Thursday, November 13, 2008

Now there is one less shark in the killing zone...

Before


After:



Calling all shy whales to the action.

97 comments by xTrenders :

iv said...

Atilla,

Excellent job.

Can you cooment on why you think we shouldnt get rejected at 975 or is it still a possibility?

Perry said...

Atilla,

Do you think we gap up in the morning? 920 to 950?

Atilla M. Demiray said...

iv said...

Atilla,

Excellent job.

Can you cooment on why you think we shouldnt get rejected at 975 or is it still a possibility?

Thursday, November 13, 2008 5:30:00 PM EST

-----------------

Because entire planet is watching that triangle and there are gigantic stops, placed right above that trend line (980 or so)

They gonna get run over. But here is the true reasons.

1- One way or anather, we shall make new swing highs due to MCO setup

2- Nothing that you see in the books and other TA media work as they are explained. Like triangles, they usually break out in the opposite direction before the true trend direction.

That long term trend line on Dow that was created by the crash of 87 is still acting like a fulcrum and it will take a weekly or monthly gap down to take it out.

Atilla M. Demiray said...

Yes we will gap up but I am not confident about its whereabouts

Aum Namoh Shivay said...

Hi Atilla,

Thanks for your analysis and the confidence .

you are a master of this art.

John said...

Atilla, I'm new here, but like everyone else has said, incredible job!

Is your current thinking to get flat on a gap up and then re-establish after some sort of scary selloff, or just hold through and add on dips?

John

Atilla M. Demiray said...

John said...

Atilla, I'm new here, but like everyone else has said, incredible job!

Is your current thinking to get flat on a gap up and then re-establish after some sort of scary selloff, or just hold through and add on dips?

John

Thursday, November 13, 2008 5:47:00 PM EST

--------------

Depends on where we open. If we open below certain levels, I will sell into the strength

jeffreyb_30319 said...

Atilla,

Nice job today. Can we assume the blue arrow straight down occurs after NOV options expire? I think I remember you saying big boys have been selling puts. Thanks.

John said...

Fair enough. Please keep us updated.

Thanks again.

John

Atilla M. Demiray said...

It is very likely that we put a top right after option expiration

buylo said...

is option expiration Nov.21 - Fri.?

Abe said...

Atilla,
Im a small fish trying to live the Trader's dream of making it big. I just want to thank you from the bottom of my heart for sharing all this info with us. I pray that GOD gives you Health, Wealth, Security and Love/peace with your friends and Family -Abe

Aum Namoh Shivay said...

Hi Atilla,

Basically what I get from the chart i sthat we will go to around 1050 ( for sure ) may be in 1-2 weeks time and then drop from there.

2. No way we can surpass 1070-1080 level

3. And this time when we fall there wont be any floor and we will go to around 700 SP area.

Do you have any predictions about the dates .

I heard you saying once that we would not surpass 1100 in this dcade . Does that hold true ?.

Thanks for yoru insights .

sepehrmusic said...

Where is Issac? He should be very excited. I miss him, even if he does copy everything Atilla says anyway

sepehrmusic.com

in the mountains said...

johnboy,

I looked at the "5 waves up" on the 1 minute chart again, and there's a problem with it: The 3rd wave is the shortest, which is not allowed in EW. So it's likely that the 5 waves are waves 1 and 2, followed by waves 1, 2 and 3, of wave 3. (Or 1,2,i,ii,iii).

So tomorrow's action will likely start above today's close, but after v of 3 completes, we should see a retracement all the way back to 895-900 which looks like is the area of wave 4 of iii.

in the mountains said...

check that. I said "after v of 3 completes" but what I should have said was "after wave 5 completes"

nacho said...

Atilla,

Nice call! What are your thoughts on the gap filling on ES on this up move? Oct 6th, ~1100.

thanks

johnboy - Moderator said...

