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MCO return to 0. ? for diogenese, fib, other breadth experts


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#31 arbman

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Posted 30 August 2013 - 12:54 AM

Crude oil is at $100-115, you cannot possibly get big rallies with this setup, if the history is any guide. The selling momentum is depleting for now, so probably a trading range for a bit, I would guess for a week and another low into later September, probably into October. But, I would also think the rallies will fail below their upside targets until the oil corrects below $100 etc...

#32 diogenes227

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Posted 30 August 2013 - 01:52 AM

Sherman McClellan's Speech


The first sentence of that article brought back some old memories...used to share a green screen Quotron with Fred Meissner in another life... :lol:

Spent more hours than I care to admit watching KWHY 22 and it's cast of characters (da_cheif included)...far better quality stuff than the crap on CNBC nowadays, which I never watch.

Cant believe its been 30+ years already....


I will admit every hour I spent watching KWHY 22, and every hour watching FNN. Those two media sources taught me every I know about trading the market. KWHY absolutely changed my life on December 4, 1987, when, after losing all my savings in a mad panic on October 19, 1987, Gene Morgan (of all people) on "Charting the Market" penetrated my post-87-crash catatonia to point out to me that history repeats itself and always will.

John Bollinger was great on FNN, and Earl Hadady and Kennedy Gammage and Al Frank were great as guests, but as commentary went, the most pleasurable phrases always came from Ed Hart -- "the tension on the tape", "we will know in the fullness of time", "real estate in California is not a business, it's a religion". Old wrinkled Ed, not the kind of face they'd want for long on empty slick CNBC. Alone, he was a better commentator on the market than everyone on CNBC today combined.

"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”

 

"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."


#33 dasein

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Posted 30 August 2013 - 04:45 AM

so nice to read the ''memory lane'' part of this thread - the earlier nitpicking, at best, could be a sign of market tension/inflection, and as Ed Hart famously said - "we will know in the fullness of time".... from that McClellan MTA Award paper fib posted - ''Thus, a 19-day EMA equates to a 10% Trend as follows: 2 + (19+1) = 2 + 20 = 0.10, or a 10% smoothing constant....'' remember - 50 times 1/10th is the same as saying 50 divided by 10....it really doesnt matter! back to the market for now, and have a great holiday weekend!
best,
klh

#34 da_cheif

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Posted 30 August 2013 - 06:21 AM

Sherman McClellan's Speech


The first sentence of that article brought back some old memories...used to share a green screen Quotron with Fred Meissner in another life... :lol:

Spent more hours than I care to admit watching KWHY 22 and it's cast of characters (da_cheif included)...far better quality stuff than the crap on CNBC nowadays, which I never watch.

Cant believe its been 30+ years already....

....\

an some thought i was a a permabull...... :lol: ....as far as i know i was the only one who saw it coming the day the of the top

https://dl.dropboxus...6/Issue34-1.gif
https://dl.dropboxus...6/Issue34-3.gif

#35 zoropb

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Posted 30 August 2013 - 06:57 AM

Sherman McClellan's Speech


The first sentence of that article brought back some old memories...used to share a green screen Quotron with Fred Meissner in another life... :lol:

Spent more hours than I care to admit watching KWHY 22 and it's cast of characters (da_cheif included)...far better quality stuff than the crap on CNBC nowadays, which I never watch.

Cant believe its been 30+ years already....



Quotron, wow, that brings back some memories-did a bit on one myself, LOL. When I first traded commodities, I was using an FM receiver that picked up quotes off satellites -it was incredibly expensive-like 350 bucks a month-and that only covered like 4 or so live commodity feeds.

And was John Bollinger better to watch back then than the current bunch of clowns?- a "fuzz" :lol:

The "Quotron"! I remember taking that black little sucker everywhere. Man was that expensive back then but you had to have it and I know you thought you were cool with it too you guys don't lie. :lol: dang we are getting old :lol: :o

Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.


#36 ...

...

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Posted 30 August 2013 - 07:06 AM

so nice to read the ''memory lane'' part of this thread


Not too many remember the '60s when a big day on the NYSE was 5-6 million. Or the Trans-Lux air-jet tickers whirring as they physically flipped little dots over from black to green to form symbols and prices. Or the tape jerking irregularly along or standing still in the middle of a '60s day.

I talked my parents into a 6-month sub to the WSJ when I was 14. It was 11 bucks. Of course, the next step was to run a little family mutual fund. Talked the Merrill Lynch broker into taking orders from me (an under-age kid who could have repudiated every order after the fact) after he got tired of talking to my mother to approve my orders.

Biggest winner was IHP -- yup, IHOP, the pancake house in the early days of franchising -- which turned into INT, International Industries, flew to ridiculous heights while being run by scammers and and then crashed and burned. Long since reorganized out of BK.

