Al_Dente wrote:classic “elevator squeeze” possibly in progress, right now
if you are quartered, switch to full screen quick
5 minute candlesticks, make ‘em big, one day, in your face
it can be a breathtaking thing to watch if/as it keeps developing
let it enchant you
it should be able to go a few more sticks
7, 8, 9, sticks maybe more; every squeeze is unique
turn off all news and noise, so you can try to hear it
the soft swoosh of the elevator moving up
the hesitation at the various floors
if it’s a true elevator, each new stick should hit a higher high (high tails are okay)
no stick should CLOSE below the center of the last stick
it may be over soon
another new high
and another
then, when it finally reaches the penthouse
a pause
almost imperceptible
like an air pocket
(more like a biplane that zooms up as high as it can aerodynamically go, then pauses, suspended for a moment at the top, then turns slightly, just before gravity pulls it quickly back to earth)
you can almost hear it at the top: that crisp, clear, dead-air crackling
It is the sound of the short-covering coming to a DEAD HALT
they just stop buying back, they are finished for the moment, perhaps
no one knows how much it will take to feed the beast
and then …….. elevator down
why the hell do we gap down only to fill said gap in 1 or 2 days? this market is confused. i think we are rallying on the latest greece is "fixed" news (again)
crude is making its way up to 86.50 zone and that will be a good swing short. of course this could also be a false breakdown and the bernak will save the day driving prices over 90. should be interesting ...
I can eliminate another target now. unbelievable? yeah, better you believable it, history always repeats.
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Al_Dente wrote:classic “elevator squeeze” possibly in progress, right now
if you are quartered, switch to full screen quick
5 minute candlesticks, make ‘em big, one day, in your face
it can be a breathtaking thing to watch if/as it keeps developing
let it enchant you
it should be able to go a few more sticks
7, 8, 9, sticks maybe more; every squeeze is unique
turn off all news and noise, so you can try to hear it
the soft swoosh of the elevator moving up
the hesitation at the various floors
if it’s a true elevator, each new stick should hit a higher high (high tails are okay)
no stick should CLOSE below the center of the last stick
it may be over soon
another new high
and another
then, when it finally reaches the penthouse
a pause
almost imperceptible
like an air pocket
(more like a biplane that zooms up as high as it can aerodynamically go, then pauses, suspended for a moment at the top, then turns slightly, just before gravity pulls it quickly back to earth)
you can almost hear it at the top: that crisp, clear, dead-air crackling
It is the sound of the short-covering coming to a DEAD HALT
they just stop buying back, they are finished for the moment, perhaps
no one knows how much it will take to feed the beast
and then …….. elevator down
This is poetic! I love it.
thanks chickencoop. it is an edited version of the one i have posted next to my screen, helps remind me what short-covering can do
elevator not finished yet, but soon, maybe this stick
Last edited by Al_Dente on Mon Sep 19, 2011 3:42 pm, edited 1 time in total.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Hey cobra - have followed you for more than a couple years now - unfortunately barely have time to really dig into the details on my own, but i read the nightlies, and its fun to track the board during the day and i play a long a bit. Followed today in around 10:30 and exited with some nice lunch money a few min ago. Cheers for your work, its really fun to watch your analysis.