Zero Edge Scores Another 0.0

I almost choked to death while laughing with glee when I saw these two bars on yet another moronic chart from Zero Edge:

Those bars are supposed to be a tally of withholding-tax collections from the 14th week of last year and the 14th week of this year. I’m sure that it looked perfectly normal to a poser like “Tyler Durden”, but to an actual expert on the subject, such as myself, it was a blatant error. The IRS often rakes in that much in a single day, let alone a week! The actual numbers are much larger. So, to grade Mr. Durden’s work, I must award him another:

And what about Zero Edge’s readers who commented on the post, many of which took shots at me? Not a single one of them caught the error! Big, floppy clown shoes all around!

Hang your head in shame Zero Edge community!

In your collective face!

Also, let the record show that Zero Edge is still refusing to acknowledge the giant withholding-tax cut implemented in 2009. To adjust for that would make their charts look much less dire. And we couldn’t have that, now could we?

As always, the only accurate and unbiased presentation of this vital data can be found at DailyJobsUpdate.com, which is operated by your hero (that would be me in case you are confused on the subject.) And, I will have you know that I publish charts both with and without adjusting for the tax cut, which is the only honest, professional way to present the data.

P.S. In case you are wondering, there is no disaster happening with the withholding data.

70 thoughts on “Zero Edge Scores Another 0.0

  1. Here’s a SPY 15min chart. The triangle has morphed into a (? ___fill in the blank____).

    Anyway, the upper line may not be complete yet with the last move up but when it does, odds are it will come down the the lower line, then back up again.

    I think we all are waiting to see if/when that happens along with 2thfixr.

    http://i41.tinypic.com/dcrm9e.jpg

  2. George we tickKle that 1222-1228 area get rejected the 1st time to your low point.then build up some power to blast thru,maybe this week.would be sweet play 1225 down to 12203-1205 then back up to 1230

  3. http://i43.tinypic.com/213fcg.jpg

    The above chart is a view of Phil’s 18SMDA Phil uses. Something he said about catching a knife and the 18 day got me to thinking. I switched the colors for you guys. The Green line is the 18SMDA, the Red is the same 18DSMA, only offset by 5 periods, or onne week. It appears that if the Green is above the Red, you are bullet proof buying dips. I have not had much time to backtest someideas I am having. Storm here Friday night and I lost 4 trees. That kept me busy yesterday. I start door knocking this week so I wont be around during the day. I am thinking there has to be someway to quantify this into a strategy. Any input would be helpful.

    Later, String

  4. Scotty,

    I agree, some zagging going to occur. Somewhere on that chart is an Elliott wave count that could paint a good possible road map. I just don’t know where it is.

  5. Stringm,

    Nice chart. Now do this: Get another chart with weekly time frame. Put the same indicators on it. There it will show how the daily affects the weekly. While the daily may have a sell, it will not be a sell on the weekly.

    So a strategy would be to enter a position on the daily. If daily signals sell, sell the daily but not the weekly until it says sell. That will keep the trade alive even after initial profits have been booked.

    What you’ve just created is a stochastic/MACD on the price chart.

    I like it.

  6. Looking at the weekly, I say we go to 1324 area before we fail. How’s that for a feerless prediction?

  7. George

    That chain saw ate my lunch yesterday. About the third large limb I fought onto the tractor bucket helped me pull a back muscle. Didn’t hurt that much yesterday, but today is another story. We had 87MPH straight line winds, that turned into a tornado about thee miles down the road. One house I saw had three large oak trees on top of it. Luckily the home was being remodeled and was empty. One of the trees I lost was a huge oak tree, that was uprooted. That one didn’t get cut up yesterday. That will be a week long project. I said a little prayer of thanks this morning at church. One family was not that fortunate. Tree caused an electrical house fire and the man died. We are here only by God’s grace!

    String

  8. Stringm,

    You had a hurricane bud. Hope you can use the firewood. I’m to the point I don’t trust myself with a chainsaw. When I was younger, I knew I couldn’t get hurt. Now I’m wiser.

  9. Stringm,

    I hit enter too early. Glad you were spared. Trees are extremely heavy. Even medium-sized limbs can kill ya. That’s sad news about those that had it worse than you. Such a mess too.

