The S&P 500 broke to a new high to start the week and managed to build on those gains to close out the week. It was an important development that helped eliminate our most bearish wave count, though the preferred count suggests a major peak approaching. First and second levels of resistance for the week ahead are 1247 and 1261. Those were derived through Wave -5- targets (see attached document).
Bulls have clearly enjoyed a good end to the year; however, given the importance of the wave pattern being completed, it's more necessary than ever to adhere to some disciplined "stop losses" for length. 1219 looks to be an important support level. A break below 1219 will force me to initiate new short positions in the S&P 500.
Good Luck to everyone in the week ahead.
~~~~~~~~~~~~~
In case you haven't seen the Metrodome footage yet, take a gander. This is what happens when man attempts to build bubbles in the middle of winter:
Market Discussion 12 Dec 10
Randomness Clip:
Just because CV allows this space/time to me to do what I will, I'll go ahead and occasionally post things that were of interest to me. I know Chet's a "fitness person," so he might find this fellow intesting.
The gentleman's name is Art DeVany. He's an interesting character who wrote the book on Hollywood Economics. Using statistical analysis, he's developed a diet and exercise model--his book, The New Evolution Diet, was just published this month.
Check out this 73 year old freak.
228 comments:
«Oldest ‹Older 201 – 228 of 228 Newer› Newest»how much does it cost to recharge your prius i wonder..
cv, on the knock off.. sometimes you just know.. on those ridiculously, mass produced, popular, overpriced items, who cares..
now I picked out two scarves that are clearly originals.. (not for me.. tho I am into the latter because of the Egyptian element : )
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=330506229373&ssPageName=STRK:MEWAX:IT#ht_5298wt_882
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=170578964742&ssPageName=STRK:MEWAX:IT#ht_2629wt_1002
GDAA (global dynamic asset allocation)
Deck Chairs, Titanic....?
Very ugly close on HYG
every time i am 201 it freaks me out!
Scenario
http://www.youtube.com/watch?v=WrhHH3_t218
Spooz were flat. Is that even allowed...?
HYG still above recent lows and should find support now that the overall bond market seems more stable. As long as Treasury yields stay here or move lower, HYG is going to be fine. The only thing that worries me about HY is the prevalence of bank issues in the mix. But we haven't had bondholder haircuts yet, so I think there will be plenty of warning.
That being said, didn't buy in front of PPI.
Pennies/steamroller. Tomorrow will be wiser.
@matthew,
from 12:03 today, I like your style.
this came from "Anon" though it might have been LB:
"After a few weeks, JOHN E begins the year with a nice -10% on his P/L, and then the HFs and IBs come in and bottom feed at the bargain prices, while advisors lure JOHN E into muni bonds again to avoid "the volatility"....
I could not agree more, you all may be interested to know that all of the following are holding calls on munis this week for advisors:
BlackRock (again)
Fidelity
PIMCO
Eaton Vance
Invesco
and on and on and on, my inbox is full of them
@karen (4:07)
Don't think of it that way... Instead - think of it as the next integer after the square root of 10,000 times two...
missed a lot of good comments today
Ra,
yeah, the Bears still play in Chicago right? It still gets cold there.....right?
Jay Cutler, he played college in cold weather, Denver too, right????
The bears must be one of the worst 9-4 teams ever.
the debts = assets post was nice too whoever that was, many do not understand that there are self liquidating and non selfliquidating debts, all we have is the latter. that was a good post.
also, little factoid, WL is now offering a special prize for one person that opens up a deposit account with them
$10,000 of silver coins
*special restrictions on how much and what type of account you need to deposit/open according to the radio add
so that gave me a smile
one more
speed limits
that's all socionomics
chart it out, then you'll "see"
@ben22
Jay Cutler hails from Santa Claus, Indiana... That's all you need to know...
an observation:
One of the things starting to annoy me is that in order to justify the latest and greatest from whatever government program is the trotting out of the line
"we are the wealthiest nation on earth"
um, we also just so happen to be the largest debtor nation now, and also happen to have a major wealth gap problem that is getting bigger, not smaller
it's really a moronic thing to say given where we are, just another example of people extrapolating old trends
here, interpret how you wish:
http://up.www.elliottwave.com/freeupdates/archives/2008/04/11/Germany-Speed-Limit-Is-Now-Reality.aspx
karen,
re: eBay
have you noticed that there are way fewer 'auctions' for Goods (there) ?
