and thankfully didn’t find the right premium/strike so far in OCT. But another move up like today and I’ll be looking to lock in some good profits through selling call options.
Mitch, I finally decided on an XOM triangle trade and had the chance to buy the first piece today with the price over $69. Was tempted to sell an OCT 70/75 call spread looking for an expiration without breakout, but you know the laws of speculating: as soon as you do that, the breakout occurs and you get clobbered trying to capture a miniscule premium! I missed the 12:30 scalp in XOM and was kicking myself the rest of the morning. Hope someone else grabbed it that was watching the chart.
Thanks again for the warm reception from everyone and allowing me to tag along this board (Matt).
Matt,
Nice writeup. Agree 100%. It’s beside me the lack of sanity within the beltway. I suppose they are doing the best they know how, and therein lies the problem.
K,
I must have missed your comment on FHA. I was just getting you used to married life.
So here I am, moving 70mph in VA, pouring down the rain and I’m on the Internet cracking Jokes on the blog.
Is technology great or what? And I didn’t buy AAPL why???
…just sayin’
Thanks. Been thinking about giving my life up to a wife.. haha
Go for it K!!!!!
This note from inside the beltway: Obama got the Nobel for not being bush!
No George,
Not before I watch All Rocky Movies.
Just got done with #2 haha (of course have watched 4 and 5 before)
that music pumps me up! when i have it running i trade great
have a good night.!
stop encouraging me to marry before I can drink man!
Seriously though, Obama was only in office two weeks before the nomination process for the award!
Howdy everyone. Been a while since my last post (and trade for that matter). But I have been reading almost every day. I got run over by this freight train of a rally at least three times…but that easily could have been a dozen times. I feel I have gained a bit better perspective over the last six months.
We appear to be very close to a tipping point. Here’s what I’m watching as an indication of a trend change (further up or back down):
- VIX has been range bound between 22 and 30 for a while. If it breaks 30 and can hold it for more than a few hours, something interesting has happened.
- 10 Year Treasuries look to be poised to take another shot at the top of their down-trend line after dropping through some support just a few days ago. Anyone else think they’ve been acting a little strange over the last week or two?
- EUR/USD has once again tagged its top line and jumped right back down. Watch to see if it can get above that level or decides to drop back down (it has plenty of room to drop too).
- Oil is STILL above $70? Now I know I’m dreaming. Where the dollar goes, so does oil – for now.
Finally, there is some very fun stuff approaching in SPX, most of which should have an outcome within a month or two and could represent some serious long term trends:
- I still show an intact rising wedge on /ES daily since the March lows…lower line is currently at ~1010. I wouldn’t short (for more than a day or two trade) until we break the lower line on strong volume, preferably after bouncing off of some of the strong resistance just a bit higher up:
1. 50% fib from the Oct 07 high at ~1126,
2. The upper side of the rising wedge will hit ~1100 by the end of the month,
3. The 88 week moving average – which has kept bull and bear markets alive for the better part of the last 20 years is just taunting us at ~1077 and gets lower every week. A weekly (key is weekly) close significantly above this and it seems almost certain that we will go to the mid-to-low 1100’s, see (1). I would expect this to happen within 2-3 weeks if at all.
4. Finally, there is the downtrend-to-end-all-downtrend lines from the Oct 07 and May 08 peaks looming above us in the mid 1100’s. My how that seemed so far away back in March. I can’t imagine this thing gong down without a big fight. I show the wedge and downtrend lines converging in early December. All bets are off if we break above that thing.
If we were to get near it at all, it represents one of those “so stupid and obvious” trades (to initiate a short position) that you almost don’t even trust it at all.
At this point, 1080 on the SPX seems like a given for next week. A double top followed by a drop to the lower part of the wedge is certainly possible, but with the fifth or sixth fake-out on the bears you can’t help but feel a little nervous when we go down. It seems like we need to hit some real resistance before things set in to the downside.
So until we either break the lower end of the wedge (again preferably after bouncing off of some of that resistance) or we charge through that downtrend line (4) I will remain on the sidelines. For those that don’t know, I generally go with options trades that last several months. Timing is key.
Anecdotal evidence to take however you please:
- I still have two friends that are unemployed (one for nearly a year and the other for several months).
