“None saw it coming!” Huh???

Well, IF “THEY” say so…lets not to point fingers (is not that favorite phrase of idiots who caused the problem on the first place? “Lets not point fingers, but try to find solution to the problem…we created”)

 

WOW… feels like good ‘ole times, but easy on emotions – here are few charts

 

Firstly - SPX weekly – support located around 1050-1150 area and TDST conveniently located at 1090 area.

 

 

 

Daily – hit W3 target (wave down), but I don’t think it is w3 – I prefer to think of it as of wC of wave up.

 

and unless it will print lowest of 21 bars – I am not closing my short position (yeah, I know, I could have made way more, but any money made is better than money lost.

Beside, wC might be printed as soon as tomorrow – just watch jobs report – fear of it was a part of today’s sell off.

 

 

UPDATE 8:30sh PM EST

 

Look at the market breadth – was at extremes today – normally bounce after.

Also, little used, but helpful sometimes – TDSetup Buy 8.

 

88 weeks moving avg – forgot where I saw that it is important, but works quite well long term. (yellow arrow)

important support? Blue arrow (blue line)

 

In short I am trying to convince myself to close entire short position for now – I have “some” SPY Sep11 128 long puts that I bought on July 9th around $2 a piece – they closed $9.5 – will try to dump @$10 tomorrow morning or will put stop…but I never really trusted stops and back in May 2009 market proved me right by totally ignoring my stops and executing my orders where I would never ever touch them … mostly because I would be in the hospital with heart attack by then – which would be a good thing on a day of flash crash…Dave – stop looking back!!!

Quick Position Update

Eased up my short positions midday today based on completed TDSequential Countdown Buy (Yesterday) and started midday turnaround (looks like hammer at the bottom)
Will be watching 1265 area to re-open short positions or if 1300 area will act as resistance.  Otherwise will be really careful with shorts now – could be one big bull flag (Not that I believe in market, but I am a victim to inflation )
Some might want to go long, but not me, not here, not now.





UPDATE: Aug 4th noon
 Unable to post on DISGUST, but the answer I'd like to know:
"Will this http://mam.econoday.com/byshoweventfull.asp?fid=446890&cust=mam&year=2011#top be the final blow to "FICTITIOUS RECOVERY"?

“Lehman Handshake”

 

Few days ago while attempting to negotiate ownership of property in Costa Rica I have met and old friend of mine, one of those who you might not see for 10 years, but when you need his help or advise he does it like he saw you just yesterday and you are still his good if not the only friend.

He took a lot of beating and made a lot of money, ( I have never made it to his level - he was in Victor Niederhoffer’s gang before Vic imploded back in Asian Currency crisis times)

 

So, that son of a bitch, sees me and all of a sudden he grabs my tie and looks on the back of it … damn – was I glad it was Burberry! 

That always reminded me dog sniffing thing or juvenile “mine is bigger” contest, I was never fond of it even back in “ole days”, and was simply shocked that it is still alive and well now.

 

Well, I guess Wall St is still doing well and may be even this Christmas we will see Bugatti and Ferrari dealers driving to the old spots in downtown… some things never change … until deluded by “I can make it big too” American Peasants will realize that “American Dream” can be seeing only while asleep and may be, just may be, they will wake up from lethargic zombie like “tomorrow might have been a better day” state and will take what was taken from them … no wonder education suck – we don’t want Peasants to think – do we?   And all they have to do is just VOTE crooks OUT! (Not that I believe it might actually work :)

 

 

Well, time for me to stop being incredible usual bore and present your with incredible boring chart. (Disclaimer – even though I am inclined to trade on the short side now – I do NOT discount possibility of yet another higher high – in order for monthly to print at least #12 on countdown – then things might get REALLY interesting). So far – patience is a virtue (I’ll be damned – me and “patience”? How did THAT happen???)

 

Congratu-freaking-lations !

Now you can live rent free for A YEAR – don’t you worry – I’ll be paying your bills – my taxes just went up…

Announced Thursday, the loans backed by the The Federal Housing Administration or HUD developed in 1934, will necessitate to give 12 months of leniency.  Previous, the people with these loans could only qualify for a minimum of 4 months.

Also included are Home Affordable Modification Programs.