Ferd the Moon Cat said:

Question from a careful rookie for any and all: does the spx 840 on 10/10, the 845 on 10/28 and today's ~820 form a technical triple bottom?
Thx in advance,
Ferd

----

Ferd,

Triple bottom or no, it paints a lovely Elliott Wave structure right now. Looks set to be a lovely C wave right now. Target for these EWaves is the region surrounding the end of wave A, that is 1050ish. It's worth noting that this lines up with Atilla's targets.

Since I posted my last assessment of the possibilities, the price action has tipped it's hand. V likely a C wave indeed. Slight possibility of a ever-so-slightly downsloping descending triangle, but quite low likelihood IMO (target would be more like 970ish under this case).

C waves are fast and furious affairs, and most commonly associated by non EWavers as 'short squeezes'.

If it's a C wave, then after we top out in a few days, BULLS BEWARE. We will go DOWN.

What I love the most is that the most probable EW count lines up with Atilla's predictions. When I see that, I increase my position sizing.

sepehrmusic said...

Great stuff melf on your site about UYG, thanks for posting, i bought a bunch of UYG around 5.90-6.08 range today based on your work. Is your thinking that it gets to around 16 by the time Atilla thinks S&P hits 1050 or so around opex?

sepehrmusic said...

Atilla, just amazing calls, never doubted you, bravo. I'm from the same part of the world as you, so I am a believer. I think I'll write a song for you too (;

sepehrmusic.com

katzo7 said...

Thank you Atilla for that excellent call.

katzo7 said...

In the mount,
looked at the "5 waves up" on the 1 minute chart again, and there's a problem with it: The 3rd wave is the shortest, which is not allowed in EW. So it's likely that the 5 waves are waves 1 and 2, followed by waves 1, 2 and 3, of wave 3. (Or 1,2,i,ii,iii).

*************************************
I have never found 1minute, a short time frame to be completely EW reliable. It can switch alot. What do you think?

dougs charts said...

Wow great job on the poll everyone.
80%ish were bullish going into today. I was very surprised.
My blog is updated with some of todays charts.

in the mountains said...

katzo7 said...

In the mount,
looked at the "5 waves up" on the 1 minute chart again, and there's a problem with it: The 3rd wave is the shortest, which is not allowed in EW. So it's likely that the 5 waves are waves 1 and 2, followed by waves 1, 2 and 3, of wave 3. (Or 1,2,i,ii,iii).

*************************************
I have never found 1minute, a short time frame to be completely EW reliable. It can switch alot. What do you think?
------------------------

katzo,

I think you are right. Still, when the movement is this fast, I like to take a look at the 5 min, or even 2 or 1 minute bars. Today, you could see the impulses at that level and the picture is quite clean. I was looking at that level primarily to try to figure out where we might likely have a pullback (so I could buy some more, being the greedy sob that I am 8-)

Aum Namah Shivaya said...

Hi Anyone,

Where can isee nikkei futures.?. Are they up

Susannah said...

Market's not officially open, but the futures are up. Looks like about 500 points.

Rob said...

Atilla,

Congrats on your calls this week, I really like your style. Fluid to what you are seeing...

Thanks for posting! I've learned alot from you over the last few months.

Cheers,

Ferd the Moon Cat said...

Johnboy, thanks, much appreciated.
This board sure gets lively when the action turns north.
The last noise I heard on cnbc b/4 i passed out last night were the 4 experts and ratigan chorusing "look out below...."
Ferd

katzo7 said...

In the mount;
couldn't follow it closely today but it never pulled back much, right?
Were you able to buy more?

PCap said...

Aum Namah Shivaya said...

Hi Anyone,

Where can isee nikkei futures.?. Are they up

----------------------------

NKZ8 is the ticker, I see it at 8310, but my data is delayed on this one.

PCap said...

Someone in a prior thread today said that the ticks went to -1940, but I don't see that...

If it is true though, the only lower reading was on 9/17/01, which led a little bit of a drop from there yet to the sept bottom in 2001, and then a close to a 30% rally.

PCap said...

Nikkei up 4.1% in futures off of CNBC right now...

Mr. L said...

way to go everyone! doug u should do more polls!

4FL3X said...