- Two blue-collar coworkers just got their 60 day layoff notices today at my work. Three others have already gotten the boot (out of a team of roughly 20)
- Several coworkers have asked if I am “buying as much stock as I can.” Presumably while it is still “low.”
- My accountant friend told me last week that he called that the recession would be over several months ago (and claims to be right despite my request for more evidence than “Bernanke says so”)
- Another coworker who announced back in May that she hated her job and planned on quitting within a few months is still here as she hasn’t found a new job. She has now said she will be gone by January….
Cheers!
Jeez these little text boxes can sure hide a novel, can’t they?
I’m sure El Presidente will contribute the $1.4M “Prize” to help reduce the federal deficit. Perhaps he could appoint a Czar to oversee the creation of a new money wasting government bureaucracy which will never go away: “The Office of Deficit Reduction.” I’m sure once they whittle away at that small pittance, they’ll get an earmark or two from Congress so they wouldn’t have to endure any “cut” to their budget.
Or perhaps he will follow in the footsteps of other great modern philanthropists like Bill and Melinda Gates, Warren Buffet, and “fill-in-the-blank with your favorite Hollywood Idiot” and donate it to a foreign charity. Goodness knows foreign countries don’t have enough greenbacks already!
Then again, I hear ACORN is seeking a wealthy benefactor to help replace their generous Unlce Sam’s contributions that were recently reduced.
And finally, perhaps the “Prize” could help pay the delinquent tax bills of some of our esteemed Department Secretaries and Congress members that can’t seem to make heads or tails of the byzantine tax code the rest of us have to live under!
[With apologies to David Letterman, I just didn't have the energy to create an entire Top 10 list after spending the last hour in the "bunker" with my highly paid assistant.]
Perhaps someone else can finish it up!
Thanks Towelie for the post. I’m thinking along the same lines and targeting the S&P 1100 level as the place to be nimble and let the market tell me where it wants to go.
The only thing missing in your thesis is the capitulation of the Bears. I think as long as Put protection is cheap and in place, the market is going to have a hard time correcting.
Could we possibly get the Mother of all Head & Shoulders Tops with a bull run back above 1400 in early 2010? At what level would the experienced chart readers on this board consider this current upswing the right shoulder? Already there at 1080? 1100, 1200, 1300, 1400?
Great comments … George I didn’t know about the two weeks. The peace prize committee has already been under severe criticism for making political statements. It damages the institution, favoring spin over substance seems to be the sign of our times.
towelie, thanks for the summary. I’m expecting a rather violent bump on the road to prosperity soon – Monday has been the projection, some give a bit more leeway (http://tinyurl.com/ylp7d76). When the dollar carry trade gets reversed for real, remember the last words to be spoken on the bridge of Khazad-dûm… (http://tinyurl.com/yza85×6) Between the top and the reversal some weeks may well pass. The more violent the bump the higher the likelihood of new highs ahead, especially if the bulls don’t get their beer this time.
Hey Folks – nice summary from Towlie indeed. By and large think we all buy into it? If you haven’t read Barry’s recent post on the “Most Hated Rally” here’s the URL:
http://www.ritholtz.com/blog/2009/10/the-most-hated-rally-in-wall-street-history/
In it there’s a link to an FT post/chart on an exchange-rate adjusted SPX which is worth following up. That was sufficiently intriguing I did my own version and started with the inflation-adjusted SPX and applied both major and broad currency exchange rates:
http://llinlithgow.com/bizzX/MktCharts/LTMktPerform/SPX73-09adj.jpg
The results are intriguing – for one thing we are running into resistance at the ‘03 low. For another deflated and exchange rate adjusted SPX ran in tandem from ‘73-’03 but as the balance of trade worsened there’s been a very wide divergence. Very wide.
A whole new perspective IMHO.
Finally for your weekend reading pleasure let me recommend Vitaliy Katsenelson’s Active Value Investing – a presentation version of which is on Scribd.
Something strange!!
either the FDIC went on a 4 day vacation cause no bank failures this week. Very ODD!
K,
When you have some time checkout…
….wysonghealth.net…I think you will
like their products…sign-up for free
health newsletter.
String,
Everyone here is praying for you.
