On Larry Kudlow’s CNBC show Tuesday night, Steve Leisman reported that high government officials said that they are content with the dollar’s “orderly” decline. So, it looks like The Fly just got the punch-in-the-face that he requested.
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SOLD DDM bought yesterday for 80c gain at open
sold TBT for 1.14 gain at open
Phil
As I have said in the past I have a problem with wave theory, it always reminds me of the Dr. checkup I hate. That said I concede that I should explore the theory. Five waves up 1,3,5 being up 2,4 being corrective. ABC down to start a 5 wave pattern down. I think that is what I got so far, but I am not sure. Where or what is the best material to get started on this journey with?
String
basically gone to ca$h, for now anyway.
bestwishes
1065 target
STRING http://www.tradersedgeindia.com/elliott_wave_theory.htm
STRING..if you can understand elliott wave theory you will understand why those double bottoms ..triple bottoms ..head and shoulders etc are nonsense….i explained it before but if you read what i sent you will see why
String: Using Elliottwave for your trading is like using your car’s rear view mirror for driving forward. The results in both cases will be a disaster. Don’t waste your time learning it.
Phil
Thanks, I’ll take peek.
String
STRING..you will understand why buying breakouts and selling breakdowns can be EXACTLY the wrong thing to do…..like the july ” head and shoulder ” everyone saw….SCROLL down halfway..just below the fibbonacci box you see (( SIMPLE ( zig zag)))doesnt that look like a head and shoulder ???but i warned george that it would explode upwards as it should and did……let me know if you dont understand why….phil
JIM……i warned you of upward explosion in july….thank you very much elliott wave
phil Says:
November 3rd, 2009 at 10:00 am
phil Says:
July 7th, 2009 at 11:39 am
george…see above chart for h and s …..see how we are toying with so called “neckline”……we will break it hard soon and convince the majority that h and s is in effect….then we go up near spx 1000 for final top dragging all bears kicking and screaming….be careful george
>>>>2 th FIXER. …this was my post about head and shoulder nonsense back in july befor upward EXPLOSION
JIM>>>>>>>in case you did not see this……………phil
Phil: If Elliottwave really worked reliably why is Prechter only right once every 27 years???
JIM….he is not being objective…..i abandoned his adivice during the bull up to 2000 because he was calling every scary drop off a peak a truncated 5th wave implying the trend was turning down… anyone could see it was a 3 wave correction against the uptrend….he was biased ..brilliant people have trouble being objective
JIM….scary drops off peaks in 3 waves are the hallmark of BULL market corrections…
BUYING more UUP here……i want dollars
DOLLAR upward blast coming soon to a screen near you..( “Screen near you “quote courtesy of MATT)
the next phase of dollar rally i think its a C wave coming up….should correspond to SCARY C wave( sorry scotty) down in stocks to END this correction mid november and begin HUGE SANTA rally…..QUOTE me on this JIM
K…i am starting to remind myself of you with all these posts..lol
Phil: I think Prechter was wrong so much because he fought the Fed. When the Fed starts to tighten, that’s when this bull market ends. Until then it’s up-up and away.
38% retracement here http://www.stocktock.com/wp-content/uploads/2009/11/spyfib.png
JIM..i believe the fed is a follower not a leader…look for 1 month t bill rate start to rise…the MARKET will tell the fed WHEN to hike…they only FOLLOW the market you will be weeks behind the curve if you wait for FED
I’m resisting to post phil. Lol
Am afraid 13 points might not be good enough for Julie or Matt.
JIM 13 wk t bill LEADS FED up and down http://www2.barchart.com/commentary/story.asp?id=118518
JIM think of BERNANKE as a dog on leash..13 wk T bill is his MASTER..lol
K..i am not posting any more until you catch up to me ……lol
Phil, you have a long time to catch up to me. I usually pass you after 5pm. Haha
You have to admit some of what I post is helpful (0.5% of my posts LOL)
K …MUCH more than 0.5% ….. at least 0.51%…..lol
K,
I’m in a winning trade because of the “stock operator” concepts you posted. 2/3 in and it’s going my way!