Here you go Aum Namah Shivaya

http://www.nni.nikkei.co.jp/CF/FR/MKJ/nikkei225.cfm?data_name=Nikkei%20225

Aalwayslearning said...

Atilla M. Demiray said...

Nothing that you see in the books and other TA media work as they are explained. Like triangles, they usually break out in the opposite direction before the true trend direction.

Thank you for this words and for today's guidance. That's what stop me to learn conventional TA too deep. Often it's just a trap. You are the first person who is very successful in trading and saying the truth about the market.
Your "flux capacitor" is a great machine and looks like it work the best in the most extreme circumstances like today. Thanks again for sharing your trading ideas with us

M.

Trading Signs said...

4FL3X said...

Here you go Aum Namah Shivaya

http://www.nni.nikkei.co.jp/CF/FR/MKJ/nikkei225.cfm?data_name=Nikkei%20225
=============================

Om Namah Shivaya!

Jai Shree Krishna. Fly baby Fly

ROLLER said...

the 'pull-back' was over 200 YM points, took about 20 minutes, started at 2:50pm EST

daily pivot points for tomorrow:

ES: 880

YM: 8,550

NQ: 1,195

NQ never broke y'days high at 1,244.75 came 1 point short.
(for those that are counting)

StockRake said...

Throwover today and they will throw it over to the top side for 2 reasons.

One, they always do to f%ck over the most people.

Two, because of the oversold pressure on this downmove should produce a little bit more to the upside than typical.

Bears will short it the whole way up and the move will linger a little longer than expected. Maybe to Thanksgiving - Nov 27th or till end of Nov.

Foghat said...

Congrats Atilla! I dig that flux capacitor thingy of yours!

FWIW I sold the last of my Jan puts, bought some more TBT, and took an initial position in TCK at $5 today. Wasn't hugely positioned for the bounce but still did fairly well overall. I'm more interested in timing the next turn down and getting more heavily short again. Will be watching along!

Radium said...

i exited all positions AH .very impressive move but i think we see a bit of a breather before we push higher ..looking for a a nice pullback at open then go. We shall see. At least i can sleep tonight LOL

Congrats to all that made some $$$ today..a gain is a gain

nice time machine Atilla!!!!

Radium

BH_Trade said...

I see zero ES or NQ trades on the overnight session that are >= underlying cash index closes. When the shorts quit chasing . . .

xvidivx said...

Nice call

As I guess, If atilla was wrong in day trade, I would assume he will right in day trend.

I hope he has found robots.

Thank YOU aTILLA

ROLLER said...

look how the traffic drops off after a good day ... I guess everyone is out celebrating!?

John said...

I am here but I never post, just want to thank Atilla,
thank you

Russell said...

I was just thinkin the same thing, was expecting several hundred comments and come to find only 43.
hmmm, continuation signal?

Russell said...

post just to receive the comments.
thank you atilla, anthony, et all.

PCap said...

ROLLER said...

look how the traffic drops off after a good day ... I guess everyone is out celebrating!?

-------------------------------

Another late night in the office, but I'm going home soon. Working on a structured trade... blahhhhh, I don't want to do it, but boss thinks it's got potential. Credit guys have no balls here to say no, and I'm just a quant.

PCap said...

Oh, and Ati, thanks!

tradeback said...

I was out most of the day. I had confidence in Atilla's setup. I saw that usually his first setup is the one that's correct. To my surprise or luck when I came back in the AH, spy was way up.

Thank you Atilla, you are the greatest.

dhw said...

I guess everybody went short on the breakdown so not many high fives here.

I noticed that odd lot shorts actually went up today.

http://www.sentimentrader.com/subscriber/charts/ODD_LOT_SHORTS.htm

SSurfer8 said...

Atilla,

Just wanted to say thanks!

It was simply an amazing call. What I found more amazing was your patience and fortitude.

I'm a small fry just trying to survive. Thanks for allowing us to watch a master at work.

Word verification: "halness"

In honor of that...All Hail the Flux Thingy.

Gluon said...

Bravo Atilla -

another great call!

Trevor said...

