Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Thursday, October 9, 2008

Idiot waves.


So I have shown the ABC correction above over the past weeks... it's very extreme.... The above isn't all that .... Encouraging.. it would have been nice to see the correction in the middle ish.
Here in white is the good elliot wave from this leg... I can adjust that to include the entire ABC correction but I'm just trying to show the C leg..... We also have that nice wedge pattern that resolved itself yesterday..... That red line will be heavy resistance.....

All Signs are good.. Art Cashin says.... "bla bla bla" we need the strong reversal.. We are so damaged.... this is more like a crash low, that replicates 87 which took some time to heal... and the high energy reversal happened higher and days later.

I love art... but when 600 and 800 point reversals aren't enough, and can't sustain volume.... it seems reasonable.... There is a ton of damage.

everybody has their balls in a sling, and we want to lick our nuts.

This morning one of the bond traders Kevin ferry said.... We are the troops on the front line, and we seem ready to fight.

Lions lead by donkeys.... we are ready to fight.

1 comment:

Tony said...

Warrior ethos, baby.

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