Martin Luther King Day Post

Now, THIS man had something to say....

It's probably worth seeing all 17 minutes again, in case you've never seen it before.

Some "Money" quotes:

In the process of gaining our rightful place we must not be guilty of wrongful deeds. Let us not seek to satisfy our thirst for freedom by drinking from the cup of bitterness and hatred.

I have a dream that one day this nation will rise up and live out the true meaning of its creed: "We hold these truths to be self-evident: that all men are created equal."

And when this happens, when we allow freedom to ring, when we let it ring from every village and every hamlet, from every state and every city, we will be able to speed up that day when all of God's children, black men and white men, Jews and Gentiles, Protestants and Catholics, will be able to join hands and sing in the words of the old Negro spiritual, "Free at last! free at last! thank God Almighty, we are free at last!"
Such a speech and message makes the following weekly offering seem a bit a miniscule in comparison; but, here it is anyway....

  • We got spanked lost week on our DXY "toe dipping." Fortunately, we're disciplined traders who attempt to "plan the trade and trade the plan." We only ended up losing 0.5% on what was a very large trade. No more "toe dipping" in the DXY until the pattern becomes clearer.
  • No trades in the S&P 500 last week as the market failed to display any sign of peaking. We've raised our "sell stop" level to 1260-- a break of this level will force us to initiate shorts.
  • Gold looks punk-- First and second levels of resistance in the week ahead are $1,378 and $1,393. This market looks headed for the $1,320's in the near term.
  • Energy is carving out "rising wedge" patterns into various longer term resistance levels.

Last week, this Blog's Author, Chet Vienne, decided to "retire" from blogging.

For what it's worth, I'll continue to post a technical update on the weekends here and on Scribd. I like the "weekend reflection" as it forces me to be rigorous in the week ahead. On top of that, I like following all the various good comments and links here as well AmenRa's sweet Dailies.

I'll probably keep posting a weekend "thing" here regardless of whether or not there are many site visitors--it's a good forum for back and forth commenting.

Hope everyone has a good week ahead!


Andy T said...

ben22 said...
For AT:

Yep. We had been hearing that he'd been down the last 6 months. Think it got crushed on Natty Gas volalitity trades this year--in that there were none.

Actually, I respect the guy more now!

To never have a bad year would mean you're probably doing something illegal.


Anonymous said...

MLK Jr. has long been one of my favorites..

still, am amazed that there is little 'interest' in understanding his /demise/..

there seems to be much that points in directions that should be worth following..

easier, I suspect, to be learn the 'proper Bleatings'..


Bruce in Tennessee said...


I agree that this particular blog's strength was the commentary. I will continue to visit to follow the trading commentary.

AS Lefty has enough yellow cards to last for all of 2011, we'll just have to see if he returns..

Anonymous said...

The very end of his "Mountaintop" speech, given the night before he was killed:

"Well, I don't know what will happen now. We've got some difficult days ahead. But it really doesn't matter with me now, because I've been to the mountaintop.

And I don't mind.

Like anybody, I would like to live a long life. Longevity has its place. But I'm not concerned about that now. I just want to do God's will. And He's allowed me to go up to the mountain. And I've looked over. And I've seen the Promised Land. I may not get there with you. But I want you to know tonight, that we, as a people, will get to the promised land!

And so I'm happy, tonight.

I'm not worried about anything.

I'm not fearing any man!

Mine eyes have seen the glory of the coming of the Lord!!"

Anonymous said...

"...The 2008 food crisis awoke much of the world's investment community to the profitable reality that hungry people will do almost anything, even sell their own children, in order to eat. And with the global financial crisis, food and farmland became the "new gold" for some of the biggest investors, experts agree.

In 2010, wheat futures rose 47 percent, U.S. corn was up more than 50 percent, and soybeans rose 34 percent.

On Wednesday, U.S.-based Cargill, the world's largest agricultural commodities trader, announced a tripling of profits. The firm generated 1.49 billion dollars in three months between September and November 2010.

Meanwhile, U.S. Treasury Bills pay a return of less than one percent.

"We have set up a global food system that supports speculation. And with [such] markets, we can't get speculators out of the food business," said Lester Brown, an agricultural policy expert and founder of the Washington- based Earth Policy Institute.

"Farmland is better gold than gold for speculators," Brown told IPS.

Read Full Article


ben22 said...


Great charts man, especially liked the dollar stuff, I'm in that trade small as well. What do you think of Neely's triangle count on the S&P? It's hard to deny how clean the five wave pattern looks that you present here, on his though there is very nice symmetry between the triangles he's presented from the March 09 lows, so who knows, both look good. I suppose in terms of trading in the intermediate view there is little difference in planning a trade around the two counts. We'll see what kind of advantage wave offers this year.

I agree with you on JA, I'm sure he'll be fine at his fund. I always hated that WB quote about, rule number one is don't lose money. Losing money is guarantee, it's how you manage the losses that matter.

Andy T said...


Thanks. appreciate that.

Don't receive the Neely SP500 count, but I can visualize what he might be thinking.

The last several days where the market as lapsed into this tight channel higher is the hallmark of a corrective leg. So, either this is a "terminal" fifth wave and it's going to be over in the next day or two.

Or, there is something much different going on.

Yeah, J.Arnold...about 37 years old and still worth ~6bn....I think he's going to be ok.

Andy T said...

Saw The Fighter today with the ol' Lady.

Recommend it. Was very good. Among the three "Oscar Type" of movies I've seen (Black Swan, True Grit, The Fighter), it was the best. I can see why those supporting actors won Golden Globes in The Fighter. Christian Bale was great.

AmenRa said...

Futures hanging in there. SSEC up .17% (not much of a dent after a 3% drop). Spain, Portugal and Belgium are canceling auctions and going with syndicated issuance. EURUSD and oil are down. USTs are being bought. This seesaw of market forces is giving me a headache.

Anonymous said...


I suspect we'll be hearing more stories like this one--at the min., it's a good Ooga Booga to keep the 'marginal Buyer' in Paperbacks..


72bat said...

limited to left-handed hunt-&-peck since deferred shoulder maintenance last thursday, rotator cuff tear, cartilege clean-up, nerve release
totally appreciate what cv accomplished and the efforts expended.
also will continue to follow the give-and-take so long as y'all foregather here

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