I looked back to find a good example of what I am thinking. 1994 seems like the most similar time period. There was a rally that started in June of that year which last until September. Around September, then the election season started heating up with much uncertainty. Then what came was the Republican surprise where the Republicans were elected and then the $SPX made an amazing surge. I know the risks of using such corollaries, but this chart seems to most accurately characterize my thoughts. What I am not showing is the 5-10 day moving average on the current chart (not on the one displayed). There was some guy I remember from a while back that would put out this youtube video who kept saying..."we have a rising 5 day moving average". It was annoying, but hammered home a point. We now have a rising 5 day moving average and that average usually moves in one direction for a while. So a move up lasting 3 months and then a slide to put us back at this point. As the chart suggests, daytrading may not be a profitable venture, but choice swings will be the rule of the day. Uploaded with ImageShack.us
Retaildaytrader, I saw your support line weeks ago. But as the last 2 sessions have shown this correction may not be over. In the last two hours on both days the market shot straight down. This is a substantial sign of weakness. IMO these next few days will either make or break your âmacroâ picture.
-------------------------------------- Where's the compassion? I came out of the El Pollo Loco on Lincoln blvd. only to find my car blocked by a cop car with 2 macho LA cops doubleteamed against a gentle, 90-yr. old man who was apparently pulled over for driving too slow. One look at this well-dressed, decent old man and it was clear he had some sort of debilitating disease and would likely pass away soon. Never mind that he was a senior citizen, somebody's father and grandfather, he was shown no respect and all sorts of vapid threats were made. There couldn't have been a more harmless man in all Santa Monica. These things were crystal clear to ALL the bystanders. Just then a car full of lowriders drove by on Lincoln, reversed and got within shouting distance of the cops, popped a shotgun out the window, then laughed loudly in defiance and drove off. The cops did nothing. I shouted at them, (exact words) "you sissies are just going to let them go and instead harass this old man?" This video describes the old man's plight perfectly ..... http://www.youtube.com/watch?v=T575Pbo4eWM and this one too ...... (wait for the music to start, get past the slow intro) http://www.youtube.com/watch?v=lN-4lX0QyZc ------------------------------------------- I got the dirtiest look from these coward cops, then finally they gave chase. ----------------------------------- The lowriders were fckin up my beach area all the way from Venice up to Pacific Palisades. ---------------------------------- Catch the lowrider listed below, place him in a chokehold, then pop his head between his legs and let him smell his own asshole. Hold the position for a week. Then line up the others and have them blow each other in the open on Lincoln. This will disband 'em quickly. They'all all be gone within a week. Got the balls? ... or are you just going to beat up on dyin yuns? ------------------------------ Rennick: shotgun waver in so many places, hard to miss. http://www.elitetrader.com/vb/showthread.php?s=&threadid=127153&perpage=6&pagenumber=1 http://www.elitetrader.com/vb/showthread.php?s=&threadid=99143
So, let me get this straight. Rennick is the lowriders, I'm the cop and retaildaytrader is the old man? Was an interesting story, but I am not policing Retaildaytrader for his content in this thread. I am - as someone invested in the market - laughing at his prediction. Especially since he's bragging about being "right". When I delete/move/edit posts, then you can call me the police. Apart from that, I have an opinion - just like you. And I have the right to post it.
U.S. stock futures rose Wednesday as employment data captures the spotlight two days ahead of the government's key report, with the release of jobs-related statistics from Challenger.
You got that right. Came back here to eat a little crow and see you've already dished it up for me. Ah well. This is the problem with T.A....it doesn't account for news. This morning, my charts called for a textbook drop. Now they are hazy to up. If this is "noise" it's too "loud" for my charts to decipher. As for me, I made some $$$ on short stuff early, then took a loss later. Still a good day personally. SM
is this the harmless old dude you are talking about??? "LOS ANGELES (July 17) - One day after an 86-year-old man lost control of his car and barreled for three blocks through a crowded street market in Santa Monica, the number of dead rose to 10 on Thursday as police considered possible charges against the driver. Eight people, including a three-year-old girl, died at the scene of the accident and dozens of people were hurt, many of them critically. Two people have since died at local hospitals , an official said. ..."