Hey Atilla,

Been following for a couple of months. Lose a few, but win more! Played and won both sides today based upon your advice and probably had my third best trading day ever. Thank you for the most generous sharing of your analysis!

Hope my word verification (unganes) is not prophetic...

indusequities said...

Guys whats going on? I was tied up in an IT conference all day.

Market is making us happy.. Hope all you go got in atleast at the 829 level.. Or were you all waiting for the real bottom under 800?

Hope we'll see 1070 before month end and come back to 1000 level.

tamas said...

Indus,

What do you mean by "come back to 1000 level"?

jay said...

For this evening's study I am examining: The Speed of the Market.

In the image below the thick blue lines are Gann Lines. All of them have the same, or the same inverse slope. +/- 250 Dow Points / Day.

http://screencast.com/t/ertI1rctdO

Isn't that interesting? (sorry about the ewave lettering)

Now here is where interesting becomes amazing. A line with the same slope projected from today's bottom goes to the top of the (former) triangle at............surprise - options expiration!

http://screencast.com/t/AnISVZkI

WoW!

steevo said...

Atilla, thank you for the generosity, I chose President Hoover, a man for our time.

If Paulson would drop some of that coin on infrastructure projects, there might be fond memories of him also in future generations. Like maybe Hank's Wind Farm, or the Paulson Stategic Helium Reserve.

captain said...

Atilla,
I been observing your blog for a few weeks. You always have excellent calls, but the way you called this one today was nothing less than phenomenal! Thanks-- because of you, I hung in there a little longer today for a nice profit. Sincere thanks!

Mr. L said...

wholy shat jay! thats incredible, it wouldn't surprise me that we actually get there!

cool stuff guys, good work!

Jooon_Yer said...

Been a lurker for a brief while and following occasionally when it matches what I am thinking (gives me further conviction on a trade) -- your call and my belief to hold in there intraday today and not get popped out on a tight stop and knowing approx where I wanted to set it allowed me to realize a mid 6 figure gain in under 24 hours.

Thank you

Jooon_Yer said...

ignore -- another post to follow comments

Steve said...

Induse,

Great call...Too bad I was all tapped out and I couldn't buy more...I sold 1/2 around 880 after I read Atilla's exit. I am glad to see that he bought them back, because I can sleep better tonight.

Cheers all...

Mr. L said...

jooon - mid 6 figures!?

wow thats insane! why aren't u out partying? lol

steevo said...

Consider this: WXY correction began 10/10.

Beautiful abc wave W ran 18 days from 10/10 to 11/4. this is clear triple3 in all indexes.

X wave began 11/4 and finished in .382 of the time required for wave A. X is a clear zigzag.

Next I look for a flat to give us wave Y. This would satisfy alternation: triple3, zigzag, flat. Wave A would end near prior highs at 1000 near expiry.

The wave B of wave Y has another lower test of the 800 to 770 range and would take us to month end.

If Wave Y is equal in time with wave W, it terminates in mid-december where some look for a cycle turn.

Wave 5 begins with a final blast of tax loss selling and recognition of a weak Christmas. Then weak Q4 profits and Q1projections puts in the final low of this move in time for inauguration. Seasonality takes over for a multi-month rally next year.

Today was widely published Bradely turn. Next Bradely 12/15. I look for the 1050 high to be in wave C of the flat in the December expiry week, not this month. Remember wave W was 18 trading days, if we get a flat it might take longer. A flat also gets us back down in the range of the 2002 low at 770. Atilla wrote of range expansion two weeks back. I think we are going to see it in spades and the flat could do it.

Also, the X wave was a low volume buyers strike, not heavy hedge fund liquidation IMO. 11/15 is notification for many hedge funds of withdrawals, but I think the funds are not returned until later, when the NAV is priced (end of November?). More selling might follow, but it will come as a distribution in a rally. Today was a spectacular short cover rally only IMO. Also, expiry week usually has a long period of narrow consolidation, so I look for the path to 1050 to take some time.

