Morning Audibles 5.27.10 - Get the story straight!

Posted by CV on Thursday, May 27, 2010 /
I'm telling you the Chinese are knuckleheads.





U.S. Stocks Fall as Euro Drops, Treasuries Pare Loss (Correct)

(Corrects reported plans of China Investment Corp. in third paragraph.)

May 26 (Bloomberg) -- U.S. stocks fell, halting a global advance, and the euro weakened as a report that China may review investments in European government bonds spurred concern the credit crisis will worsen.

Wait No!... Wrong moment to make that kind of comment, don't you know its a HOLIDAY WEEKEND in America and the President has made plans for himself! Amend your statement (or tell them it was misinterpreted)... Wrong fortune cookie!





Make Fortune Cookies at BlingPixie.com




Stocks, U.S. Futures Rally on China Comments; Euro Strengthens




May 27 (Bloomberg) -- Stocks and U.S. futures rose and the euro snapped a three-day decline against the dollar as China said it remains a long-term investor in Europe. Commodities rallied.

There, that's better!... OK... Just another day and a half to get through and Americans can head off for their regularly scheduled MEMORIAL DAY activities without a hitch... For many, this kicks off BARBECUE season...



"I know what I'm going to do!... Yeah baby!"



"Joe, do me a favor, head over to ARLINGTON in my place because I have to fulfill a promise that I'd made to vacation in Chicago."



"OK Mr. President, will do... You just enjoy your steak!"



"And Joe, try not to launch any f-Bombs while you're there... You DO remember how to get to ARLINGTON don't you? You know, it's that place across the river where we went out for burgers that one time. I can't remember much about the place overall, except that I picked up the check for the meal"



"Yes I do remember! I remember I had the bacon cheeseburger... Oh yeah... Here it is, I still have the address to the place... Remember? They wrote a cheeky little article about us too... It was a great FOTO-OP for us"




Ray’s Hell Burger
1713 Wilson Blvd, Arlington VA 22209
703-841-0001





"I'm not sure when I'll find time to go back there again... You know... For a burger... Maybe winter  would be good for me... I don't do a lot of grilling then... Hey - do you remember if that place served popsicles?"

360 comments:

«Oldest   ‹Older   201 – 360 of 360   Newer›   Newest»
CV said...

@I-Man

There are a few things at odds here...

But IMO - the thing that trumps all is the A-B-C wave (that has yet to complete)...

You were talking about a "Gann without a plan" before?

Right? But that's because it was a flat B...

When wave 2 of B finishes, you'll see as 3...

Then the GANN will have a plan... (hint: it "plans" to fill the gap")...

May 27, 2010 at 1:14 PM
McFearless said...

C,

Yes, I think a 3 of C could be supported here because the internals weren't overly strong this morning, they looked more like what you'd see in wave 1 of C, not wave 3.

May 27, 2010 at 1:18 PM
I-Man said...

Yeah... I know the gap.

I just dont think she's got the juice to fill it.

I'm tired... is it friday yet?

May 27, 2010 at 1:18 PM
I-Man said...

I feel like we should have blown through 1090 yesterday if we were going to do it, the market clearly said "oh no you dont"...

And then the overnight desperation...

Just reeks like a fart in a car.

I and I no trust it.
But I'm not trading it, so it doesnt matter.

May 27, 2010 at 1:20 PM
Nic said...

I-Man the weather in the NE is glorious record temperatures and its a holiday weekend and a lot of people are tired and short. They are going to take they are going to take their profits and we will sqeeeeeeeze up there and tomorrow they will be in the Hamptons

May 27, 2010 at 1:22 PM
CV said...

@I-man

Brah... THE GAP is only 1.5% from 1090...

They can eat that margin for lunch (ON NO VOLUME) as they have for the past 15 months...

My only curiosity is whether they do it today or not...

TWO SCHOOLS:

1. Cover the gap (then take profits Friday back down to 1090) and let the MOMOS buy wave 5 on Tuesday)

2. Grind it up slowly (and ease volatility going into a long weekend - that ISN'T a holiday across the pond)...

May 27, 2010 at 1:24 PM
Nic said...