You told Paula that she explains things better
than I do;so, here’s her latest…the second
weekly correction took the SPX down to its
lower BB and 50 DMA. It also formed a positive
divergence W bottom on the full sto 5,3,3 telling
you to look for a bounce with a possible target
above the second week correction high…1070
to 1075 area.
She also suggests you go to…
…wallstreetsentiment.com
click on achive issues…click on and read latest
issue.
Have a great weekend.
Thanks Julie!
George,
I passed on your kind words to Grandfather.
He said thanks…but the honor was really his
being able to serve with the world’s finest.
Also don’t worry about the foxhole…he will
take care of it…he was in the Combat Engineers
and still carries C4 in his pocket.
Have a great weekend…and enjoy God’s country.
While the Taliban’s invasion of the Pakistani Pentagon is getting the headlines, DEBKAfile thinks the Taliban is attempting to capture Pakistan’s nuclear arsenal in a separate battle:
http://www.debka.com/headline.php?hid=6313
Maybe Obama has dithered on the Afghan troop-surge issue because he is busy planning a new war on Iran. George Friedman thinks that this intelligence leak to The Sunday Times shows that Russian scientists have helped the Iranians so much that a strike on Iran may be imminent: “…not much time remains.”
String,
By the way I’m going to use the profits Paula
made for me while I was gone to buy a new
Prius, and then I will think about how much
I should give her.
Wow, some great posts today. Towelie, good post and glad to hear from you. 2thfixr added to that missive.
Yerk,
With respect to my comments about Obama, my lawyer FDA bro-in-law sez that the approval process ENDED the second week of Obama’s administration.
Julie,
Oh, what a great story about your grandfather carrying C-4 around. MY KIND OF GUY.
I’d luv to meet him and hear all of his stories!
Matt,
Thanks for the update on the Middle East goings on. There’s some spooky stuff amiss. Tough decisions will need to be made soon.
George,
Thanks. We love him…and he has a
ton of stories.
JG,
Who else’s opinion do i respect more about EW when presented with EW confusion ? (See below)
George,
I miss you & often think about you. I understand that you have had health & medical probems. Sincerely hope that they are getting better.
Julie, Paula, glad to hear that y’all are doing really well; hope the same with Sherry.
JG,
Note #1: I am now counting the corrective wave that ended in July as intermediate (2), a zig zag that started in June. I had been counting it as a more bullish abc starting in May and ending in July.
Note #2: Within intermediate (1) from March to June, minor 5 < than minor 3 < than minor 1.
Note #3: I will readily admit that I cannot adequately subdivide intermediate (3) that started in July. The recent widespread index declines below the August highs make subdivision even more difficult. Prior to these late Sept declines I was counting early Sept as the end of an abc minor w 2 and therefore with very bullish implications.
Question #1: How are you counting the subwaves after July ?
Question #2: What are the implications of the recent widespread index declines below the August highs ? To me the only interpretation that I can put on the late Sept declines is that they prolong a running minor wave 2 correction. However, I no longer feel that comfortable thinking that we are in a 3 of (3).
Question #3: Do you agree that IF we are presently making “a" top that we SHOULD only be correcting the move from July NOT the entire rally since March ? The difference is therefore one of considerable relative proportions.
My MAIN concern is that we may be “soon” entering a very prolonged narrow wave (4) trading range correction that will make swing & position trading very difficult.
George,
Apparently, your medical problems occurred around when i posted the following message & you never saw it. The “feel sick” was certainly coincidental because i wasn’t aware at that time of your medical problems.
dave Says:
March 12th, 2009 at 3:06 pm
George,
after the next “low”, try holding some til you feel sick, then hold ‘em a little longer
Lol looks like i wasnt the only suspicious one
http://www.businessinsider.com/no-bank-failures-announced-friday-2009-10
Julie
Thanks for the prayers, they will go a lot further for me than any trading skills I can master. I didn’t really say Paula explained it better, I put most of the blame on me for being slow headed. Of course I wanted an out that it MIGHT have been she explained it better. I probably will not post again for a while so don’t think I am not listening. The only relief I have right now is laying flat on my back on the couch with my legs dangling over the arm rest. Not a good way to type. Later and thanks for the thoughts from everyone here. This old man has sworn off raquetteball.