BTW, thanks johnboy, in the mountains, indus, dougs charts, roller, radium, etc, etc for your hard work and excellent posts. You folks help clarify my own analysis in all time frames. I've been following Atilla as a lurker for 18 months. He's awesome.

steevo said...

correction:

"X wave began 11/4 and finished in .382 of the time required for wave A. X is a clear zigzag."

should read:

"X wave began 11/4 and finished in .382 of the time required for wave W. X is a clear zigzag."

buylo said...

steevo - i'm wondering how or why you would call today a short cover rally, granted you said spectacular short cover rally, when the volume on the Nasdaq was 3 billion shares

Mr. L said...

steevo crazy good analysis

when do u think the best buying op will be, when will we hit 770 area? end of november - dec 5?

TraderTamas said...

WOW Jay, that is spectacular!

steevo said...

buylo- sure some new money was put to work in that brief period between 1:00 and 4:00, but I think most stocks have yet to see their lows. Stupendous volume will follow.

Mr. L- i guess if the triangle is still valid then nothing I wrote matters, cause we will be at 1050 next week.

indusequities said...

tamas said...
Indus,

What do you mean by "come back to 1000 level"?

Thursday, November 13, 2008 10:01:00 PM EST


---

What i meant is we may close Nov month below 1000 after touching 1070 area.


Dec month low is 799 - 810 level.

Hansons said...

Stock Market capitulates Nov 13th 1929

Hard to believe but, an interim bottom occurred on November 13 1929, with the Dow closing at 198.6 that day. The market recovered for several months from that point, with the Dow reaching a secondary peak (ie, dead cat bounce) at 294.0 in April 1930. The market embarked on a steady slide in April 1931 that did not end until 1932 when the Dow closed at 41.22 on July 8, concluding a shattering 89% decline from the peak. This was the lowest the stock market had been since the 19th century.

The Dow Oct/Nov 1929 (Posted this chart, but still finding it hard to believe, so here it is.)

http://www.screencast.com/t/5N2JM8X3

Mr. L said...

indus what about jan 09 level?

great call on 820 btw, pure genius

Mr. L said...

hansons nice find, that could happen with this market also, shorts could pile in thinking we go lower right away but stay up until next april and a slow grind down to clean out this bear market, studies show bear markets last half as long as the bull market prior so we would end this bear market in late 2010 area

Steve said...

Steevo-Great analysis-I'm having trouble visualizing it, and I'd love to see it drawn on a chart, but nothing else really seems to fit.

Anyone know what the pattern is for a flat? Is it 3-3-3? Are they usually zigzags?

dhw said...

indusequities,

great call by the way.

can you tell me how u got the target of 1070

johnboy - Moderator said...

Steve,

Flats are 3-3-5. The final wave (C), which I think we just started, should be an impulse.

But because it could be a complex pattern, there is the possibility of a gut-wrenching ABC zigzag.

The character of a flat is more important in properly identifying one, IMO. Flats usually have a sharp reactionary A wave, followed by a B wave that can be scary but has weak internals (e.g. low volume), and a C wave that rips everyone's shirts off in an impulsive fashion.

So far, it matches well.

Steevo's complex corrective structure is possible, and the next few days action should tell us if that is the proper assessment. Kudos to steevo for really getting his head into it.

All things considered, I'm still leaning towards the C wave flat scenario, resolving around opex.

steevo said...

Steve- the flat is a 3-3-5 counted abc. wave b usually ends below the start of a. wave c usually ends above the start of b/end of a. the "purpose" of a flat is to eat up time, not trend fast as in a zigzag.

steevo said...

thanks again johnboy, i agree with you. many clues will be available soon such as resolutions in the yen and euro, crude and gold, t-note. also the DAX has an inverse head and shoulders - should be an early tell about the character of this next wave.

johnboy - Moderator said...

Steevo,

Now you mention H&S, I haven't checked today (no time), but I think I saw inverse H&S forming on the Nikkei and the AORD yesterday as well... food for thought.

jay said...

Thanks Tamas & Mr. I.

Since there are so few posts tonight I think we can be certain the rally will continue. This seems to be a very reliable indicator.