AAIP
MackieFear,
re: MorningStar
no kidding, they're as bad as the NRSROs..
Karen,
so in the last few weeks you linked an article about spelling not mattering and people that don't sleep being smarter
thanks for building my self esteem
;-)
MorningStar = Moody's
in terms of value added based on ratings
both tell you there is trouble
after the fact
i <3 you, ben! okay, off to haul gravel.. i'll be up EARLY tomorrow ; )
McB,
in general, they'll be a true snoot-full o' Problemas..coming 'round the corner.
peep, in general, are, still, 'out to Lunch'/'in denial'/'a'feared to Think'/'tryin' to get their X-Mas on' --however one wants to put it..
this: "we are the wealthiest nation on earth"
is, just, hard-core Agitprop, of the first-order..
and, for "the World's only 'hyper-Power", We, sure, have been stuck in Afghan-/Pak-Iraq for long enough, no?
that's working like a charm, yes?
http://www.independent.co.uk/news/world/asia/52bn-of-american-aid-and-still-afghans-are-dying-of-starvation-2158667.html
"You gotta love it, when a Plan comes together.."
AAIP
"PIMCO Total Return is simply too big for them to effectively shift asset allocation quickly enough to anticipate market migrations, without causing the bloody things."
They won't come right out and say it but people there think this too
enter the Unconstrained Bond from them and a big blitz to advertise it with reps
wow, CV, I looked it up, Jay Cutler IS from Santa Claus
how hilarious, you'd have thought it was his first game in the snow
how many fumbles did the bears have, how many did the patriots have?
brady or cutler
c'mon man!
patriots are going to be awfully hard to beat playing like this, raiders blew a huge game yesterday, major bummer, but McFadden is really turning into the beast I hoped he'd be...Bo Jackson made showing at the Heisman....it's all coming together, Oakland back to the bowl by 2015.
Marcus Allen will be the coach.
Mark,
I think someone my age might wonder if we've won any wars during our lifetime?
Or better yet, why did we have any......
Or better yet, why did we have any......
Good Q:, Ben.
AAIP
many stories, like this:
"(AP:HARRISBURG, Pa.) Newly enacted structural changes to Pennsylvania's pension plans for state government workers and public school employees will still leave taxpayers on the hook for billions of dollars in average annual payments over the next decade, according to an Associated Press analysis.
The law was touted as a way to address a looming spike in pension funding, and it did reduce the projected cost over the next few years. But the state and school districts are paying about $1.1 billion into the systems this year, an amount that will jump to $1.7 billion next year and average $5.2 billion a year for the 10 years ending in mid-2021.
Before the law was changed, the total taxpayer cost for the Public School Employees' Retirement System and State Employees' Retirement System would have averaged $6.4 billion over the same 10-year period.
"No matter what you do, it's a big number," said James L. McAneny, executive director of the independent Public Employee Retirement Commission, which advises the governor and Legislature on pension issues. "You'll never make it all go away. That's one of the things about pension funding, is you've still got to actually fund it."
The law, which passed the Senate in October and the House in November's lame-duck session, reined in benefits offered to new hires, but much of those savings won't be realized until closer to when those newest employees start to retire. And some of the structural changes have added costs over the long term.
The changes gave school directors some breathing room, but they still must confront a serious funding problem in a few years, said Dave Salter, spokesman for the Pennsylvania School Boards Association. For now, they will have to decide whether to set aside money for future pension payments or devote the money that the new law has freed up to other needs.
