06/05/2012 Live Update

[Auole]

So,,, according to Bulkowski's pennant discussion here are the pro's: nice tight
pennant @ top of the pole. It did happen at the bottom of a trend. con: pole took all
off 12 hours in its making (Bulkowski's says norm is around 2 weeks). http://www.thepatternsite.com/pennants.html
I believe there were some real/imagined fundamentals that created the flag pole. I
mean, it COULD be that smart $ suddenly decided gold was a safe haven?!? There have
been a bunch of goldie locks tooting the likely hood of gold going on down to $1400-
1500 (as was I duely influenced thinking that bottom formation a bear flag that turned
out to be a bull wedgie). So,,, with NYSE, SPX's yest. daily doji's and todays so far green
candles, gold (& silver) may either just revert to price channel (purple) or Linear
Regression channels (red-100bars and green 50) mean/middle lines or if markets continue sell
off well, you know the rest.
Cougar - Thanks for the gold chart studies yest. Tradergirl - your silver/gold inputs are also greatly
appreciated.
Otherwise hope you are all enjoying the choppy weather.

[MrMiyagi]

I see Mr T still has his finger on the button...

[Al_Dente]

A bit more buying volume and we may have a very short term top, pardon, toppish/topiary zone maybe today or tomorrow? WDIK?...I hate volume...also….

65volume.png

coop: don’t think for a minute that I forget who u are
U were the only one who ever responded to my LONG poem ode to the short squeeze
MANY MANY MANY months ago

[MrMiyagi]

If today closes GREEN, tomorrow could be a very good day; London markets have been closed these past 2 days, they would play (or try) catch-up.

[chickencoop]

A bit more buying volume and we may have a very short term top, pardon, toppish/topiary zone maybe today or tomorrow? WDIK?...I hate volume...also….

65volume.png

coop: don’t think for a minute that I forget who u are
U were the only one who ever responded to my LONG poem ode to the short squeeze
MANY MANY MANY months ago

I'm always for a good poem when I see one.

[cguirguis]

Any new developments in AAPL?

[Auole]

Spaghetti Al - I LOVE your stuff. The hate volume was good but by the time I got to hate my rules you had me laughing. Thanks!!!

[Cobra]

ascending triangle I see, so the bias is up. 28 min to close, I didn't give up my plan yet, maybe tomorrow. I'll explain why in tonight's report. the rebound is weak.

[BullBear52x]

Spaghetti Al - I LOVE your stuff. The hate volume was good but by the time I got to hate my rules you had me laughing. Thanks!!!

It's noodle I out da here. peace!

[Cobra]

ascending triangle target in case you want to know but even target met, it doesn't change my view that the rebound is weak.

[Al_Dente]

Spaghetti Al - I LOVE your stuff. The hate volume was good but by the time I got to hate my rules you had me laughing. Thanks!!!

It's noodle I out da here. peace!

Thanks auole

BB52x: There are only two rules here:
1) DO NOT disrespect The Irish
2) DO NOT disrespect The Pasta
Very simple.
Everything else is fair game
Are we clear?

[EvilTrader]

This market is making me nervous.

Im tired, I need a vacation, or whatever

Daily trading is not for the fainted heart....i guess you must be trained as a buddhist monk....seriously

[johnnywa]

Rebound may be weak but smallies very strong other indices will play catch up tomorrow.Smallies lead up,smallies lead down

[SWalsh]

(3) as for the banks and insurance guys--they are in the middle of the kali dance in all senses of the idea. creative and destructive are parts of the same thing and the business models are in the process of change. it's very hard to be in the middle of this ugly stuff--but history has shown situations have a beginning middle and end--and then comes another beginning middle etc. We are getting closer to some sort of reset on this cycle every day. Really bad ideas eventually choke and are replaced with slightly less bad ideas. which in turn choke and are replaced with slightly less bad ideas.

THIS IS INTERESTING SINCE YOU SAID THAT:

A buddy of mine is a lawyer for an insurance company. He hates his job but it is what it is. He told me last week that they are really cranking up pressure on claimants they have paid disability to who they cannot just drop on some technicality for settlement agreements. That's a one-time payment of generally 40-50% of ones claim. Apparently if a 50 year old guy has a policy for life they will have the actuaries figure his life expectancy and they must hold that amount in reserve by law. But they invest it somewhere. They DO NOT like the exposure if they are doing that as they have what probably exceeds $1 billion as a 50 year old living to 68 at a $5,000 a month policy gets $1.68 million. That adds up with claimants really fast as I think one needs 595 claimants of that type to reach %1 billion.

They did the same thing starting in early 2008 that he is seeing now. Insurers have to be (and someone correct me if I am wrong) the biggest individual holders of assets that are diversified for risk. As rates drop, they must place more money into annuities held in escrow.

So this is an interesting comment he made to me. Does the really smart money know that we have 2008 on steroids coming as the Fed being the Lender of Last Resort will be impotent to stop another drop and Bernanke's nightmare of deflation via massive default will arrive?

Interesting cocktail party talk for a guy who starts telling you how well he is doing and that bears are crazy.

[Mr. T]

I see Mr T still has his finger on the button...

The button fell out...... what do I do now?!?!?!?

[Cobra]

overshot, might be a little pullback here. 17 min to go.

[CognitiveDissonance]

[quote="Interesting cocktail party talk for a guy who starts telling you how well he is doing and that bears are crazy.[/quote]


I need to get out more...

[chickencoop]

I see Mr T still has his finger on the button...

The button fell out...... what do I do now?!?!?!?

take out the battery or pull the plug or smash the solar panel...

[EvilTrader]

Rebound may be weak but smallies very strong other indices will play catch up tomorrow.Smallies lead up,smallies lead down

Whats the best symbol for seeing smallcaps ? what ETFs ?

[nicha]

Rebound may be weak but smallies very strong other indices will play catch up tomorrow.Smallies lead up,smallies lead down

Smallies = RUT?