JTH's Account Talk

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It does look ominous.

However, the dollar is overbought moderately and has significance to the market [higher] should it fall.
Also: the Euro-market had a .5% average uptrend during the last trading hour as did last Friday's US market., suggesting bulls are still buying cheap stock.
And, the smart money returns from vacation tomorrow. So, when there is dumb-money selling in panic mode, then the smart money will buy cheap. Hopefully, we end flat with future short-lived gains.
 
It does look ominous. <br><br>However, the dollar is overbought moderately and has significance to the market [higher] should it fall.<br>Also: the Euro-market had a .5% average uptrend during the last trading hour as did last Friday's US market., suggesting bulls are still buying cheap stock.<br>And, the smart money returns from vacation tomorrow. So, when there is dumb-money selling in panic mode, then the smart money will buy cheap. Hopefully, we end flat with future short-lived gains.<br>
 
I think that I would attribute that uptrend to short covering more than "smart money" buying the dips.
 
I'm looking for the last hour of trading to be an indicator of tomorrow's price action.
 
I sort of chuckel to myself. With two higher highs, two higher lows, and a rising 20SMA, and everyone is ready to throw this market under the train. Say hello to 1250...

View attachment 15262
 
A 2100 point drop is quite a fall and it happened in just a little over two weeks - that's just plain fear for no valid reason. Taking the SPX from 1350 to an intraday low of 1101 is also fear - let's see how long it takes to take it all back.
 
JTH said:
I explained why in post #2924 and still hold to that assertion. :D
Click to expand...
Absolutely, but to be honest I forgot who wrote that. I read a lot of posts.

Well, makes sense, but even if it's a rising channel is there any indication whether it is going to break out up or down? It definately looks like we could be up and down within this channel for awhile... I guess we can only just wait and see :)

JTH said:
I'm looking for the last hour of trading to be an indicator of tomorrow's price action.
Click to expand...
I am also curious about this statement?
 
RealMoneyIssues said:
I am also curious about this statement?
Click to expand...

I like to watch the futures throughout the night, and last hour of trading. Based on the curent behavior, if the price action is good in the last hour, it tells me folks want to be invested starting out the next day. As for the channel, it's anyone's game, once technical levels have been utterly destroyed, you can't trust any direction until prices stabilize.
 
FireWeatherMet said:
Norm,
We were aleady finished off back in late July by the obstructionists in Congress, planting economic landmines under the guise of a holy TeaHad, in the name of their "Allah Nordquist".
Click to expand...

We were finished long before July. Speak it slow for me because I'm having a hard time following the logic.

First it was all GBII's fault like forever, then all the sudden it's because you don't want tea with your poridge?

Where does the buck stop?
 
FireWeatherMet said:
Norm,
We were aleady finished off back in late July by the obstructionists in Congress, planting economic landmines under the guise of a holy TeaHad, in the name of their "Allah Nordquist".
Click to expand...

I rarely put myself in a political discussion but I had a realization after watching an episode of The Closer that completely brought the polarity in our political atmosphere into focus.

From http://www.youtube.com/watch?v=VnUBNRZaFJY
SGT Gabriel says: "You know something is bothering me a little. This whole CIA thing. I don't know how much I trust them. You know how I feel about the people that work there."

Brenda responds: "I know, it is a 'gray area'. I remember once hearing a speech about what it meant to be an officer of the CIA. And the man who gave this speech talked about the struggle to control civilization and how we are always fighting the same fight. And he used the dark ages as an example.

He talked about how one side you had the pragmatic King who was greedy and power hungry and basically took advatange of people whenever he could. On the other side you had the idealistic church forcing everyone to follow the same rules and believe the same things.

Neither the King nor the Church was ever completely right. Both sides ended up doing terrible things to get what they wanted. Really terrible things.

The point of the story was this, that this struggle from the dark ages had been going on forever. That the church and the King might take on different forms and philosophies, but they would always fight each other. Pragmatists and Idealists. And that most times, you are better off standing on the sidelines and letting them duke it out.

But every once and a while, one side or the other decides it might be better to just blow up the whole world just to get its own way. And when that happens, you can't stand on the sidelines anymore. You have to pick a team.

And so for tonight, anyway, we are serving the King.

So, look at the parties from their philosophy and then look hard at your philosophy and see why you have such strong opinions that lead to name calling. Every so often, the parties change/switch philosophies, but if you understand their philosophy, you will not be fooled by the circus they present. Anyone doubt that Congress and the Teaparty tried to blow us up over the debt ceiling? Did you take a side? Just some random thoughts. Carry on.

p.s. I personally think the pragmatist are winning right now. Destroy the idealistic institutions such as the Postal service, unions, FDA, EPA, etc... and put your own people in place to make you and your friends money at the expense of the greater whole, i.e. the country and the future. IMO
 
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I've picked my team and I'm NOT serving the King.
FireWeatherMet said:
Norm,
We were aleady finished off back in late July by the obstructionists in Congress, planting economic landmines under the guise of a holy TeaHad, in the name of their "Allah Nordquist".
Click to expand...
Sorry but I refuse to play your game, we shall see tomorrow.
 
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