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Friday, January 7, 2011

Friday, After the Close!!!

A very interesting day, there were quite a few indexes that are right at the brink of breaking down, I did post some charts of the bigger indexes in this morning's updates. The SPX was close at one point, then reversed higher at the last moment right on support of the lower black channel line. The squiggles on the SPX are a mess, and in my opinion are unreliable at this point because of the constant over-lapping wave structure, odds are probably best as a 4th wave, especially after watching the price action hit the lower channel line then bounce, unfortunately that bounce looks corrective with the majority of the mini-squiggles over-lapping.
Breadth ended the day at a measly 1.27:1, decliners on average volume of 1.08B shares traded on the NYSE. Once again neither the bulls or bears have been able to take full control of this market, and until one side over powers the other we are stuck in a tight trading range.
Monday could be an extremely important day if the European markets sell-off!!!
I do have the feelings of a big rant coming on, it was close this morning when I dug thru the unemployment data after reading the initial reports, unbelievable how they cooked the data to the point of extra crispy, but the rant went on hold because there were so many indexes at the point of breaking down. Maybe this week-end I will wake up in a bad mode and express my real feeling over what I feel like is the largest fraud/scam being sold to the American people, the Government purposely lying to the people!!!
There where a few changes on the Trend Finder II, and the Dailies are updated, some time soon I will have the weekly charts updated. More post and comments thru-out the week-end after all the charts get updated. Mini rant II, Stockcharts has been taking longer and longer to get their daily charts updated after the close, arrrrgh . :(
-Currying Favor in Asian Markets

2 comments:

  1. Thanks for all the updates; exciting day. On ES, I have prices closing back within the upper boundary of a long-term Rising Wedge (blue line) yet within a potential falling channel (in purple). Perhaps your rant this weekend will crash the market. Have a great one!
    http://99ercharts.blogspot.com/2011/01/es_5372.html

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  2. Good evening Michael

    I found your blog here about 2 weeks ago and have been following along occasionally,time permitting.
    I have been learning EW and I really do appreciate your dedication and knowledge. You are not the only one who sees the manipulation. Here is a brief article I think you will like. http://www.zerohedge.com/article/labor-force-participation-rate-drops-fresh-25-year-low-adjusted-unemployment-rate-117
    Enjoy your weekend and don't stew over .gov
    They are the only ones who think they doing the right thing.
    Gordon

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