It is a holiday in London on Monday ...

May 27, 2010 at 1:27 PM
I-Man said...

I have mundane clerical work to do.

May 27, 2010 at 1:27 PM
CV said...

And WHY would the MOMOS "buy" 1090 (on a backtest)?

OMG Because it would look like a successful backtest of a reverse H&S...

See how intelligent you are with a degree from Dartmouth!

May 27, 2010 at 1:29 PM
karen said...

qqqq's haven't hit yesterday's high yet.. i'm watching qqqq's for the rest of the day.. : )

and jnk.. hasn't hit yesterday's high yet, either.

May 27, 2010 at 1:31 PM
CV said...

Oh yeah... and I forgot...

MOMOS have to buy!... (It's the law)...

I don't know the exact wording from the law but it goes something like this...

"You are required to BUY worthless pieces of paper with funds shoveled to you month after months from the 401k's of dupes"

...or something like that

May 27, 2010 at 1:34 PM
Nic said...

See what MrTopstep says:
http://www.youtube.com/watch?v=67ZgFtSvCyE

May 27, 2010 at 1:34 PM
Nic said...

Vix sonar report:
http://www.youtube.com/watch?v=2CH25vNvQuM

May 27, 2010 at 1:36 PM
CV said...

@karen

bait & switch

May 27, 2010 at 1:36 PM
McFearless said...

Karen,

q's don't really have the H&S look either. Course, I don't have pattern matcher....

May 27, 2010 at 1:37 PM
karen said...

there it goes..

May 27, 2010 at 1:37 PM
Nic said...

ETF superpit hit:
http://www.youtube.com/watch?v=tVct8LtSIB0

May 27, 2010 at 1:39 PM
karen said...

this is how phony the rally is.. $spx, $indu, $compq.. interchangeable on 10 min candles.. programmed buying across the board.

May 27, 2010 at 1:40 PM
CV said...

@Nic

LOL - See? Even Mr. Topstep reads this blog... Because he knows too that we're just...

"Dancing This Mess Around" (from yesterdays thread)... :-)

Cv counsels UP... likes the 1110 (to be sold back tomorrow then re-covered)...

A bunch of round trips that we end up right back here 1194 on tomorrows close...

May 27, 2010 at 1:42 PM
McFearless said...

Nic,

the TopStep vids are G$$$

thanks

May 27, 2010 at 1:42 PM
72bat said...

nic -
mr. topstep: "they are trading with no agenda"?
i thot their agenda always has been to take my money? you know, cause the most pain.

May 27, 2010 at 1:43 PM
CV said...

Look... traders... READ MY LIPS

This thing is going to break UP - then come back to settle at 1190 tomorrow...

Juicy little H&S pass for MOMOS to chew on at the BBQ...

May 27, 2010 at 1:43 PM
McFearless said...

that video makes me think that many many traders see the H&S, we can't just hover around the neckline like this or it isn't confirmed.

I don't have a serious problem with that 1110 objective for today....should be fun into the close.

May 27, 2010 at 1:43 PM
CV said...

@McF

Agreed on TopStep...

I like that Jersey Dude tho... EFFER could be in Hollywood man! :-)

May 27, 2010 at 1:45 PM
karen said...

"a big red flag" love it.. how many more red flags do we need i wonder..
hey, full moon tonight!

May 27, 2010 at 1:46 PM
McFearless said...

man, this could be offensive but I'm saying it anyway:

Most people that live in jersey that are tolerable.... in most cases they probably aren't from jersey.

Jersey sucks.

May 27, 2010 at 1:47 PM
mcHAPPY said...

@Karen

Thanks for the Hendry clip. HH is a notch below RP, for me.

Ben,

It appears the ABC was a correct call. This was the first time I have ever excercised patience in jumping in short. There were too many charts looking the same last night with the ABC possibility.

Only question now is:

What gets filled first: gap at the open today or the gap at 1115?

May 27, 2010 at 1:48 PM
CV said...

@karen

You should take a look at my lettuce & arugula crop right now...

They both just EXPLODED this week!

May 27, 2010 at 1:49 PM
CV said...

