Just to let you all know that ELVIS is alive an wellso is Marylin and I have the memory of her back side to think about
Elvis made sure my wife's hands were busy in front holding the mic
hahahaha
Hope everyone has a good laugh- that pic cost me $5
______________________________________________
As for the MKT, I dont think I promised or inferred today would crash-
I did , however, expect it to start out lower at 11am, but that never hit
And I had mentioned somewhere to expect 3pm to be higher
NOW that its over, the FUTURES ARE lower for the open as of 7pm tonight.
THe PROPENSITY has several parts, and 3of them are ahead
by 2 days and each one of those parts has collapsed for tomrrow
Power index drops off from 500 to 400, but the mkt can do a lot more
I will update all in the AM
OEX pc ratio = .67, and I havent seen it that low since late June
CBOE pc ratio also on a sell @ .87
Spider also @ 1.29
GOLD IS about to take a hit
gld pc ratios have been low all week except for the 22nd
15-28-75-14
Numerology number 9 is an ending number
dow hit 9096.72 & could not break about 9100 = 1 a new start
so it failed at that level and so will the mkt tomrrow show its true direction for the next 5 days
SOME OF YOU GET TOOO EMOTIONAL, simply because yuove been HOLDING ONTO
your DESIRE for the mkt to respond to your puts, and as each dasy goes higher, your value
drops to ???
You should be SCALE trading and ADDING MORE as each level is achieved
THRE IS NO WAY YOU CAN ALWAYS EXPECT TO CATCH THE TOP OR BOTTOM
And YOU MUST prepare for that- mentally as as with your cash reserves
THIS IS TRUE OF BOTTOMS AS WELL
ON JULY6th, I wrote to expect the mkt to run to 950 by or near JULY22nd
Just because you didnt believe me then, dont FOLLOW THE CROWD NOW
We bears ARE clearly NOW in the MINORITy - ALA pc ratios
I wrote several times this week for the 23rd
DONT BELIEVE what you hear - for eg atilla , sorry guy
dont get SUCKED in for example Exhuberance from CNBC - jerks
dont follow the CROWD -- some one on TV who says we are now going right to spx 1000
EVERYTIME I GET one of those readings at either a top or even at a bottom,
IT mean a change is at hand
AND THAT MEANS RIGHT NOW
more later
Jay
4 comments:
Here is my post just before you started the new chain:
Jay:
The ending diagonal fifth scenario was dead once we went above 961 by too much and for too long.
So, what does the EWI count look like now. There are two scenarios, depending on how one reads the elusive shallow (iv)
If (iv) ended at 943.22, then we did a iii of (v) today, aftermarket is iv of (v) and we have a v of (v) ending tomorrow just over 979.42 hi of today to end A up and start B down.
However, it is now possible to count a more extended (iv), which ended at 951.87 low late Wednesday 22nd. In that case, the move from there to today's hi 979.42 was all of (v). In which case we are done with A.
See Dan eric's chart
http://2.bp.blogspot.com/_TwUS3GyHKsQ/SmjWOeCy4LI/AAAAAAAABJ0/8XtVbdwmcV4/s1600-h/spx10.png
Shows two targets for A top . Around 890 under the first scenario; and already done under the second scenario.
I prefer the second scenario, because the after market has a five wave drop.
The two scenarios are not too different with one day difference in top. I prefer the second count, only because the after hour drop has created a five way down.
The real question is how deep a retrace to expect. Too early to tell. Under the second scenario, here are the retracement levels:
869.32 979.42 +110.10
38.2% 937.36
50.0% 924.37
61.8% 911.38
So the likely retrace is 937.36 to 911.38 range. With 950 ish resistent becoming support now, a even shallower retrace can not be ruled out. The waves down will give us a clue to the downside target. Let us hope they are clearer than the reading on (iv) on way up. !!
Ravi
7:45 PM
Way to go Jay. Down we go!!
Jay, its a tough game, and if 07/23/09 proves to be significant .... well ... you da' Man!
CB
Jay,
Nice pics. Where did you go on vacation.
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