  10. Futures Prices, slight red ink for the nas, i’ll take it for now -g-
    Market Last Change %
    Crude Oil 85.19 +0.07 +0.08
    Natural Gas 4.383 +0.040 +0.92
    Corn 361.00 -10.50 -2.90
    Soybeans 1010.0 -5.0 -0.50
    30yr Bond 116.84375 -0.03125 -0.03
    10yr Note 116.453125 -0.375000 -0.32
    NY Gold 1154.8 +1.1 +0.09
    NY Silver 18.335 +0.112 +0.61
    Emini S&P 1211.25 -1.00 -0.08
    Emini Nasdaq 2050.00 -3.00 -0.15
    Emini Dow 11134 -8 -0.07

  11. George, the EW map I’m following is at PUGridiron and he is looking for a 3rd wave up here. Alt count is a final wave down to the bottom (what I was looking for Friday) and then up and out….but the takeout of the old high at 1214 severely damaged the alt count, so that is why I went long at the end. The most valid count is for a 3rd wave up.

  12. String, nice charts. Until those cross, stay long and strong. Keep us posted on your backtesting and progress of the charts. Thanks.

  13. 2thfixr,

    Pug’s charts do a good job of identifying what’s happening. Taking that channel into consideration, there’s no way price is going to be stopped by my upper resistance line.

  14. George,
    New post on my site. I won’t post link right now because I’m working out things after moving the site to my own dedicated hosting but just click my name 🙂

    i think you’ll like it

  15. President Hugo Chavez threatened on Sunday to nationalize gold mining concessions in Venezuela, accusing mining companies of damaging the environment and violating workers’ rights. “We cannot allow national and transnational mafias to continue destroying our homeland,” he said during his weekly television and radio program, “Hello President.”

  16. Yup George…once the high got taken out, the alts got beaten up pretty good, so you’ve got to think iii of 3 is on the horizon. If it does drop back a bit, just another opportunity to get long at a better price. That means the ascending triangle is in the works, but iii of 3 should be a gap and go (no price overlap area).

  17. Futures Prices
    Market Last Change %
    Crude Oil 85.28 +0.16 +0.19
    Natural Gas 4.493 +0.040 +0.90
    Corn 361.00 -10.50 -2.90
    Soybeans 1010.0 -5.0 -0.50
    30yr Bond 116.90625 +0.03125 +0.03
    10yr Note 116.453125 -0.375000 -0.32
    NY Gold 1156.7 +3.0 +0.26
    NY Silver 18.380 +0.157 +0.86
    Emini S&P 1215.50 +3.25 +0.27
    Emini Nasdaq 2057.75 +4.75 +0.23
    Emini Dow 11169 +27 +0.24

  18. Futures Prices, slipping a bit, green by 1 on s&p and nas
    Market Last Change %
    Crude Oil 84.88 -0.24 -0.28
    Natural Gas 4.500 +0.047 +1.06
    Corn 361.00 -10.50 -2.90
    Soybeans 1010.0 -5.0 -0.50
    30yr Bond 116.96875 +0.09375 +0.08
    10yr Note 116.453125 -0.375000 -0.32
    NY Gold 1154.8 +1.1 +0.09
    NY Silver 18.345 +0.122 +0.66
    Emini S&P 1213.25 +1.00 +0.08
    Emini Nasdaq 2054.00 +1.00 +0.05
    Emini Dow 11152 +10 +0.09

  19. K,

    I thought I responded to your last post about your website. Anyway, I really like the charts. Nice to see the calls pictorially.

  20. Speaking on Greece. Maybe the Plebes should take to the streets (the dock workers hummed their last ho today). World leaders are reporting that there’s a global recovery. The austerity measures gives this recovery no credit. So, now
    Greece is looking at a squeeze on its internal budget and higher loan servicing – something they could have done themselves with no 3rd party dictates. They have got to be wondering why they ever joined the EU with fixed rate Euro.

    Most people knew how this would unfold to this point but the roulette wheel spins again . . .

  21. After,

    The market is changing characteristics. Maybe it’s at the top of that trendline. I’ll check and see. I’m tracking support on SPY’s 5min. I think if it hits that area, it’s a good place to bounce.

  22. Looks like the world jumped into Treasuries this AM/overnight and dropped our 10-year below 3.8% again.

    So much for my gap and go….as I said…just do the opposite. 😉

  23. Nice reversal candle on the SSO 1-min at 10:38. If it stays above the $45.35 low there, time to start back up. I think that was a 5-min 36MA bounce as well George.