@McHappy

Path of least resistance says 1115

May 27, 2010 at 1:51 PM
karen said...

CV, well post some fotos, pls! mmm, i love arugula.. you know! and lately i've been sauteing it with a little olive oil and shallots..

May 27, 2010 at 1:51 PM
karen said...

can we go back under 1090 now?

May 27, 2010 at 1:52 PM
I-Man said...

I say break DOWN...

But I'm just being a stubborn little bitch.

May 27, 2010 at 1:53 PM
Nic said...

Someone else here likes P&F I think ...
EURUSD could blow:
http://i46.tinypic.com/w7c17k.jpg

May 27, 2010 at 1:55 PM
mcHAPPY said...

@I 1:53

Thanks. That was my good laugh for the day.

May 27, 2010 at 1:55 PM
Nic said...

I might take a picture of my dandelion field to make you laugh.

May 27, 2010 at 1:56 PM
McFearless said...

@McHappy,

Well good dude, I only got so loud about the ABC yesterday because I was so confident in the count and I don't want my peeps losing money.

I'm not sure which gap gets filled first, I'm simply counting, I have an X wave count as my top alternate....that type of stuff (which gap fills) is secondary at all times for me.

You'll get to see the real power of e-wave as we impulse down.

May 27, 2010 at 1:56 PM
I-Man said...

So how did the bond auction go?

May 27, 2010 at 2:01 PM
Nic said...

Auction was OK, better than last month
$31 Bln 7-Year Notes At 2.815; Bid To Cover 2.88

May 27, 2010 at 2:03 PM
mcHAPPY said...

Chuckle for the day (after I-man's 1:53 it isn't as amusing though):

Investors find Big Bargains; Intel jumps

May 27, 2010 at 2:03 PM
karen said...

hyg:lqd says enuf is enuf.. we either drop today or drop tomorrow.. no holding over the weekend.. and since everyone wants to be gone tomorrow.. let's just drop into today's close, ok?

May 27, 2010 at 2:03 PM
McFearless said...

Karen,

if we drop today that H&S was never confirmed, one of them failed in what I think was primary 2, the one that pointed DOWN last summer, why couldn't one fail in P3 that points UP?

May 27, 2010 at 2:05 PM
I-Man said...

That POS H&S will fail...

May 27, 2010 at 2:07 PM
I-Man said...

Uruk-hai, bitches...

May 27, 2010 at 2:08 PM
I-Man said...

Seriously...

Look at how hard its been to just reclaim sissy 1090...

Imagine how tough the gap at 1107 is going to be?

May 27, 2010 at 2:10 PM
CV said...

@karen

lately i've been sauteing it with a little olive oil and shallots...

Sounds TOTALLY yummy!

I just "old school" it... & go with olive oil & freshly grated parmigiano...

I also chop it up and put it "fresh" on a basic WHITE pizza with "stracchino" cheese...

May 27, 2010 at 2:11 PM
I-Man said...

Wanger...

May 27, 2010 at 2:12 PM
karen said...

put up a one day, 30 min chart of spy/qqqq/dia and noted the volume drop on rising price..

May 27, 2010 at 2:13 PM
CV said...

@Nic

Funny thing is... The bond auction did NADA for equities...

That's why I think equities are in their own world here...

That's why I like the OVER...(here)

May 27, 2010 at 2:14 PM
I-Man said...

Wanger will use everything in his massive mystical power to defend the 1097 level...

Wanger... you're our only hope.

May 27, 2010 at 2:15 PM
Nic said...

Buckle up I-Man

May 27, 2010 at 2:15 PM
CV said...

@Nic

You ought to collect up those dandelions...

CV will show you how to make a nice wine out of that...

... and TEA from the roots...

May 27, 2010 at 2:15 PM
karen said...

do the same on very thin crusted pizza too! it's the holder for my arugula : )

okay, 1097-1098 should be tough to get thru, imo.

May 27, 2010 at 2:15 PM
McFearless said...

lol, right, the wanger 1097...it's majik


Until last year I had no idea how awesome olive oil could be.

May 27, 2010 at 2:16 PM
karen said...

oh, back to P&F charts.. mine has the FXE headed to 92.