MITCH….BKX….BANK index shows 3 wave rally…ie no bottom yet…hope your trade is not long banks…..lol
Mitch,
I hope that mentality works well. I’m in 3 trades with that method
Phil
You think TLT will make it down to 87 range?
String
STRING…months ago i discussed with mitch to dump his tlt because a test /break of 87.50 was coming…..thats why i sold almost all my zero coupon treasuries….they would get killed….but i will be buying with both fists on break of the lows
Phil
I will buy with fists and toes. Let’s make it a consolidated effort
String
STRING…buy 10 yr notes ….not TLT…there is no maturity date …TLT is forever
STRING…are you feeling back to normal now???
Phil
I am already back to walking between 3-5 miles a day. i can’t build up to the 7 miles I was doing just yet. Stamina is coming back, and pain is completly gone. 2-3 weeks and I should be perfect.
String
phil,best dump those dollars
SCOTTY…i want MORE dollars……
go for it
Hey Phil get your wheel borrow out for all those dollars,seen as how emerging economies are buying gold.
Scotty
Just call this Zimbawe, USA.
String
SCOTTY…….oh yes lets buy into the blowofff…remember when those central banks dumped their gold in 2004 and 2005??? nice timing
Scotty…..they dont take gold at mcdonalds…you NEED dollars
But they do serve GOLDen fries
GEORGE….yes it may come to Zimbabwe usa…just make sure you have more dollars than anyone else in case those burgers cost 200 bucks each
May need 10 bucks for a big mac.
Phil convert your gold back to dollars in 2 years after the dollar falls to .50 and gold is at $2000
Phil
You have drawn all the fire today. I am still with you though. Your logic always is good, even if your timing has a slop factor in it
String
Can’t raise rates cause com.& Res. Real Estate is still in the crapper
SCOTTY….i see 5 waves up from the dollar lows oct 21 …i want to see if those lows hold…that could be the bottom…for a while at least ..if correct a sharp dollar rally is coming as a C wave up……that ties in with SCARY WAVE C down in stocks mid november…..lets see what happens
Scotty
If they had not done away with Mark to Market, the crapper would already be flowing over.
String
Thats all we can do,I read thru this fed statement that the economy is a lot weaker than they are leading on.
Watch the canary in the coal mine,its red.R2K
STRING……you described me to a ” T “…..i am usually correct but my timing is crappy
SCOTTY….also 3 waves up in BKX says banks go lower
yeah I see GS not doing anything today
Too volatile for me. I have put my few sheckles in my pocket and I am gone. See y’all tomorrow, have a good evening
String
STRING…..hasta!
Phil, thanks. I have no special drawing rights at IMF but my country does. India doesn’t either and bought 1/2 of the quota at market prices. So, countries with SDR don’t need to buy gold. I don’t see what happened with India buying as bullish for the metal. I do see upside in India though.
As for $, there should be enough in circulation from lower mortgage payments and energy costs reduction. Libor is at .25./. – resets are toothless tigers but we can look for that to change when Trichet stops the infinity amount of Euro loans. Stimulus to states had helped there budgets and the infrastructure portions should help with some jobs and tax revenue. Sorry, but contrary to foreign opinion we’re not wallering in Fed Res. Notes.
There really are a bit of green shoots. Please define bit. Lol
BKX breaking to new daily low..3 wave rally takes its toll..new daily lows ahead
MITCH…i am curious …what is your investment that is working via jesse livermores advice??
Phil,
I am in EAT. With first basis at 12.48. Second buy was 12.95. I am being threatened now but I can take it or leave it now.
PRECHTER coming up on CNBC……he is worth a free listen
He is very bullsih on the dollar
Matt and Julie,
Did 15 points count for an up move?
Canary is dying
MITCH……i see EAT breaking the 12.38 lows….i see a 3 wave rally it just overlapped the first wave ….i would bail…..but take 1/2 away at least…….
Scotty, sing this: “I want my baby back baby back baby back.”
