we may need to go up 4 more points before correcting.

Damn, I was kinda hopin' for somethin' a little more meaty than that. Is it too much to ask for a one day blow-off/reversal? I think I've earned it. I've been patient to a fault and deserve a formidable reward. I hate to see it all end with a whimper and not a bang. I mean they did take tax money from me for their Jackson Hole get-away. The least they could have done would have been to send me a picture postcard. Instead I got nothin' from them.

Perfect fork.
Don't look for 1320.

Porter should appreciate this....


Actually the problem is my cat. He took one look at the chart, shook his whiskers, and, climbed back up his rope. I shouted: "Come back down you coward." I heard him growl something about wanting to preserve nine lives and capital.
So many tuna cans and so little appreciation, I tell ya.

So when I said a break of SPX 1156 got my full attention I was serious. At that point you step aside because identifying the LENGTH of the next wave is problematic. I can tell you now this ain't a Wave C. What we know is that it's a correction of a larger pattern. How large can not be discerned at this time. (And we are not going back to DJIA 3000, so please, if that's your thing talk to Prechter or someone else. If you understand valuations then you understand why that's not possible. An eventual move down to DJIA 8000-8400 will inflict enuff pain to create another generation of people that want to stay away from stocks during their lifetime.

Right now I think we're in a rather large Wave A down. I've been out town with my wife so I haven't kept up with it all. I did notice today that MR.B of the FAB FED isn't looking to see $3000 gold on his watch. (Ya gotta read between the lies.)

Folks: Thanks for all the forks. Jus' make sure ure not the main course.

OT

Partiality generally prevails for a reason.

the ohhhbligatory short coverin' rallee...

Rather impressive descending triangles.

The expirations you are referring to are closed out late Wednesday or Thursday the latest. At best we get an uneventful flat to slightly up-day after another downside probe, IMO.

do i hear 10,400-10,600 in the back row?
it's 'BOTS friday.

"Well....now look what you've done. A fine mess you've gotten us into." :)

We had a rather bearish close Wednesday. A bullish close would have been DJIA -17pts (down seventeen.) The MMs are quietly closing the barn doors.

Run 'er up,
Run 'er down,
Run 'er all aroun'

--my cat

No one mentioned today's Total P/C numbers. The highest in a decade.

TA: Ominous

The short-covering dance continues.

Another short-covering episode for Thor's Day.

<The A,B,C down corrective completed and ready for up.>

Ya promise! :)

We closed a day or two back below 1156 doing away with a rare FIB correction. This suggests a new count.

DJIA 10,200 - 10,400 should act as a magnet and support.

Everyone knows what's in store when we break 10,000.

Good Luck

'nother Sunday/Monday nocturnal down-move.

What is the commission for buying gold?
Commission for selling it?

SPX:

1240-1248 on a closing basis should do it. The FIB people will see this.
It's all in the AYE of the beholder.

Correct. Others prefer the equities only ratio. I do not.

Since February 22 we have moved how many SPX points? Seventy or five hundred? Just eye-balling it. The Bulls and the Hedge Funds are waitin'. It's gonna be a long wait.

The Soros hedge fund is still in place. Twenty billion is worth going after. He thinks THEY are going to leave him alone.

There's fear in the TOTAL p/c ratio.
We turn up from here or we head down to 1240. Unfortunately everyone is looking at the same thing.

It will take take more than a paragraph or two to deal with Gold and China. I'd say two six packs at the minimum.

Gold is pegged at $1000/ounce. That makes up for any loss that China or we will suffer from devaluation. It was a novel trick. Our money in China may be worthless but that was never their sole goal. Everything that they wanted they were able to obtain. One is dealing here with the repositioning of civilizations not Treasury Paper in a bank.

The assumption for the above is that China can fix any problem and all is well. Sustainability is now the issue and that's where we run out of beer. :)

Good news: It's an A-wave, not C of 4. (We had a closing overlap.)
Bad news: See good news message.