Later
String
Dave
Glad to see you back. I responded to your email, but never heard back. I figured you hit it rich and left for Brazil.
String
2thfixr:
XOM intrigues me up or down. XOM’s execs will ride it until it’s dead and dilute all along the way. It seems low for max participation and only when they start failing to catch bids will they buyback. I wish the employees the best but let’s get to work on something else.
I could see money being made on trading this stock as it violently attempts to appear relevant. It’s really a big leach in the index.
Dave,
where have you been? See what happens when we send you out for a loaf of bread?
Correct, I went from a bad cold with infection to an operation. I’m all healed up and meaner than ever.
You were certainly correct about the market. And it hasn’t stopped.
Just got an apple laptop for my wife here in VA. The store was packed. They said they could be open 24/7 and still be slammed. There’s no bad economy here around the nations Capitol. Note to nation from beltway “send more money”.
Stringm, very sorry to hear about your back. Fortunately, like the dumb mule that i am, i have a relatively strong back compensated for by a weak mind. I only had a back problem once and i crumbled to the floor. No wonder they call it a trunk. I could only think of the way a railroad yard is laid out – trunk system. I did reply to you saying that i had PC problems that week. Btw, the joke of the day is they gave the Olympics to Rio because Chicago has too much crime. Besides my Speedo days were 20 yrs ago.
George, i did go out for that Old World Black Forest i think you wanted, but i got run over by a Frenchman on a bicycle named Jean Valjean. Have you moved to the north end of Tobacco Rd my old stomping grounds ? My best friend from college, a Marxist, lives in Manassas.
Unfortunately, as much as i love you guys i’m not really back. Just trying to live a purpose driven life – get educated by Junglebabe about EW correctness.
If anyone is interested, i’ll post some thoughts later this weekend about the USD. For several months now, i’ve resisted the siren call of dollar bulls.
Regards,
dave
George,
I’ve always said that it was outrageous that Arlington & Alexandria counties had a higher per capita gross income than Gross Pointe.
Later…
Dollar bull? Well I’ll be!!
I too am now considering working on a new strategy and trading long term swings instead of day trades that I have been doing. Sure superK is still super but it will be another year then that might be it. Although as simple as the system is it might last me for a decade if strategydesk doesn’t discontinue their old platform.
Run you fool! Run!
http://www.youtube.com/watch?v=Sex4fmjEokE
Dave:
post away! Glad to hear from you. I just finished speaking with some dejected Pack fans – Duke played Dr. on them. You’ve stomped around here? I’m minutes from all the ACC action you want!
Attention Investors: The Supreme Court Could Kill Sarbanes-Oxley
http://www.businessinsider.com/barrons-get-ready-the-supreme-court-could-kill-sarbox-2009-10
http://farm3.static.flickr.com/2524/3999099212_bd373a8e11_o.jpg
Mitch,
Yes, XOM intrigues me either way, but I have my idea which way it may go and trying not to let it get in the way too much.
Have you looked at the oil futures chart (caught it in Monday’s IBD)? Since oil is in an “uptrend” from $30 and the past few months have seen lower lows and lower highs in a nice channel, I’m guessing most here would consider that a bullish consolidation pattern (is that what you mean by a bull flag Matt?). If oil breaks out to the upside, XOM could get carried with it and the move should be big given the coiled spring of a nearly year-long triangle.
On the other hand, if the US (not necessarily the world) double dips, oil and XOM could move down.
Hopefully, the triangle pattern doesn’t peter out. If it does, there are always Crude Oil ETF’s to capture the oil breakout.
Dave, I’d love to hear what you have to say about the US$. Post away!
“…ample evidence that the Dollar is approaching an important low despite today’s action.”
Waiting for a declining 5th wave to end is like a woman waiting for her bf Godot to marry her. Of course, the 5th wave will end, but better money is made elsewhere.
Aug 5, 2009 11:53 AM
I liked Stephen Schork’s answer, sometime in the 4thQ 2008, to the question when would crude bottom. He said that he didn’t know when, but he could guarantee that he would still be short (at the bottom). I thought “Right on” ! Someone who understands that surprises are usually IN the direction of the trend.