May 27, 2010 at 2:17 PM
I-Man said...

Karen, I really enjoy the rare moments when we are on the same page...

Probably means we're both about to get burned though. (laughing) (musically)

May 27, 2010 at 2:17 PM
karen said...

ben, just noted your new icon.. lol !!

May 27, 2010 at 2:18 PM
CV said...

@Nic (1:27)

It is a holiday in London on Monday ...

I bet July 4th isn't a holiday there :-)...

Unless it's something like "King George BLOW ME Day

Come to think of it... I'll bet in Iraq they eventually declare a King George BLOW ME Day... as a national holiday (may take awhile tho)...

May 27, 2010 at 2:19 PM
CV said...

@I-Man

If you and karen want to SING together...

here's a good tune you could hum...

http://www.emergencyyodel.com/

May 27, 2010 at 2:20 PM
McFearless said...

Karen,

and he even kept his watch on while he played, lol. You know it's a calculator watch.

May 27, 2010 at 2:21 PM
mcHAPPY said...

It's Wanger time!

May 27, 2010 at 2:21 PM
CV said...

Harry Wanger says...

http://www.youtube.com/watch?v=iRb9PONMeLY

May 27, 2010 at 2:22 PM
I-Man said...

Wanger... BAR THE DOOR

May 27, 2010 at 2:23 PM
karen said...

I-Man, I was going to say that we need DL here to set us straight.. but looks like the market is going to set us straight, instead.

May 27, 2010 at 2:23 PM
I-Man said...

Yeah, where is DL when I need him most?

May 27, 2010 at 2:25 PM
I-Man said...

He'd be fading this shit, guarantee you.

May 27, 2010 at 2:26 PM
CV said...

@DL

http://www.youtube.com/watch?v=XeeMDGq1FMI

May 27, 2010 at 2:26 PM
McFearless said...

DL,

You know he's my fav....but guys, ABC call?????? it's the right count...

May 27, 2010 at 2:27 PM
CV said...

DL would fade the "close"...

So will CV... probably (assuming we get to certain levels)...

May 27, 2010 at 2:28 PM
CV said...

@McF
x2
x3
x5
x8
x13
x21
x34
x55
x89....

May 27, 2010 at 2:29 PM
I-Man said...

I dont know the ABC's and 123's, X's and triangles...

I just know nothing.

May 27, 2010 at 2:30 PM
Nic said...

CV & McF
x2
x3
x5
x8
x13
x21
x34
x55
x89....

May 27, 2010 at 2:31 PM
CV said...

@I-Man

Abc... In fact... Is easy as 123...

Apparently...

http://www.youtube.com/watch?v=-16fDpOW948&feature=related

May 27, 2010 at 2:32 PM
McFearless said...

I know there really aren't a lot of wavers here but Dan had the chart I posted the other day with the a-b-c....he even drew out where the a-b-and c would likely hit and they were nice Pink letters so easy to see so I posted here as a point of reference for the none ewavers.

Some of my posts are worth something, here is the picture if you didn't look at it then:

http://3.bp.blogspot.com/_TwUS3GyHKsQ/S_wwRXUDs3I/AAAAAAAAFc0/ezihueEkMUc/s1600/sPX60.png

May 27, 2010 at 2:33 PM
CV said...

@I-Man

Funny (ironic)...

That, IN FACT, todays thread was going to be that J5 song...

But it got hijacked by Obama and his "numbnuts" decision to spend the weekend in Chicago...

May 27, 2010 at 2:34 PM
I-Man said...

If 77.15 on the AUDJPY holds, then I-Man will concede.

But not before.

May 27, 2010 at 2:34 PM
CV said...

@McF

I saw it... and I agreed with you 144% at the time...

May 27, 2010 at 2:35 PM
McFearless said...

C,

speaking of....phi day is coming up

May 27, 2010 at 2:37 PM
I-Man said...

Ben, you know I love your EW work... I said Dan's charts were pretty.

I just do my own thing, and use the EW as a guidepost.

I like Dan's target, but what happened yesterday didnt go along with my analysis, so this move is just suspect to me.

May 27, 2010 at 2:38 PM
Nic said...

