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Monday, January 11, 2010

Monday 11 January Charts (Update 3:15PM EST)

[Update 3:15pm; Ok I'm almost out of waves here, you can price collapse anytime now....]

[Update 2:00 PM: Here is an update on the DJIA squigglies...]

[Update 11:55 AM: Some interesting patterns playing out.]

[Update 11:30AM: For instance look at this old squiggle chart at the bottom. Notice the same spikes,etc.  Bears were playing with fire down at this low.. And of course those final waves never came]

[Update 11:20: Squiggles on the DJIA. The whole thing reminds me of the sub700 area but only in reverse. The waves are spiky and "three-ish ABC" and hard to count.  Then bears were calling for more downside (me) - and bulls were completely demoralized.  Now the bulls are calling for more upside and bears are crushed. It has truly flipped]

[Update 11:00 AM: Something I am keeping an eye on is the DJIA squiggles.]

[Update 7:20 AM:  Another bank, another credit-related loss. No worries, they'll just get the sucker equity holders to pay for it. There is a dangerous precedent with this. Sooner or later, a massive loss of confidence will catch up with reality.  Flooding the markets with billions in extra equity shares (banking sector as a whole) is a one trick (or 2) pony.  For if your stock drops too much, people tend to pull their business. Think C hasn't lost business since their stock is floundering?  Oh you say FDIC has everyone's back?  A wake up call is coming. The US government is not only broke it should be in receivership. Its all small clues stacking up in the puzzle of what I call becoming "aware of the ponzi".  The FED is playing a shell game, there are no buyers of treasuries except them.]

[Update 7 AM: One thing I noticed that has disappeared since a few months ago from mainstream media stories is that they no longer seem to ask the question, "Is the rally too far too fast?"  That is no longer questioned.  In fact the theme of a "pullback" also is not getting much play. Now 12 out of 12 or whatever seems to have an average prediction of an 11% gain this year or something.]

[Update 6:31 AM: Someone dumped some 1700+ NDX contracts in premarket all at once. No worry, the autobots caught the bid]

NDX minis triangle target is about 1904.  Also FTSE 100 hit 5600 today just as this chart predicted. Keeping an eye on a potential apex turnaround.

Is there anyone left on the bearish side? Do I stand alone thinking we are going to top or even crash early this week? I think we have all seen a significant change of sentiment to the bullish. How long it lasts is why we count waves and track other sentiment-related data.  And both suggest we will top this week, maybe even today.

The FTSE chart below shows a triangle.  That pattern indicates a final pattern. Its at target today.  Also the apex point typically marks a turn.

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