SCOTTY…prechter thinks dollar goes up for years…heck im just looking for a couple of weeks
me too
Mitch,don’t want my baby back I want S&P to follow that birdie
Phil, I was afraid of that. It is somewhat protected. Risky business baby!
Maybe cisco dumps
Scotty, this market can be liquidated at anytime.
Aftermarket I noticed $ weakness and market strength but whatever reason caused that seemed to subside and the futures are lower no?
Mitch,
The futures got crushed by 20EMA daily at 1058
So did the S&P at 1060
check it out and let me know
Next Up or should I say down? 1011 (1045-30= 1015 is it not? well Julie this one’s for you)
Goldman Sachs’ (GS) Q3 trading record: In 64 trading days, it lost money on just one, and made more than $100M/day on 36 days
Q3 2009′s winning percentage has come in at 98.4%
Mitch
The CEO of EAT is Doug Brooks, and i played High School Ball with him. Now you are almost famous
String
K,
I see the 20ema resistance.
Stringm,
I’m so glad that you’re almost back in the saddle. 3+ miles a day is great! I take a segway to the lightrail and that’s it. Just kidding. I let the sun shine illuminate on me and walk a bit – when I’m not running from scary Scotty and K.
Hey!
I’m not scary!!!
http://thereformedbroker.files.wordpress.com/2009/11/periodic-table-of-finance-bloggers1.jpg
K, once I was sitting long and there was a market war going on – tremendous volley of fire both ways. Scotty kept the bear speak up and I was enjoying the taste of my blood and then . . . . WOOSH! Scotty said, “raking them in now.” I was stunned. Scotty, that was you wasn’t it?
K, I’ve been axed by your calls too!
Mitch,
I have disclaimed
“As always use caution as these are my observations and I do not make decisions for anyone other than myself.”
I carry no Axe! I just take soup away from you. I’ve been axed by my own calls Mitch, we all have
K,
Never been hurt by you K. You’ll call for 15 down and I’m long. And I get axed. Self inflicted baby! I’ll sit sometimes – wasn’t that a Livermore lesson?
Livermore went bankrupt 3+ times after making millions
by bankrupt i mean $0 left in pocket lol
K,
Ever take advice about a girl problem from a person that never suffered a heartbreak?
Girl Problem? WHat girl? haha
http://europe.theoildrum.com/node/5917
and
http://www.moslereconomics.com/2009/11/04/short-rate-thoughts-deflation-radical-thesis-turnaround/
love the first link big time Yerk. I’m very visual.
http://static.businessinsider.com/~~/f?id=4af1fc0c0000000000f044d0
K, I love the source of the second one
Merideath seems to have released something in the same direction today, too. Have not seen a link yet.
Nice job K on the rally.
Not quite as high as I was looking for, so my automated trades didn’t kick in. But, the Bradley date is still next week, so perhaps we’ll rally into that and hit them. I’m trying to exercise patience and wait for the market to come to me.
Phil, nice profit on the TBT. Did you grab any later in the day before it went to $48? I’m still holding some at this point, but looking to fade the rally. I’m loving EWT, but still look at TA and patterns to look for price moves/timing. I feel for you on the timing issue–it is something I’m working very hard on!
The S&P 500 Financials Index slumped 1.5 percent, the most among 10 industries, after the House vote and as analyst Meredith Whitney said the biggest U.S. banks may face declining values on home-loan bonds with government backing as the Fed prepares to end its $1.25 trillion purchase program.
is that what my girl said Yerk?
Btw for anyone interested in some free movie time watch PBS’s The Ascent Of Money (2hrs long but awesome)
Yerk, appreciate those links. I read all of the second one. The first will take some time but I see the premise.
Where is Phli??? His dollar is slowly rising
Phil is a trader by day and emergency room worker at night
(just kidding phil)
K,
Thanks for the pump. One more and I can
turn the accounts over to Adam and let
him make them a fortune.
Julie, I have an eye on Adam as well. His marketing material is pretty compelling.