Thats a tough one I-Man
AUDUSD and AUDJPY both have AB=CD (completed two equal legs up)
They might pullback before higher

May 27, 2010 at 2:38 PM
McFearless said...

I'm just playin I. I was hoping I'd draw DL out, where's he at?

I like that DL challenges me the most.

May 27, 2010 at 2:40 PM
karen said...

from stockcharts: It's too soon to determine if today's stock bounce is signalling the end of the correction or just the end of the first part of a deeper correction. But the ability of the February low to hold is certainly encouraging. It would be even more encouraging if the S&P 500 (and other large-cap U.S. indexes) could climb back above their 200-day averages (red line) and stay there.

May 27, 2010 at 2:40 PM
McFearless said...

Fixing oil disaster my responsibility, Obama says


Oh, wheeew....that makes me feel better.

http://news.yahoo.com/s/ap/us_obama

May 27, 2010 at 2:42 PM
karen said...

what i see on the spy chart.. in addition to smacking up under the 10 ema.. is that it filled the gap from May 19-20

May 27, 2010 at 2:44 PM
I-Man said...

And anyways, a close at 1076 would still hold the uptrend off the 1040 low-

I'd be more inclined to reaffirm the 1126 scenario if we did that, than if we had some kind of psycho rally to end the day.

May 27, 2010 at 2:45 PM
McFearless said...

just because of how brutal Primary Wave 2 has been thus far, I do hold out that we might be going up again and this is not a correction of impulses down, but as you can all see, there isn't anything internally that really supports that idea right now.

May 27, 2010 at 2:47 PM
karen said...

DIA's are a long way from filling that gap and QQQQ's never had one.

May 27, 2010 at 2:47 PM
karen said...

Inflows into long-term funds slowed in April from March, the Investment Company Institute said Thursday, ahead of the flash crash three weeks ago that had stopped a 14-month streak of weekly inflows.

On May 19, the mutual-fund association said funds saw net outflows for the first time in 61 weeks for the period ended May 12. It noted this past Wednesday that there were outflows again for the latest week.

For April, net inflows fell to $45.74 billion from $53.28 billion. Stock funds saw higher inflows while bond funds had a 25% drop to $27.72 billion. Bonds have attracted the lion's share of investments in comparison to stock and money-market funds for more than a year.

Money-market funds had outflows last month of $126.47 billion, somewhat less than March's purge of $155.79 billion as investors look for better than 0% returns. In the first third of 2010, $462.96 billion has been pulled from the funds, ICI said.

May 27, 2010 at 2:50 PM
karen said...

my point was, the spx has done it's job and can go down now.. emphatically.

May 27, 2010 at 2:52 PM
CV said...

@I-Man

Here's another way of looking at it...

NEW CHART IN THREAD ABOVE

Similar to Dan's count (but with some other tech tools in there)...

May 27, 2010 at 2:53 PM
McFearless said...

think someone mentioned yesterday but that giant drop in M3 seems to fly in the face of all the talk about "printing money"

after P3 the masses will come to realize the Fed's main function is credit expansion....not money printing...too late of course.

May 27, 2010 at 2:53 PM
CV said...

@DL

Don't worry...

We've already told you how you're going to trade...

Please return to your duties... :-)

May 27, 2010 at 2:54 PM
karen said...

I don't like that chart one bit, CV..
anyway, if we fall into the close, throw it away and revert to my playbook.

May 27, 2010 at 2:55 PM
McFearless said...

C,

Last year you had some work that showed gold price action around holiday's. Anything interesting about gold/memorial day?

May 27, 2010 at 2:55 PM
CV said...

IOW... I-Man

My chart even supports a confusing move back down to 1092 (and it's still valid)...

May 27, 2010 at 2:56 PM
CV said...

@McF

I haven't checked the gold charts going into this weekend...

But you know... I've been thinking... Perhaps it was more of a "FOREX" issue than gold issue...

So you might want to think of it in those terms...

May 27, 2010 at 2:57 PM
karen said...

singer's chart:

http://www.ritholtz.com/blog/wp-content/uploads/2010/05/DOW-HandS.png

May 27, 2010 at 2:59 PM
CV said...