A 4% decline for Wave 4, so far.
A little more to go.

Folks are talking down the market. It's silly.
We just started a 5th wave up on the DJIA. Another two hundred points down here on the DJIA doesn't matter.
The world isn't ending quite yet.

*************************************************************************

A small group of people will know what they are looking at here. This will turn into one of the greatest environmental tragedies of this decade.
This is the Century of Potable Water. Forget Peak Oil. I mention it because it will blindside economies and charts.

http://news.blogs.cnn.com/2011/07/25/thick-green-algae-covers-200-square-miles-of-yellow-sea/?iref=allsearch

In the last four days, has the DJIA even lost a total of 3/10 of 1%? All kumputer driven, shutting out the Heggies.

Nice chart, S

***********************************************************************

For a time now I have been saying that a market decline was linked to taking Hedge Funds down first. The operative phrasing is:

"...reporting requirements to the Securities and Exchange Commission."

http://finance.yahoo.com/news/Whale-Watching-What-Does-tsmf-371087968.html?x=0&sec=topStories&pos=1&asset=&ccode=

I'm gonna predict a 3/10 of one percent move today. :)
Drip...drip...drip....

Any market that opens down and trends sideways is testing the selling pressure for the MMs. The SPX 5-minute chart will attest to this phenomenon. We are either heading for C of 4 or A of 1. I wouldn't worry too much about a mini count since incompetence in the political arena on both aisles has created chaos. Capitalists are now manipulating FEAR. The Euro is dead and its impact will be felt here. No one cares about Greece or its people but rather THEY care about the European and American banking exposure there. We have been hit in the groin area and we are being told to scratch our head when the camera pans over to us.

With regards to gold and silver. You are jumping in for the last ten percent rise. If you subtract your selling commission ...well, I'll leave the rest up to you. It's now, to quote Don Coxe, on Page 1.

This type of rise has previously resulted in a four-day sideways, down, up move. In any case the run isn't over.

An exciting day!! It's only the second time in a number of years years that I've seen no pre-market TA action to lend support to the day's rise. It insures that:
-today's movement will be reversed
-interest rates will rise
-Hedge Funds will not capitulate near-term on their bearish stance
-a nationwide State pension fund crisis will be at hand within two years
-China's financial centers will join The Death of Death
-the obligatory DJIA +170 is alive and well

Earlier in the week I posted SPX1340-1380. An exact number does not matter. More importantly, however, is that we are back in the OEX Death Zone.

One lap to go.

Three laps to go.
Momentarily stumbling on the inner third rail.
















Who said the obligatory DJIA +170 wasn't alive and well? :)

"There is no T.A. reason for this market to close up for the day."

And ridin' The Cat's Meow on the inner post with four laps to go....














No place to hide.

Will it b a plateau of distribuSHUN?
we have dun the obligatory short-coverin' ohhhpenin'....

can u have an index of one stock?













No place to hide.

(3) Porter says a BROAD side-ways band

We have gone nowhere since March.
L8ter

Again, for Thors' Day.
There is no T.A. reason for this market to close up for the day.
Remember: A market that runs sideways damages EVERYONE.

Contrary to what is being reported, the trading venues and appointed mandates for Goldman Sachs and Morgan Stanley are unchanged. LeBranche created the same illusion years back.

Both parties are gaming the country as we quietly slip into a real Recession. The banking crisis remains unchanged.

Yesterday's action and technicals gave no support for a further rise today. None at all.

Sounds 'bout right.

1340-1380.

well, i'll tell ya...it's all in the eye of the behold her.
now if i'm right, and, there are those that say i'm not...well, i can live with that since short-term counts are jus' that...you need to have an invalidation between a 1 an' a 4 on a closin' basis. we didn't get that, unless my eyes are goin' bad, or, the lighting in the room is too low... so for tomorrow it's Wave B up, as both oligarchies jerk us around the flag-poll at half-mast.

no place to hide.