THIS is far exceeding anything I thought was possible in “non-totalitarian” society, things like that would not have been possible even in my home country … good ‘ole USSR … not after Stalin’s death at least(as oppose to good ‘ole USsA )

Well, some people saw it coming – that is why they voted

 

 

 

 

P.S. As I stated on Disqus I went short based on this

 

The end of 4th of July barbeque party

Well, some vicious people still call it “Independence Day”, but that is a true baloney – we depend on everyone everywhere and we are taxed to death without representation – well, I stand corrected – Corporations ARE represented quite well, and Gubermint does not care who and where makes them money … China, Russia, India…what else would you expect if there is not even NATIONAL LANGUAGE!

So let enjoy our hormone infected meat until our stomachs explode from fat – you can only keep Rome happy if you provide:

            “BREAD AND ENTERTAINMENT”

Although bread is getting quite pricey and quite soon masses will not be able to afford it…watch out then!

 

Back to charting woo-doo

 

My prognostication is playing out so far, wave B is raising its ugly head, watch out for 1345 area on SPX – if it reverses there – I will be short “all in” (Brave – not stupid – stops in place always… almost)

 

Dances with 200 SMA

The Cat is out…

Surprisingly a lot of people really believe that FED said somethign new on FOMC Freak Show – all they did say was what was obvious to anyone with IQ out of single digits…to about 27,489 of Average Joe’s and Jane’s…

 

What they admitted was:

 

1. Unemployment will GROW in the period from 2011 to 2013

     (Big freaking news) – not that is is low now…after all money stolen from sedated American public “We Are The Screwed People” get it up the arses again.

 

2. GDP will shrink 0.5-1%

Hey hey hey – a little more shrinkage and Lady Liberty will ask- “Is it IN?”

 

3. Inflation (Hip hip hurray! – at last they said that word without being followed by “under control”) – will rise.

 

To finish with tilted table/rigged game I have to say that (as I posted yesterday on DisqusTed) – I closed entire long position this morning and sitting flat on cash.

Not that I think that market will go down – it actually might go up, I just don’t want to be the part of wB.

 

Hell with market for now – today is the day to remember

 

George Carlin

 

yes – 3 years to day since he DIED (f..k “passed away” – I just like him hate this stupid pussyfication of real)– the most brilliant comedian who was able to say the truth as it is…

Rest in Peace George

(Following video is not suitable for children under 2 years of age – after that – those children will have to give GC a head start)

 

 

http://www.youtube.com/watch?v=8rh6qqsmxNs&feature

Government Sachs

Don’t you think GS’s weekly chart looks tempting on the long side?

 

Flipper, Flipper!!!

 

Here I go again – started long calls position based on daily counts, will try to keep myself interested until wave C will reveal itself, for now wB…almost impossible to trade, but, again – just enough to keep myself awake

 

NOW – here is something REALLY interesting…but og a very speculative nature, though those who have been with this blog remember Special K and I speculating that the greatest trick the David… need to learn spelling – I meant DEVIL ever performed was convincing suckers investors…I meant people – that he did not exist.

 

Not making any sense? Oh…come on! I am talking about wave 4 on weekly going almost ALL THE WAY UP to the high of wave 2 (after which as we all know, “spectacular” and as whores from mass media were shouting on tout TV – totally impossible and, later, unpredictable fallout of BIG KAHUNA WAVE 3 DOWN started…enough already Dave…

 

Anyhow – those who are in the market for “the long haul” on the long side – watch it carefully – longs will only breath easy if complete wave change…AKA high of wave 2 will be broken…then we just might be in the beginning of the “new great bull market” (no pun intended) after dreadful almost 20 years The Great Bear (and again 0 BEAR is not “only DOWN” - “BEAR” is “RANGE”)

 

‘Ole good uncle Buck

Always look at the bigger picture – even if you in the short term trade, and for these purposes dollar or what is left of it keeps telling us that it might just, for one or another reason, start to move up.  We spoke few years ago about “it is very bad here [USsA], but we need to admit – it is worse everywhere else…almost”

As we patiently waiting next baloney country to default Uncle Bucky might see some buying interest…gold will never be a currency no matter what some say and other countries even with their combined efforts are long way away from any meaningful coalition.

 

 

 

P.S. The answer I’d like to know: Can red color be attractive?