@karen

I think you'd better be careful than to dismiss that chart OUT OF HAND...

We've already "broken" a 76.8% retrace back to the 1110 FIBO (which was VERY important because it was the EXACT retrace of last June's correction, & the January correction)...

The "flash crash" week candle closed PRECISELY on that number...

May 27, 2010 at 3:00 PM
karen said...

Iceland President Warns That "Significant Eruption At Katla Volcano Is Close (zerohedge)

May 27, 2010 at 3:02 PM
karen said...

dismiss? hardly! 1140-50 is entirely possible. i just won't like it is all : )

May 27, 2010 at 3:03 PM
CV said...

@karen

I'll make a prediction right now that it tops out in the high 1120's either next Wednesday or Thursday...

May 27, 2010 at 3:07 PM
I-Man said...

I'll make a caveat to CV's prediction and say that it will happen at exactly 1126, if it happens...

May 27, 2010 at 3:08 PM
McFearless said...

bwahahaha the comments on that singer thread are hilarious.

on another note, I see very few people that have discussed the giant H&S that has been forming over the last decade. The pattern as well as internals are textbook H&S. Too many people indicate an H&S but volume doesn't show up on the shoulders properly and many of them fail because of this simple reason imo.

May 27, 2010 at 3:09 PM
CV said...

And thus the die is cast...

So let it be written...

So let it be DONE...

May 27, 2010 at 3:09 PM
CV said...

@McF

BTW--- I have my eye on F... Thinking about doing something there when the time is right...

May 27, 2010 at 3:11 PM
Lord John said...

Ben,
I live in NJ, grew up here too, and I'm very nice :-)

May 27, 2010 at 3:13 PM
CV said...

Also...

Funny thing is... We probably won't end up hitting that 1050 gap until AFTER we hit 900 - IMO

May 27, 2010 at 3:14 PM
McFearless said...

I like the idea of a 62.5% retrace over 5 days roughly to end the C wave.

Using simple round numbers:

1173-1040 = 133

133 x .625 = 83

1040 + 83 = 1123

An 8 day decline followed by a 5 day counter-trend rally. 5/8 = .625

Wave 2's often retrace to at least 61.8%.

May 27, 2010 at 3:15 PM
Mannwich said...

Taibbi weighs in.

http://www.rollingstone.com/politics/news/;kw=%5b36899,157778%5d?RS_show_page=0

May 27, 2010 at 3:15 PM
CV said...

@Lord John

"Johnny used to work on the docks..."

http://www.youtube.com/watch?v=lDK9QqIzhwk

May 27, 2010 at 3:16 PM
CV said...

@McF

Thanks for that thot... It's VALUABLE (and right in the ballpark)...

May 27, 2010 at 3:18 PM
Mannwich said...

@ben: As I suspected, it looks like the Celts now have a series on their hands. Orlando has woken up. The dangers of giving a team hope when you got 'em down on display in this series. Gotta have that killer instinct. I still think Boston will win tomorrow and win going away but if they don't get off to a fast start and get/keep the crowd into it early, watch out. They could be in touble.

May 27, 2010 at 3:20 PM
McFearless said...

LJ,

One of my office mates grew up in Jersey and he's a cool guy. I can't believe it took this long for someone to say something about my comment.
I'll just assume you are a cool cat like the guy I work with, you somehow moved away from the jersey herd.

May 27, 2010 at 3:20 PM
McFearless said...

thing that bothers me most about jersey, beside the hair, beside the extremely loud conversation voices, beside the fact that people call water, wooter, it's the fact that you guys have law that says to get the hell out of the left passing lane if you aren't passing.

fine.

as soon as those jersey plates come to DE, that left lane is like a magnet for the slowest jersey drivers and I'm the dude stuck behind.


- Major Lead Foot

May 27, 2010 at 3:23 PM
I-Man said...

In a tone that is barely even a whisper...

("Sell em Lloyd...")

May 27, 2010 at 3:23 PM
72bat said...

karen -
katla... say it ain't so. someone's due to fly out of cork and heathrow on sunday

May 27, 2010 at 3:23 PM
Lord John said...

