Friday, May 21, 2010

"Rigged Casino"? Don't like the kitchen?

ZeroHedge: "Even Cramer Is Now Outraged By The Rigged Casino Formerly Known As The US Equities Market"

I can tell you this – when someone quoting Cramer's opinion in order to magnify personal disgust for the parody suckers call Free Capital Markets – you know that someone is running out of topics…well, why would I care – lets talk markets.


Truly don't understand why "last 15 minutes" were "manipulations" – very healthy accelerated buying on the upside as seeing on "DaVinci" indicator for ThinkOrSwim (Freely available for download at Members Site)



For the sakes of "perfection" (I am a sentimental cruel origami folding perfectionist) of D-Wave daily with multiple touches of guiding trendline of the waves 1,3,5  and extreme closeness at the end of the waves – this newly confirmed wave A (as of yesterday's May20th close) better hold.

We have got our expected bounce (OK, I am not going to say "expected" because it sounds so full of self promotion, I might use the term "hoped" although I do not like to use "hope" not just for the market related conversations, but for anything in life – hope gets you nowhere while people who are selling you HOPE are enjoying their lives at your expense.



Possible wave B on daily needs minimum 8 bars (close below all prior 7 bars) in order to qualify so expect stale to upside action during next 2 weeks.


In Market update AMC 5/19/10 post I wrote: "wave A on daily may be continue down as low as  1056.74" and surely enough Ms. Market went all the way with today's $SPX open of 1055.90 which was immediately rejected (and I went heavily long SPY in addition to my small "probing" position as of yesterday – need to get back in the game and SPY with it's liquidity and "no leverage" suits my current state of mind quite)


As I can see most of traders here had blast of a week – congratulations, really great team here – see you all next week.

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