Where is the weakness in current Price action? (1) Volume action was #1 as shown in previous post. (2) Hundreds of PRICE ACTION threads at ET and not a single participant - all 4th graders IMO, has even cognited on PRICE's chief characteristic, his backbone. No arguments please - trash it if you want, I don't give a fck no more, I be done arguing. see Dow daily chart .... the brown ellipse shows a clear 3-wave move, the blue ellipse shows a clear impulse aka 5-wave move. Can anybody here dig this? a 3-wave upmove wave is the SIGNATURE of a CORRECTIVE WAVE. Whatever comes after that, even if it takes out the April 26 top is therefore just a correction and therefore countertrend. That then is THE weakness in current PRICE action because we know the entire rally will be fully retraced and then some Uploaded with ImageShack.us
There are no shortage of really bad analysts out there who totally missed the boat on the market recovery. The whole idea of applying technical analysis on the Dow is a fallacy to begin with. The Dow doesn't follow technicals it simply reflects on an aggregate result of its components. The only real levels for the Dow are not technical ones but emotional ones ( like 10,000 ) which catch people's eye. Even then the Dow is probably outdated and of not much use to anyone anymore. So this whole thread is kind of like watching a cult leader supposably dabble in stocks. Its mostly crap and only gains credit from cult followers who are mostly out of their mind. The cult leader decries everyone outside of the cult is wrong and his religon and way of life is the only way to be. Anyone who brings up outside reality no matter how damning the evidance is either shunned and/or must be punished. I guess that ET just views this thread as entertainment because it doesn't have the least bit to do with trading or investing.
Did someone say that Dow Jones PRICE action gives no clue? -------------------------- The HERD is amorous at intermediate tops and bottoms. deadbroke November 2009. testing the theory again ..... Dow Jones daily chart current suspected top far out funk .... see the 2 dojis and the double outside day? Now look at the start of rally, August 27 - see the dojis and the double outside day followed by double inside bars? just my 2 cents .... but the trendline shown below is the arbiter - break that and ..... Uploaded with ImageShack.us
now may can get some short action have to see how high we go if it held right here i will be looking for 1107 cash have to wait and see where this swing high is put in
Ok DB WE DID IT! Pretty much hit the target of 11,200 on the head. Expect down move of 4% from here and then consolidation through the elections. I'm sure you are left wondering how fundamental research could outclass technical so... is it just the practitioners or has something changed in the market with all these etf's?... you are doing a Thelma and Louise off the cliff when the answer is right in front of you. I have tried so... don't even begin to tell me that I haven't gone to bat for you DB and batted you around a bit. You are ET's pinata DB! Now I give you permission to do a silly short term top call leave the long term stuff to a different decade. The wife turned 45 DB and she got a $3,000.000 Bucchalati??? ring. Metal work with a gold nugget with an insignia snake & swan... 1890- 1920 I think. I hadn't planned on anything so extravagant, but when I saw a perfect match I had to make it happen. Investing throughout the ups and downs with you here has made that gift possible. You too some day could have a girlfriend or a wife and do something like this if you just stopped being so negative. A mattress, new shoes and a ring and all from profits; skin still in the game... what you got????? WAKE UP MAN! Learn DB. Learn. You like teachers so... I've plotted all your bad calls here on a chart and corrected them all and the corrections overlay the bad calls in a Hindenburg Omen! I make people rich. You make them poor. I help society. You do not.~ stoney
Hey Stoney just got back and read some.....I apologize for hurting your sensitivities. I am actually a bum/drifter though not much better than your description it suits me better than sitting in front of a computer all day, snivelling but your point of going broke by following DB is a bit hysteric. I for one do not take positions on a all in all out basis. A 10% move, against me, though would usually be enough for me to cover a position it certainly would not be catastrophic by any means. Though DB maybe wrong I respect his blog vs. the others here and yes I am on the same side as him. I assure you a 10% move against me on a 8% portfolio postion is mute, far from putting me in the street, though the street is often my preference. This week the fall colors of the ADK......under the stars, there is truth and peace. I hope for your wife's heart your success is not measured by trinkets. Thanks always for your trading insight and humor.... Sorry DB for the deviation, this is your blog. Bum/Drifter out aka Diaperman
You Sir, are always welcome. jeez, I thought Stoney had left and gone back to his own thread. Its always been a problem for me when a woman threatens to leave me and I respond with, "how soon can you be gone?" - then they NEVER leave. Bummer. Never trust a sentient being who bleeds for 3-5 days and doesn't die!!!!
Posted elsewhere within ET by me (3 times) but very relevant .... NOISE from 99% of ET-ers is in line with HISTORY and TA lessons .... The King of Kings (Dollar Index) has been chosen as representative of ALL underlings including his butler (Dow Jones) HISTORY The HERD is always wrong at major turns and even at intermediate turns. TA The same old patterns repeating over and over and over again - in this case we are referring to the specific pattern within HERD psychology aka SENTIMENT - whether an actual TA topping or bottoming pattern (H&S, DT, DB, Diamond et., ) exists simultaneously, would be a bonus. Behold the truth about ET-ers and why it never pays to be part of this group, the warm cuddly feeling notwithstanding. note: apologies for the oversized chart - but necessary for an unsquished view of the detail. Uploaded with ImageShack.us