Unfortunately, he has erred on the opposite side by being too bearish this year because of bearish fundamentals. Maybe, he was another permabear who was hitting the ball because that’s where “they” were throwing it. However, when the mkt started throwing the ball someplace else he kept whiffing.
I made the “declining 5th wave” comment after seeing EWI’s Dollar Index chart. Looks like plenty of room on the downside (sentiment included).
It constantly blows my mind how many traders, who have read the lit, ignore “Don’t try to pick bottoms & tops”; & ignore “The trend is your friend” & are constantly scalping 4 or 5 ticks in the direction or against the direction of a 4 or 8 POINT move.
Aug 6, 2009 2:56 AM
It’s interesting that this stk mkt damage has been done without the USDollar surpassing any important recent highs hourly or daily.
What if the stk mkt went down AND the dollar declined ??
Oct 1, 2009 4:51 PM
I remember our previous talk. I think we have something here. Everyone wants to talk about the dollar going up. Some were even talking about both the dollar & the stk mkt going up, but no one is talking about the opposite. Both could go down as a sign of lack of confidence.
A lot of stk mkt damage was done today & the dollar did not take out any overhead pts.
Oct 1, 2009 6:07 PM
Many have been calling for a Dollar rally for months because of the obvious Elliott Wave count (5th of a 5th wave) & extreme sentiment figures.
The intraday spikes have been just enough to relieve the near-term condition & extend the decline.
Someone on CNBC even speculated on the possibility of both the dollar & the stk mkt going up. No one has considered the possibility of both going down.
Oct 5, 2009 10:55 AM
It’s easy to “what if” anything, but i was really struck by the disparity betw the dollar (upside) & the stk mkt (downside) last week.
It will easy to see if this wrong because there are nearby signposts for the dollar.
Oct 5, 2009 11:14 AM
On CNBC, again they’re giving credit to the dollar weakness for the stk mkt & crude rally. However, if you look at an hourly or daily chart the USD hasn’t done anything yet.
Oct 5, 2009 3:17 PM
We’ll know easily where that premise doesn’t work. USD only needs to take out someplace significant overhead (downtrend line; MA; prior high). As they say “We can lean against those #’s”.
Sept 21 intraday spike stopped right on the downtrend line & reversed abruptly.
Oct 5, 2009 3:38 PM
the Dollar has reacted positively on hourly charts but essentially no different than what it did on 9/21.
Reacting bullishly on Daily charts will be much more convincing to me.
Bernanke’s comments do come when there has been a growing recognition of a possible collapse in the Dollar or a USD crisis.
Oct 9, 2009 12:39 PM
In summary: It became apparent to me in early Aug that many were calling for a Dollar rally because: 1) EWI was; 2) it was OBVIOUSLY in a 5th wave of a 5th wave; 3) the “extremely” high bearish sentiment #’s. Given where price was in the established downtrend channel (still too high), I didn’t think any of those reasons were sufficient. Btw, since it entered the 5th of a 5th wave subsequent intraday rallies that failed have extended into 5th of 5th of 5th of 5th ad nauseam. So, I decided I wasn’t even going to try to catch the bottom; time & energy were better spent elsewhere. Let it prove something on the upside first; there are plenty of upside signposts to heed.
The UUP volume spike Thurs was the first bullish development that has gotten my attention, but I still would want to see it do something on a daily chart like break a DT line; take out an important MA (pick one significant to you); make a higher high. I still think the Fed is in a real quandary & either choice will be bad for stk mkts. I think it’s still too early for the stk mkts to accept the idea of higher int rates (despite Fri’s Dollar & SPX rallies). At some point in the future that will be a positive sign that the stk mkt will like as a sign that the economy is healthy & healthy enough to withstand higher rates. For now, I still think the stk mkts want to see top line growth first. We’ll know soon enough. It’s not like we have to wait for a huge rally to throw out the possibility of a Dollar crisis AND a declining stk mkt.
One last very important reason why intraday blips haven’t gone anywhere. Dollar bears are really very “strong hands”. They’re much better capitalized than let’s say S&P bears, for example. By & large the public isn’t short the Dollar. And Dollar bears are sitting on big profits. It’s going to take more than intraday scares to get them to run for cover. What profits do S&P bears have ? It’s been easy to spook them.