.."
http://news.ino.com/headlines/?newsid=6897539722710
are being dumped out 'into the Holiday snowfall'..
ibid.
want to avoid red light camera's,..... there's an app for that (seriously)
Mark,
I found this entire interview very eye opening, I posted some of John and Yoko's comments the other day on Socialism, which I had my own thoughts on, relating to your link on aid, this was from the same interview:
PLAYBOY: Just to finish your favorite subject, what about the suggestion that the four of you put aside your personal feelings and regroup to give a mammoth concert for charity, some sort of giant benefit?
LENNON: I don't want to have anything to do with benefits. I have been benefited to death.
PLAYBOY: Why?
LENNON: Because they're always rip-offs. I haven't performed for personal gain since 1966, when the Beatles last performed. Every concert since then, Yoko and I did for specific charities, except for a Toronto thing that was a rock-'n'-roll revival. Every one of them was a mess or a rip-off. So now we give money to who we want. You've heard of tithing?
PLAYBOY: That's when you give away a fixed percentage of your income.
LENNON: Right. I am just going to do it privately. I am not going to get locked into that business of saving the world on stage. The show is always a mess and the artist always comes off badly.
PLAYBOY: What about the Bangladesh concert, in which George and other people such as Dylan performed?
LENNON: Bangladesh was caca.
PLAYBOY: You mean because of all the questions that were raised about where the money went?
LENNON: Yeah, right. I can't even talk about it, because it's still a problem. You'll have to check with Mother [Yoko], because she knows the ins and outs of it, I don't. But it's all a rip-off. So forget about it. All of you who are reading this, don't bother sending me all that garbage about, "Just come and save the Indians, come and save the blacks, come and save the war veterans," Anybody I want to save will be helped through our tithing, which is ten percent of whatever we earn.
PLAYBOY: But that doesn't compare with what one promoter, Sid Bernstein, said you could raise by giving a world-wide televised concert -- playing separately, as individuals, or together, as the Beatles. He estimated you could raise over $200,000,000 in one day.
LENNON: That was a commercial for Sid Bernstein written with Jewish schmaltz and showbiz and tears, dropping on one knee. It was Al Jolson. OK. So I don't buy that. OK.
PLAYBOY: But the fact is, $200,000,000 to a poverty-stricken country in South America----
LENNON: Where do people get off saying the Beatles should give $200,000,000 to South America? You know, America has poured billions into places like that. It doesn't mean a damn thing. After they've eaten that meal, then what? It lasts for only a day. After the $200,000,000 is gone, then what? It goes round and round in circles. You can pour money in forever. After Peru, then Harlem, then Britain. There is no one concert. We would have to dedicate the rest of our lives to one world concert tour, and I'm not ready for it. Not in this lifetime, anyway.
Ben,
you know, peep always make the "For the Articles"-crack, about Playboy..
Truth is, in those older Playboy(s), the articles were Great. It was, really, one Reason why that Magazine was so popular...and, now, (that, even, the Articles, usually, Suck, it's swirling the Drain..)
But, re: Lennon, of course He's f***ing Correct.
Also, those views, which are, just, a few of them, are 'Bad News' for a great many (Large) Interests..
to me, there's a Reason why he was 'lost' 30 years ago..
He was, so, tremendously popular, if a few/many of his Ideas were 'let loose', it would have been akin to Martin Luther, with the Theses on the Church Door..
LSS: too much Time/Money/&Energy was poured into the construction of that 'Church' to risk having someone, like Lennon, pull out the Hammer..
AAIP
ben @ 5:18.. can you give a link for that entire interview?? JL, clearly, had his head together..
"Right. I am just going to do it privately. I am not going to get locked into that business of saving the world on stage. The show is always a mess and the artist always comes off badly."
"Where do people get off saying the Beatles should give $200,000,000 to South America? You know, America has poured billions into places like that. It doesn't mean a damn thing. After they've eaten that meal, then what? It lasts for only a day. After the $200,000,000 is gone, then what? It goes round and round in circles. You can pour money in forever."
The baloney fund raisers I have lived with on my street alone.. and boycotted.. The Kelly Slater Foundation.. where Eddie Vedder is playing and receiving $100k+ plus to perform at his buddy's benefit?! It was a joke.. and the stretch limos with their motors running for hours and hours while the "environmentalists" suck down vodka and rock out.
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