06/21/2012 Live Update

[Auole]

Dear TWT:
¿ EWP ? Elliot Wv P____??

[MrMiyagi]

[Al_Dente]

SPX: The internal structure of the current pullback is corrective

TWT
is that suggesting a bounce??
TIA

[KENA]

No one has said anything about the P bar at about 11:40 on SPY up to 135.50. (maybe)

[soku]

rumor says uk banks to be downgraded very soon

[MrMiyagi]

No one has said anything about the P bar at about 11:40 on SPY up to 135.50. (maybe)

I don't see it on my platforms, thanks!

[knock]

No one has said anything about the P bar at about 11:40 on SPY up to 135.50. (maybe)

isn't it the opening price?

[Mr. T]

No P-Bars Miyagi... not today.

Only good P-Bar is the one which goes to zero....... until I'm long again. Then it doesn't count.

:p

[Al_Dente]

wow here’s yr alignment chart of the day

[Unique]

Excellent price to buy the dip on SPY here. ES and SPY on significant support. 20%+ gain for SPY weeklies potential.

[Petsamo]

If we finish at the lows today, I wonder if we gap up tomorrow

[soku]

rumor says uk banks to be downgraded very soon

my rumor source is pretty reliable. even tho he said moody's to downgrade uk banks at 6:30 london time didn't happen, i still think this rumor is very likely. i think it makes more sense to announce downgrade together after us close. does this mean equity will go down? it's hard to tell. jpm down 3 n is widely expected by the market. as usual, i don't like to trade ahead of major news. i will take the rest of the day off.
glta

[MrMiyagi]

If we finish at the lows today, I wonder if we gap up tomorrow

I think it would point to a green day if indeed the close is at the lows or thereabouts; the TRIN is getting to a high number +2.26 now and a high of +2.60.

[SWalsh]

SPX: The internal structure of the current pullback is corrective

For now, I have to disagree. This rally reminded me of last June when $76 billion was tossed to the banks only to see the mkt collapse. I didn't have the HFT running then, but this mkt was CLEARLY put up to the highs by machines. So they made the pattern more complex.

There is no impulse wave down only if one insists that the top of the mkt was the end of the wave up. It looked like a failed 5th following that to me after that high which is why when I saw 5 down this morning I shorted the a-b-c at 135 and the drop below 134.70 as wave 3 began.

Could this be a-b-c-x-a-b-c down? Sure. That's why I don't want to see more than a 38% retracement. But we are under trendlines and back in channels. And if you look at the foreign mkts, that have tanked, the moves up are clear A-B-C patterns to the recent highs this week.

[rc1269]

rumor says uk banks to be downgraded very soon

my rumor source is pretty reliable. even tho he said moody's to downgrade uk banks at 6:30 london time didn't happen, i still think this rumor is very likely. i think it makes more sense to announce downgrade together after us close. does this mean equity will go down? it's hard to tell. jpm down 3 n is widely expected by the market. as usual, i don't like to trade ahead of major news. i will take the rest of the day off.
glta

Moody's has already stated that they will issue collective rating actions against all the UK and US banks together at the same time. so yes, it makes sense it would happen after our close.

[Cobra]

nothing to say, the very 1st rebound should be still likely to fail.

[chickencoop]

Twitter is back up FYI

[SigmaEcho]

nothing to say, the very 1st rebound should be still likely to fail.

2day MDD? tomorrow green?

[victorm]

nice market update: http://www.thetechnicaltraders.com/chri ... -analysis/

[SWalsh]

No P-Bars Miyagi... not today.

Only good P-Bar is the one which goes to zero....... until I'm long again. Then it doesn't count.

:p

If you missed this late yesterday:

That's why they're called "retails" = they buy at retail and sell on clearance.

Great point....I never heard it put that way.

Look at the rally from June 23 to July 7, 2011. I read that $76 billion was quietly put into the banks to fuel that rally and it was the largest amount since 2008. When it stopped, see what happened? (I knew that you could). This mkt is pure fascism. And if someone thinks that's crazy they should study Mussolini, who FDR was enamored with because of his economic policies, and this government-industry cabal that could be Krups, et al, of Nazi Germany, where over 100 US and 50 UK bankers worked to make the firms operate at peak performance DURING the war. They were collected and shuffled out prior to Nuremberg. All a nation needs are fanatics, psychotics. lunatics, true believers, and greedy people to do exactly what we are doing now when laws are worthless. Think we have a shortage? They litter DC.

UPDATE: Executive Orders to seal "Fast and Furious" so (with)Holder doesn't go to jail...where's Woodward and Bernstein as that may well exceed what Nixon did with Watergate. His crime was covering it up.

This looks like an a-b-c up and the move at the bottom was, IMO, broken as the top should be called a failure at 1414 on May Day (throw the commie leader a bone). So it might be revealed months down the line that all this HFT bidding that turned the mkt, which Arrested Development refuses to comprehend, was none other than like 1929. The Fed didn't buy stocks then, it just lent as much money as they wanted to borrow.

Speaking of "Muppets", I guess Benny is The Count.