'and bring up Beau's high speed chase' Interesting admission. NEWWURLDMN now admits to knowing bwolinsky. Perhaps they work in the same office. Or maybe they are the same person. The plot thickens... http://www.postimg.com/image/63000/photo-62004.jpg
AUDJPY daily chart downtrend commences as SP500 trend breakdown increases. Risk of stock waterfall sell off continues. Price action continues to 'hang in mid air' similar to Wile E Coyote just before he discovers gravity. DOW weekly rising wedge enclosed by large megaphone wedge. http://stockmarket618.files.wordpress.com/2012/03/2012-03-13_dow_wk2.png
OOOOH. You call the fact that Beau's past and his name was spread allover another thread as an admission that I am him... I only hope this online personality of yours is only kept online and not in real life.
Despite previous short covering spikes, SP500 etc daily chart uptrend degradation is more pronounced now. Informed traders know the rest...
Quite frankly, you think far too much of your technical analysis skills. I will go ahead and say it - you get this consistently wrong from a technical analysis perspective. You have no expertise in this field and quite honestly you do not appear to have the good sense to know when to shut up and quit humiliating yourself. We are not in a 'rising wedge'. There is no 'uptrend degradation'. We are in a full blown bullish trend channel, and have been for quite some time ( blue channel lines in chart ). By the early Summer of 2009 we officially broke the 2008 bearish trendline and then began to establish the bullish trend we are currently in. What many T/A's call a reverse pennant ( plum lines in chart ) you call a reverse megaphone - which is fine from a semantics standpoint. Where you get that incredibly wrong is that the upside flagpole rally we started the first week in January of 2012 completely invalidated your failed bearish macro calls. Taking out the highs of April 2011 triggers short-covering and adds fuel. What makes you a flake is your inability to own up to the human condition that we all have - that we all make mistakes, and that we are at our best when we recognize them, take responsibility for them, and move on with our lives in a constructive manner. Your dilemma, and quite frankly your great fault, is that you are trying to establish credibility with your ability to call markets via ET postings and your blog. No one is going to follow someone for very long if they are so obviously wrong and are simply unable to recognize that apparent fact. If some fool is actually risking capital on your incompetence - well, then what a shame. Every Bank newsletter that I get with Analyst coverage where the featured specialist publishes market calls also includes price targets and stop-loss levels. There will come a time when the market will consistently settle below the present lower channel trendline. We will start to witness a series of lower highs. Then go ahead and call a top to the market and recommend fresh shorts. Let the market tell you where it wants to go. And get a grip on yourself. Have you no sense of self-esteem and respect ? Are you not embarrassed ?
Goldman has a bullish outlook for the next 3 years. Not sure what to make of this other than not to bet against them. It's funny how people get scared when prices rise to new highs and also when prices fall to new lows. How many 52 week highs did IBM make?
And Forbes is calling for Apple to hit $1650 by the end of year 2015. How many poor souls have gotten crushed trading on 'overbought' oscillators and wave counts and Fibonacci extensions ? Hint: switch to longer timeframes. Consider the notion that failed oscillators and failed wave counts validate a trend. I personally do not feel pressured to liquidate or reduce my PIMCO Equity and Commodity Funds holdings in the 401K. The market is what the market is. I am positive that the market does not give a shit if I think it is overbought or oversold.
Brilliant analysis! So you think gravity affects stock indices? Did you get all your TA skills from cartoons?
I notice people get scared when price goes up a lot. When they get scared, they sell. This is not rational. No clue where Apple will be in 2015. But, I wouldn't be surprised if Apple reaches at least $1000 by 2015. I am sure there will be a lot of naysayers b/c they think $1,000 on a stock price is too high.