am really wondering what tomorrow's price bar on QQQ or SPY will be; today looked like a hanging man somewhat, might be a downer tomorrow am thinking price is ready to pull back to retest and chop around, hammering out a bottom but I hope it gaps up and runs!
Jack, thank you for the additional detail on your thoughts on "the bottom" for the short term moves on QQQ. Your thoughts in your Final Comment are quite thought provoking. I infer the current infrastructure you believe we are in as "service". Certainly we cannot raise our standard of living by everyone doing each others' laundry. Is the solution in the next infrastructure? In the above quotation, why use quotes around "supposed"? What do you see as the real problems verses the CW's "supposed" problems? Happy Thanksgiving to you and your family, -river
Jim rogers thinks farmers will be rich in the next 20 years as we get back to "producing" instead of "servicing" . Hope he's right.
QQQ has about 15 mins b4 close... it is in an ascending wedge, nestled under longer term descending trend line and is under shorter term ascending trend line prediction: if it cannot close above 63.98 (its current price: 63.91), it will open lower on Friday, which will be a sideways-to-slightly-down day
Yes, we did transition from the industrial era to the service arena. The political parties are unaware of this as they told us. My life has been a great one since I got to be born in a Depression under Hoover. I also got to work my way through college. I always took an additional course each term as well. Usually I had 3 jobs. In grad school I took a full load of classes and taught 1/2 time and kept my dining hall job to barter for meals (I only ate two meals a day in college.) My mentality did not let me borrow. Many cultures have made the transition from full employment to part time jobs. Polynesians and the First Nations of the north come to mind. Both took the trouble to deal with their free time. Polynesions travelled and built monuments and did art forms. The first nations focussed on art and atcing through their tribal history. Both maintained hand crafting as major efforts in a contect of pleasure. I never sought full employment since the US in about 1954 was no longer a full employment economy. One exception was working to secure operating capital right after graduation. Within 3 years my salary was less than my commissions (commissions were high in those times). When you do not work, you have the freedom to spend time and spend money. The US and developed nations will be able to create family incomes that afford the ability to have freedom and have outlets for free time and to spend money. It is apparent that niether the free enterprise system nor the government has grasped this. This week has three work days and 4 free days for example. An easy way to grasp the present work pie and how the pie may be grown is to read Joseph Stiglitz. He slao points out how the angle of a wedge in a larger pie allows for more wedges, as well. The title of his book deals with a lot of things: The Price of Inequality". In ET we have a great sewt of trading examples and approaches. Some are so ineffient that a person must still work full time at trading. Another set demonstrates the grip of the emotions on not growing trading size from profits. But there still is the unlimited possibility if the person is willing to acquire the possibility. Over 55 years of actual observation, I have been able to watch the human psychology at work in markets. I also got to watch the market pie grow. Human nature may not change but human nurture does. Some very funny people emerged. Jim Cramer and Suzie Orman top my list. Who could believe in their messages? The electronic era has provided a mechanism, in the form of hardware and, now, software for satisfying the job pie AND the freedom pie. You can take a very compressed course in the future by spending a week or so in a Wakiki Beach hotel. Tons of young people arrive and bring their small children and do their thing. The biggest thing you see is "shopping". Food is everywhere also. But the beaches are not crowded at all. the computer, operated properly, adds value in a torrent. It is a capital flow facilitator. All the slave work is done at the speed of light. then the intellecual effort begins. The intellectual value is only surpassed by the commodity value of money acting as a commodity. So the infrastructure is a combo of "services/capital as a commodity". The sectors now known as "victimless crime" could be considered a service industry. This week in AZ we began cutting back on ill people growing their personal mary jane. Now they have to go to a store to get prescribed MJ. In AZ only ill people can use MJ. Healthy people have to obey hired crime fighters to police their behaviior. When I get wine from Napa, I have to sign while sober and be at least 21. Lots of papaerwork. So young people today have untold advantages. They can easily learn to make more money than they ever need. They can have paid services for whatever appeals to them. Those who provide servies can be doing it because it is their preference to provide services. Today the Us has a volunteer war fighting system. there are more than enough people who want to be in this service business. It is very surprising the way all of this works out. I chatted with an "under 30 female" she went to work and later she was upset a little that afternoon near the pool. At work , her drone didn't kill any enemies that day.
Got a call today from my broker who's been studying the Hershey method and who makes trades for one of my accounts. Broker: Hey, I've got some good news and some bad news. Which do you want first? Me: The bad news. Broker: Well, you know that short trade for the end of the retrace on Monday? The market rallied and you got a margin call and need more money in the account. Me: What's the good news? Broker: The rally is on decreasing volume. (Just kidding, Jack) Ready for the retrace of the mother of all retraces.