  24. 2thfixr,

    Yes, SPY bounced off the 5min 36MA. Stochastic looks good there but MACD isn’t caching up.

  25. After,

    SRS has made only minor retracements the past several weeks. It’s time for its 15min to recycle at some point – same goes for the 30 and 60min. I’m waiting on a setup.

  26. Bought SDS at $28.38 and sold half at $28.53. Letting the rest ride to the lower channel line or back into the low $28.40’s for a small profit. Good trading to all…off to drill, fill, and bill.

  27. Scotty, I sold the SSO (bought at $45.38) when it dropped to $45.51. Looking to rebuy below 1200.

  28. Phil,

    Looks like it hit the top of that channel resistance upper line and is backing off. Already oversold on stochastic but MACD just now getting going on its move to the downside.

  29. I was looking for a break of 1211,nothing so i sold my shorts,tried go long before close missed by 30 sec grrrr Phil scary C overrated

  30. http://i40.tinypic.com/b8p6b7.jpg

    http://i42.tinypic.com/ic4odk.jpg

    http://i44.tinypic.com/2463oqp.jpg

    Gang,

    Hope y’all had fun today while I was training to be a door knocker. Here are my charts that I would have traded if I had not been making 11 bucks an hour and $.50 a mile. I am getting to meet a lot of new folks in the county, and will be meeting lots more!

    Matt, I filed single with no exemptions, see if you can find me in the Treasury report.

    The updated 18DMA chart is top. No reason to be Skeered! I would not be long either. That is if I could have traded.

    Second chart is what I use to make a trade decision. Notice all my indicators starting to go down in the afternoon. I would have gone short using the last chart when all the 5 minute indicators started down as well. I would also be getting out at the first sign of any turn in indicators. I would have a baby calf position short, knowing I was against the magor trend.

    Don’t guess that means a hill of beans to any of y’all, but I just wanted to express myself.

    String

  31. String, thanks for sharing. Always nice to see how others play their trade.

    I noted the 1-min reversal candle on SDS (high volume, hanging man) and parlayed that into a nice profit for the day. The question is now: what will tomorrow bring?

    The SPY lower channel line corresponds to $29.42 to $29.30 from 9:30 to 4 pm tomorrow. I’ve got my autotrader set up to take advantage of that situation.

    We’ve talked about swing trading in the past. Here’s how I see it right now. I’ve got a stop set up just above my purchase price (why give it all back at the point, take a little bit home) and a trailing stop in place above where we are now. I like that the 15-min SDS chart has a 9MA/36MA cross and has broken one of Matt’s Turbo lines from Friday AM’s blog post/chart school and the RSI has not hit 70 yet. Also, on the 60 min chart, the stochs have broken out of the <20 range and the MACD will turn + histogram (albeit, below zero line) with any close above the 9MA. ON the daily chart, SDS is pegged below sealevel across the board, so any more momentum upwards will likely start the MACD, stochs, and allow the RSI to finally break oversold (<30).

    If SDS breaks (and closes above) $29 tomorrow, it will close above the 9 day MA, break the long term channel line from the February low (done twice before, but never held on 4/19 and 4/22). Tomorrow's price action is bigger than most people realize!

    Also, the price low on SDS of $28.80 from 4/21 is serving as resistance right now. A break above that opens the door to two other levels: $29.40 (which is also the channel line) and $29.80. So, R1 is $28.80, R2 is $29.40, and R3 is $29.80. I'm thinking $29.40 is going to be tough to pop, personally.

  32. Stringm,

    It’s good to see what charts you’re looking at. I do like the hourly.

    For the door knocking, is that for only people who didn’t send out a census form or everyone?

    If you live in the country, you may make more per mile than per hour. 🙂

  33. 2thfixr,

    Good analysis and thought process. Any retracement by the inverse is going to have a tough row to hoe until bulls start taking profit. It looked like some of that was happening today. Tomorrow should be volatile, or at least more so than today.

  34. Just trying to find profitable setups and trading them. Being so close to the highs makes setting stops pretty easy. While there are always two viable (sometimes more) EWT wave patterns (one up, one down), sometimes they setup nicely for the logic: if this happens, then this will happen. We are in one of those times, so it is relatively easy to setup conditional orders and allow the autotrader to make my moves for me.

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