Even though we expected downside, more downside, but A/D ratio today was unheard of …1:30 ???
My prognosis was not quite correct – I joked on DISQUS this morning that “we might see 700 DOW down points day” … I was close without being serious … or was I?
Monthly chart proved to be a gem for longer term positioning and if you’ll look at it – you will see what I (AM AFRAID) SEE – …I have a question on my mind … could it be, is it possible, is there ANY chance that long ridiculed and laughed at any possibility of … P3 HAS STARTED??? Well – NOT quite “P3” as long departed (from the list of analysts calling for ANY respect whatsoever) Prechter called for, but as we, De-Markians call it – wave C – the last and most powerful CORRECTIVE wave of multi year bull market has started??? And if so – shall we embrace ourselves for 3 years of downside? Oh yeah … would not be the same scenario that was called for on this blog long ago – that it is almost total reminiscence of 1930th?
Ohhh…almost forgot – S&P futures are down another 30 points as I type – poor Joe Schmoe can get no break – I have never seen such a trusting people as here, in what is left of once great ‘ole USA. “Tomorrow might have been a brighter day” – yes indeed – but not for everyone, only for those who bought villas in Paraguay.
I just hope that my worst fears will not materialize – history teaches that when ruling plutocracy is not capable of leading or at least, truthfully lying – extreme left/right might come to power … Hitler is one example
And now for something completely different - just a notch of “dark humor” -
Thanks to our unstoppable T’s resident expert Gold_Gerb (don’t forget to check his blog) here is some funny aspects of trading (funny when it is not you it is happening with – for more info read Jerome K. Jerome )
youtube removed that video, but here is the link at the different site
http://www.collegehumor.com/video/6477219/remix-e-trade-baby-loses-everything
UPDATE: 8/09/22PM
Was watching rinse and repeat a la Bear Stern funerals psychotic action … 700 down ….500 up…buy the dip…yada-yada-yada … sitting on hands and 100% cash and waiting for the next trading opportunity – no matter up or down …still thinking – DOWN….