Ben,
Thank you. There are some (well, lots of) jerks, don't get me wrong, but like anywhere, there are some very good people who don't attract a lot of the attention.

May 27, 2010 at 3:25 PM
CV said...

@72bat

Train it over to Liverpool and take the Titanic...

:-)

May 27, 2010 at 3:26 PM
karen said...

bat! oh no! well, maybe it won't happen till after !!

May 27, 2010 at 3:27 PM
CV said...

@LJ

Bernanke...

I kno he's from SC... But hey... He has Princeton ties :-)

May 27, 2010 at 3:27 PM
McFearless said...

LJ,

Oh no doubt man, don't take this too seriously. I work with a lot of people in Jersey and most of them are great folks.

May 27, 2010 at 3:27 PM
72bat said...

'tain't me, 'tis me homesick lass

May 27, 2010 at 3:28 PM
McFearless said...

Manny,

Yeah, that game last night was rough.

Have you heard what is going on with Perkins? That second T was crap. Terrible call by the ref and now he could be suspsended. That should be overturned.

What about Big Baby?

They are really short handed without those two.

Both these series looked like they would be over quick.....not so fast.

May 27, 2010 at 3:29 PM
Lord John said...

Oh and agreed on the left lane thing, that is really irritating...

May 27, 2010 at 3:30 PM
McFearless said...

in fact, I have to go to Haddonfield for a meeting tonight.

May 27, 2010 at 3:30 PM
CV said...

@Manny

I told you that "LOS SUNS" had some fight in them...

May 27, 2010 at 3:31 PM
mcHAPPY said...

@Manny

Don't worry about Orlando. Wince will make sure they don't win - probably already has a vacation booked.

May 27, 2010 at 3:37 PM
Mannwich said...

@ben: BOTH T's were actually crap, as was the foul they called on him that got him pissed. The officiating was atrocious. That T on Rondo was ridiculous too. Why do the refs always have to make themselves the story every playoffs? It really ruins the league. They didn't lose because of the officiating but it didn't help.

@cv: Good call on that one. I still don't think the Suns can win in LA but you never know. Both series are getting very interesting.

May 27, 2010 at 3:39 PM
Mannwich said...

@ben: They rescinded the second T on Perk, so he can play in Game 6. He's gotta walk a fine though due to his rep with the refs or he could be out the next game if he gets another T in Game 6. It's not right but what can you do?

May 27, 2010 at 3:40 PM
McFearless said...

Manny,

I missed the first one but I heard the same....like you say I'm careful to blame the refs for the loss but that certainly doesnt' help, and in the case of perkins being out, the concussion and then Sheed made that dumb foul tou foul out with a lot of time left it def. had an impact.

May 27, 2010 at 3:41 PM
CV said...

@Manny

All I kno is LOS SUNS were, in fact, the "hottest team" coming into the playoffs...

It's hard to discount that kind of momentum (as you know)...

May 27, 2010 at 3:44 PM
CV said...

& they TORCHED the Spurs...

May 27, 2010 at 3:45 PM
AmenRa said...

There is truly a fight going on for position. Ticks jumping between -800 to 800. As soon as one direction has some control it gets hit hard in the other direction. This is like the 15th round in a prize fight.

May 27, 2010 at 3:47 PM
CV said...

@Amen

That's because it's Harry Wangers MAGIC NUMBER :-)

May 27, 2010 at 3:48 PM
CV said...

@Amen

Come on man!

10 minutes to go until close...

"ain't gonna be a WICK on this STICK"

May 27, 2010 at 3:50 PM
AmenRa said...

Lowest daily volume on the SPY this week [snark]

May 27, 2010 at 3:52 PM
Mannwich said...

Agreed, cv. And the Suns have the zone d working right now. I'd love to see them beat L.A.

May 27, 2010 at 3:53 PM
McFearless said...

TopStep objective was 1110, we going to see some "activity" in the next few minutes to get us there?

May 27, 2010 at 3:53 PM
karen said...

The new normal.. up and down 3% days.. back to back..

May 27, 2010 at 3:54 PM
AmenRa said...

He's on the ropes. Why doesn't the ref break them up?

