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Still on Wall Street we climb the wall of worry, inexorably higher, creeping like a vine up the side of a building, seeming to defy the laws of nature and what “ought to be”. Its a market, like the vines on a building, that creeps higher at an intolerably slow pace, seeming to do most of its growing out of sight and mind.
Like the forests of Mt. St. Helen’s after the last eruption, tiny shoots of green give way to a new growth forest, in a wasteland which looks as if it couldn’t ever support life.

Can anyone imagine a scenario where an apparent […]

Last night I wrote how we were very close to the exact 62percent retracement in SP500 Cash at 1,228, as it turns out 1,211 was the best we could do. Spurred on by … fill in the blank 1) China announcing it wants to curb real estate speculation 2) A higher dollar 3) Goldman Sachs in the spotlight… Who knows… fill in your own reason. In any event we broke from 1211 down to 1,181, “only” 30 handles from peak to trough.
In the Dow Cash, we never got back above the 11,238 level we briefly breached on Monday.
From Monday’s 13 month high in […]

We got through the 62% retracement target I have been talking about for a few weeks now in the Dow at 11,238. Dow cash posted a new 13 month high at 11,258. It only bested the target by 30 points before settling 53 points off its high, at 11,205. Once again, lack of follow through, which is a problem which has plagued this market for the entire creeping rally. New highs are always immediately failures, followed by back filling. Then over a lengthy period of sideways to higher trade, it creeps higher. And pros have been selling every new high for the past 13 months.

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We got within 11 handles of the 1,228 target of 62% retracement in the S&P500 cash today,
Friday April 23.
The Dow cash couldn’t get to 11, 238, its target at 62% of the same multi month melt-down.
I think you should sell it here the first 2 times we get those prints.
The popular media, and our venerable vice President of Hair plugs for Men, and the speech rip-off king of the 90’s came out today bullish. Talking about how soon the US will be producing 100K to 300K new jobs a month.
Mr. Biden will find out that bullying legislation through a congress […]

Dow cash high today, Wed April 21st high tick at 11,217….21 points from the 62% retracement goal I wrote about last week. In the S&P Cash, today’s high was 1,210… just 18 handles away from the 62% retracement level at 1,228….

Will we get the exact print? I think so, yes. Most likely, because its a target of knowledge at this point.
Those prints will get out in the next 3 to 4 weeks almost because its a self-fulfilling target.
Similarly to a very common situation where there is a “Known” large order resting above or below a market. Once that order becomes common […]

Dow cash posted a high Thursday at 11,154. Today Friday the 16th, our high in Dow Cash is 11,153. This is shaping up to be a double top on the daily chart. With the news out about Goldman and the Fraud charges could be the catalyst we were looking for to give us a correction. Certainly on the Dow charts, there isn’t good support until 10,700. That would be a 400 point haircut, which I think is a reasonable down draft.

On a technical note, several days ago I wrote about the 11,238 level being a trading target. It represented a 62% retracement of […]

Its official. Newsweek is bullish the US. If you’ve been reading my comments over the past 7 months, you know how I feel about popular opinion reflected in major news publications.
The cover story is a gushing love fest about the US. Boldly proclaiming :The US is Back… I didn’t realize that we had left….

For the past weeks, I have been writing about the possibility of Time or Newsweek cover story, complete with Obama riding a bull up 5000 points. Of course, we have to have the Dow print 11,465 to get that cover, but my guess is, its in the works.

Bottom line. […]

Its official. Newsweek is bullish the US. If you’ve been reading my comments over the past 7 months, you know how I feel about popular opinion reflected in major news publications.
The cover story is a gushing love fest about the US. Boldly proclaiming :The US is Back… I didn’t realize that we had left….

For the past weeks, I have been writing about the possibility of Time or Newsweek cover story, complete with Obama riding a bull up 5000 points. Of course, we have to have the Dow print 11,465 to get that cover, but my guess is, its in the works.

Bottom line. […]