Truly sorry about the length
Word of the day: “Trashcanistan”
(Mattgic).
I came across this on my iPhone. Go to docs.google.com and click on spreadsheets. There is COT’s Timer. Check it out. I’m on iPhone going to solar exhibit at the mall so I’m not able to dive into it.
Google the solar convention to see all of the houses they built for this event.
Well Dave that sort of simmers me down a bit and made me think of something. It seems that the buck will strengthen when fiscal restraint is evidenced by several of the initiatives (including healthcare) on the hill. I would think the markets will be ahead of any news of a breakthrough on legislation in Washington. Perhaps another reason why the dollar will not breakout anytime soon.
I’m just not buying the slow demise story it seems everyone is pushing. Other developed nations seem to think the US is content on allowing the buck to fall so we can import their currencies. Some of that is going on but I don’t think those countries are as strong as it may seem. They need the jobs exporting brings as well – perhaps more so.
Thanks for the input Dave.
Oil is up less than 20% since March 1. In Euro’s. The markets going forward will be about the dollar. Maybe
The lates volley from from The Telegraph, which estimates that the bank is on track to pay $22 billion in bonuses this year, or about $700,000 per employee.
http://www.businessinsider.com/goldman-set-to-pay-22-billion-in-bonuses-2009-10
YEAAAAAAAAAA recovery!
Don’t assume that the economic comeback means Dubai is out of the woods. Holders of its debt may be in trouble, unless the Emirate can raise more money.
An analyst at credit rating firm Standard & Poor’s says Dubai has “insufficient” funds to pay back billions of dollars worth of debt coming due, putting added pressure on the city-state to raise additional cash.
http://www.businessinsider.com/sp-dubai-has-insufficient-funds-to-cover-debt-2009-10
hey Dressguard, any thoughts?
from 8/21 A recent Ned Davis Research report noted that the USDollar historically has strengthened in August, but has weakened thereafter until the END of the yr.
I have not seen the report directly & sorry, but i don’t have a link. I think NDR does very, very good work.
George,
IF you “see” JG, would you please refer her to my October 10th, 2009 at 12:57 pm questions.
Tell her that i’m lost in EW land.
Thanks
Lots of intresting solar concepts at the decathelon. One of the neat ones was a solar popcorn popper, my no. 1 snack food. Yes, it’s above peanuts!
This place was packed and almost every house had someone that wanted to buy it although they were not for sale.
If the big traders are located in cities like this I can see why they are bullish.
Dave,
if I see JG I will let her give me a primer on EW.
I’ve been following that on various sites and they seem to differ in their opinions. It keeps me confused.
George,
I am confused too on EW but its only what you make of it.
this is wave 3… no that was wave 3 no this is wave 5.
will these knuckleheads stop it? lol
http://www.distressedvolatility.com/2009/10/leader-capitals-john-lekas-sees-dow.html
George & K,
I don’t even bother to look at most of those EW sites. EW isn’t, as i had written previously, the be all & end all for me but i certainly don’t relish the light at the end of the tunnel whistling at me.
K…..dont worry about elliott wave…just know we are in a bull market that will take out spx 1600…all pullbacks are buying opportunities
ok that’s good to hear phil.
I opened another account in order to have 6 day trades. I however will follow the trend (about time no?) whichever way it goes I will go with it.
I might choose 10 equities/etf’s to follow instead of looking for quick new plays.
K haha
i put my money where my mouth was on the eur/usd trade
dvolatility,
love your blog. am one of the many google reader subscribers
keep it up!
bagged $40 following the trend on eur/usd
thanks, I’m sure you’ll like who I’m putting up next.
Asia green except for S Korea.
shall we say Columbus will find a bloody america this time around?
Like Columbus, I’ll be traveling tomorrow. I’ll try trading via iPhone. That will be an experience.
K, nothing wrong with longer-term trades. Just apply your method to the higher time frames. I know you know that but sometimes I forget to do that myself because I get too caught up in the “noise” of the lower time frames.
remember 1067.91 in futures is 161.8% extension. isnt it about time we get those perfect fib retracements?
61.8% retracement is 1022-1035 area aka 30 point drop. I wont demand it yet like i did on oct 1st but soon watch out when i say I WANT SOUP!