Perhaps we should just go all in tomorrow and go skiing until options expiry. The resorts down the street just opened - comeon over!

in the mountains said...

steevo said...

correction:

"X wave began 11/4 and finished in .382 of the time required for wave A. X is a clear zigzag."

should read:

"X wave began 11/4 and finished in .382 of the time required for wave W. X is a clear zigzag."
-------------------------

Steevo,

Excellent post!! (the prior one)

I have been trying to make sense of the wave pattern since the October 10 low, and what you've described here certainly does that. Whether it will continue to play out as you're forecasting remains to be seen, but your count so far fits the chart to a T.

The only thing I would question is how you break down the W wave. Looks like a flat, only because wave A and wave C are in essentially the same price territory. The sub-waves are a little more difficult to count. You could make the case that A of W is a 3 (even though it looks more like a 5). The C wave (of W) is the tough one for me, how to count that as a 5.

If W is a flat, then Y should be a zigzag? (Is that always true, that the W and Y waves will alternate?) So a zigzag would have the A wave (what's unfolding now) as a 5. The C wave which will come later will also be a 5 (C's in both flats and zigzags are always 5's). And, that C wave should take us to highs well above 1000.

Thanks for taking the time to write all this out! (and for doing the analysis in the first place 8-) It's exciting to have an idea of what might play out (even though there will undoubtedly be surprises along the way!)

Have fun tomorrow and good luck everyone!

Mr. L said...

wow your resorts opened already! im in canada and still nothing lol

where all going to jays lets go everyone :D

jay said...

Mr.I,

Me too. Lake Louise & Sunshine are open!

Mr. L said...

oh you lucky! Alberta! im in Toronto, we dont have mountains lol

ARAK said...

indusequities / jay

Is there a link to "Specialist use of the Short Sale" ? or is that from Richard Ney's book?

Anyways, does this cover in gist about gap fills?

The specialist’s short-sale ratio

The specialists on the floor of the New York Stock Exchange are required to maintain an orderly market in the stocks assigned to them. The specialists are required to buy shares in down markets, as well as to sell and short-sell stocks in up markets. The reason for that is to cushion the stock market from any heavy swings of buying or selling in particular stocks. In other words, the object of the game is to keep a reasonable balance in supply and demand.

Should specialists be heavily committed on either side of a stock, it can give a clue as to the stock market’s direction. A large long position coupled with a tiny short position indicates specialists have absorbed a lot of selling by investors and the stock market could turn upward. On the other hand, a tiny long position and heavy short position indicates specialists have absorbed a lot of buying by investors and the stock market could turn lower.

Each Monday, the New York Stock Exchange reports the total weekly trading on the Big Board. The report includes the number of shares that specialists purchased, the number of shares that specialists sold, and the number of shares they shorted (or borrowed - to be bought back later).

The key number is the short-sale figure, which tells the number of shares the NYSE specialists have shorted in the past week. From this comes the “specialist’s short-sale ratio.” In this ratio, the top figure or numerator is the amount of stock shorted by the NYSE specialists and the bottom figure or divisor is the volume of total short sales.

What the specialist’s short-sale ratio means

When the specialist’s short-sale ratio rises above 60 percent, it is a bearish signal for the stock market.

When the ratio falls below 45 percent, it is a bullish signal for the stock market.

When the ratio falls below 35 percent, it is an “extremely” bullish signal for the stock market.

From July 1970 through May 2003, the specialist’s short-sale ratio was in the “20 to 29 percent range” only three times. It happened twice in June 1982 and again in July 1982. It took another 21 years before that happened again, in May 2003.

For the week ending May 9, 2003, the specialist’s short-sale ratio was 28.5 percent. The ratio fell into the “20 to 29 percent range” five more times during the rest of 2003.