May 27, 2010 at 3:54 PM
McFearless said...

I would bet the Investors Intelligence Buy Climax reading is really high again today, volume would hint at this.

Buy climax indicates selling by strong hands to weak ones.

May 27, 2010 at 3:55 PM
mcHAPPY said...

@Karen

up and down 3% days...

It sure beats the steady grind higher for 20 days in March/April, don't you think!

May 27, 2010 at 3:55 PM
I-Man said...

If we hit 1110 by the close, I will change my handle to Uruk-Hai

May 27, 2010 at 3:56 PM
AmenRa said...

MUST...GET...TO..200SMA...OR...ELSE...

May 27, 2010 at 3:57 PM
McFearless said...

a close at 1103 would be so fitting, lol. leaves the most amount of people uncertain about tomorrow.

May 27, 2010 at 3:57 PM
AmenRa said...

I have a feeling many bulls are taking tomorrow off.

May 27, 2010 at 3:58 PM
karen said...

Need I remind you all.. we are at my top again !

May 27, 2010 at 3:59 PM
72bat said...

let us all relish the moment, resting here at karen's top

May 27, 2010 at 4:01 PM
DL said...

Yeah, I couldn't resist.

Had to sell (short) an S&P contract at the close.

May 27, 2010 at 4:02 PM
mcHAPPY said...

AHhhhhhhhhhhhhh... so what does happen tomorrow?

May 27, 2010 at 4:03 PM
McFearless said...

hilarious folks.

May 27, 2010 at 4:05 PM
CV said...

@Amen (3:58)

Easy gap fill tomorrow...

Then... sell-catch-&cover

May 27, 2010 at 4:05 PM
CV said...

@DL

Don't worry... You'll only have to sweat the Johnny hour... :-)

May 27, 2010 at 4:06 PM
I-Man said...

Risk? What risk?

May 27, 2010 at 4:08 PM
I-Man said...

See yall later. Today was garbage.

May 27, 2010 at 4:09 PM
karen said...

I second you, I-Man.. hated this day. : )

May 27, 2010 at 4:12 PM
McFearless said...

McHappy,

same count still applies, going to have to map the shorter frames tonight to see where we are at in the C wave....

I find this close just really funny, this was the worst possible closing price for the highest amount of people imo.

9:1 up day....I think we've got another 10-20 points at least.

I wouldn't mind for it to tank from here though.

May 27, 2010 at 4:20 PM
mcHAPPY said...

@Ben

That is what I have been trying to do - count the squiggles. Thus far I'm having no luck finding anything with confidence. I might load up 1/2 in the after-market and the other half at 1115 or a break of 1090.

May 27, 2010 at 4:30 PM
McFearless said...

McHappy,

you'll get better with that as time goes by. Keep an hourly closing price chart for yourself, count on it every day, and then test your counts on the shorter time frames if you want to day/swing trade the waves. Just practice every day, it's like free throws, practice makes permanent.

On another note, in general since you really seem to be getting into this, I'd just suggest you don't read too many EW sites. There are so many shitty counts on the web. We don't want to confuse the fact that the application of Wave Principle is an exercise in ranking proabilities with the idea that different opinions are equally valid.

For example, when you see wavers offer a primary wave 3 bullish and bearish count at the same time you should just ignore it, these are two outcomes with completely opposite forecasts. Even if we assumed that presenting a count like this were valid right now at the Primary degree, which it is not, if the analyst then pushes one of them, presenting them both as equal, then the analyst is automatically in error and wasting your time and likely costing you money.

Mastery of EWP takes a long time, I don't even consider myself close to that level. This is why having guys like Andy willing to help is invaluable, I saved most of his updates from the old site, just like the 23.6% slide from yesterday. There was a lot of valuable stuff over there.

good luck man

May 27, 2010 at 4:58 PM
I-Man said...

I'll be ready to dig into that stuff in a few months, Ben.

Still refining I-nalysis.

May 27, 2010 at 5:32 PM
wunsacon said...

Hey CV,

I was on a lunch break. Gotta get back to work. I'll check up on this thread (about my question) in a few hours.

Thanks.

June 2, 2010 at 2:42 PM
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