That trend took hold for good in 2004, starting with the week ending March 12; the specialist’s short-sale ratio has stayed below 30 percent for every week since then. It fell as low as 20.1 percent for the week ended June 25, 2004.
Bull crossing

Here’s a historical snapshot showing how many times the specialist’s short-sale ratio has slipped into the “extremely” bullish range of 20 to 29 percent over the last 35 years:

· July 1970 to May 2003: 3 times

· May 2003 to December 2003: 6 times

· January 2004 to Dec 2004: 48 times

Mr. L said...

arak where did u get that? if that is true we are far lower than 2004 levels, so we must have huge bargains on our hands if that story is true

Mr. L said...

arak is there anyway to find teh current specialist short sale ratios?

indusequities said...

Things have changed since last week.

I see 950 as the high for this week. Like I mentioned in my earlier post, we could close High Of the Week @ around 950.

The next week it could go upto 975 - 985 area and thats the top for next week and for the remaining of this month.

Based on my analysis, I'll go short at 980 area. I do not see the S&P going above 985 area soon (atleast before new year).

December top could be max 985 and low could be around 790 - 800 area.

Next months top will be

ARAK said...

Nandhu,

Do you mean close of week or anytime during the week or open perhaps for the 950 call?

indusequities said...

ARAK said...
indusequities / jay

Is there a link to "Specialist use of the Short Sale" ? or is that from Richard Ney's book?



---

I'll give you a reply by tomorrow evening.. Gotta catch some sleep... One more busy day due to IT Conference!

jay said...

http://www.google.com/url?sa=t&source=web&ct=res&cd=1&url=http%3A%2F%2Fbearfactsspecialistreport.com%2FSpecialist%2520Information%2FSpecialist%2520Use%2520Of%2520The%2520Short%2520Sale.doc&ei=HxYdSab4I4K2sQPN9NmxCA&usg=AFQjCNH0odFi0Sg15GGLaR-0alZjeqXIsA&sig2=OtxSiEYqxgj0te4dqng9ZQ

Arak,

Cut and paste into google and you're there.
_______________________

Mr. I,

I grew up in Oakville. Lived in The Beach for years.

indusequities said...

ARAK said...
Nandhu,

Do you mean close of week or anytime during the week or open perhaps for the 950 call?

Friday, November 14, 2008 1:14:00 AM EST

---

Technically we should close above 945 - 950 tomorrow. That would give us 975-985 by mid next week.

They can play it differently, but chart say this could be in the play..

Basically, they want to breakout from the daily trendline and kill the sucker slowly dragging all the way to 800 area by mid-end december.

It will be interesting to note that weekly trendline will be intact and will not be broken till the new year. Lets see how these smart boys play with human fear and greed!

johnboy - Moderator said...

Mr L,

Sorry if offtopic, but I can't help but ask:

My family has a large condo at Red Mountain ski hill in BC.

You wouldn't happen to know anyone interested in buying a condo there? We've got other things we'd like to do with the money back here in Australia.

Cheers

Mr. L said...

jay thats crazy i was brought up 30min from there, in halton hills also, such a small world!

thx for posting that specialist short sale doc also!

Mr. L said...

hey johnboy

im in toronto, but jay is in alberta near that area, he might be able to help

Melf Elf said...

sepehrmusic said...

Great stuff melf on your site about UYG, thanks for posting, i bought a bunch of UYG around 5.90-6.08 range today based on your work. Is your thinking that it gets to around 16 by the time Atilla thinks S&P hits 1050 or so around opex?
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sepehrmusic,

I'm glad if any of it helped. You had a very nice entry. I dicussed the target in this morning's blog post. Good luck!

UYG: Wave 5 Fakeout & Key Reversal
http://melfsworkshop.blogspot.com/

steevo said...

in the mountains - thanks for the kind words.

in my experience, any time you question the look of a five, it really is a three. wave 3 of a five should not be in doubt. clean fives are rare in the sense that the market spends most of its time correcting a move. also, wave B often is a running correction, and this is the source of confusion many times. just my opinion. pattern recognition is in the (experienced) eye of the beholder. what works for you is what looks familiar enough to be acted on.

my premise with the complex correction was simply more time might be needed. we came a long way down in sept/oct.

alternation is not hard and fast requirement, but would flat, zigzag, zigzag really be alternation?