Once bought an in-the-money call on 100 at 33 bucks with about 60 days to run from Thomas, Haabt & Botts -- anyone remember those guys? One of the dealers who ran tiny little ads offering existing option inventory for sale in the WSJ long before the days of any option exchange. Pure OTC. Pick up the phone and work it out.

Exercised it at 53 3/4 one morning using a pay phone between high school classes while the masses were milling around going to their next class. Made about a grand on a $900 purchase. Big money for some kid running 5K. Of course, 5K in '66-'67 would be about 50K today.

Other big winner was TelePrompTer. The outfit Sumner Redstone ran when he was a young whipper-snapper. Got bought out by Westinghouse Broadcasting.

Bought both of them because I liked the charts.

Read a good summary of Elliott in about '66 in some book, I forget which. Long before Prechter had ever heard of him. In '80, I was on a flight to Mexico City reviewing charts and when I landed, I called the office and told them to buy me a million beans and 200K corn and a bunch of other miscellaneous stuff. All because of the wave structure. Made over a mill in the beans alone. Bunch of limit-ups off the August crop report, when the bean limit was 30 cents/day. 4th wave stuff. The rest didn't amount to much. Should have retired.

Had a Quotron with a 3" square green screen that would give you O-H-L-L-Vol in the '70s.

Had an entire wall of click-clacking, spinning O-H-L-L quotes from Quotron in the early '80s, just like the stuff Merrill had in the '60s when I was a teenager watching the tape with a bunch of 60-70 year-olds.

Had a QuotTrek radio sideband device in mid-'80s. All of this crap was very expensive.

The info that used to be hundreds or thousands per month is now 10 bucks a month max. Technology marches on. People continue to find ways to lose money.

Edited by ..., 30 August 2013 - 07:12 AM.


#37 andiron

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Posted 30 August 2013 - 07:24 AM

good read "..." thx

#38 tozwp

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Posted 30 August 2013 - 07:39 AM

I guess I am too young or got started at this too late to have known about KWHY 22. Never watched it but some of you on this board are my equivalent to the greats mentioned. Learned much over the years and am grateful.

#39 zoropb

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Posted 30 August 2013 - 07:58 AM

so nice to read the ''memory lane'' part of this thread


Not too many remember the '60s when a big day on the NYSE was 5-6 million. Or the Trans-Lux air-jet tickers whirring as they physically flipped little dots over from black to green to form symbols and prices. Or the tape jerking irregularly along or standing still in the middle of a '60s day.

I talked my parents into a 6-month sub to the WSJ when I was 14. It was 11 bucks. Of course, the next step was to run a little family mutual fund. Talked the Merrill Lynch broker into taking orders from me (an under-age kid who could have repudiated every order after the fact) after he got tired of talking to my mother to approve my orders.

Biggest winner was IHP -- yup, IHOP, the pancake house in the early days of franchising -- which turned into INT, International Industries, flew to ridiculous heights while being run by scammers and and then crashed and burned. Long since reorganized out of BK.

Once bought an in-the-money call on 100 at 33 bucks with about 60 days to run from Thomas, Haabt & Botts -- anyone remember those guys? One of the dealers who ran tiny little ads offering existing option inventory for sale in the WSJ long before the days of any option exchange. Pure OTC. Pick up the phone and work it out.

Exercised it at 53 3/4 one morning using a pay phone between high school classes while the masses were milling around going to their next class. Made about a grand on a $900 purchase. Big money for some kid running 5K. Of course, 5K in '66-'67 would be about 50K today.

Other big winner was TelePrompTer. The outfit Sumner Redstone ran when he was a young whipper-snapper. Got bought out by Westinghouse Broadcasting.

Bought both of them because I liked the charts.

Read a good summary of Elliott in about '66 in some book, I forget which. Long before Prechter had ever heard of him. In '80, I was on a flight to Mexico City reviewing charts and when I landed, I called the office and told them to buy me a million beans and 200K corn and a bunch of other miscellaneous stuff. All because of the wave structure. Made over a mill in the beans alone. Bunch of limit-ups off the August crop report, when the bean limit was 30 cents/day. 4th wave stuff. The rest didn't amount to much. Should have retired.

Had a Quotron with a 3" square green screen that would give you O-H-L-L-Vol in the '70s.

Had an entire wall of click-clacking, spinning O-H-L-L quotes from Quotron in the early '80s, just like the stuff Merrill had in the '60s when I was a teenager watching the tape with a bunch of 60-70 year-olds.

Had a QuotTrek radio sideband device in mid-'80s. All of this crap was very expensive.

The info that used to be hundreds or thousands per month is now 10 bucks a month max. Technology marches on. People continue to find ways to lose money.

Dots I was a kid in the 60's but I did live next to a Brokerage place on middle beach on 41st in Miami Beach, FL and would watch the tape and talk to those I got to know that would come in everyday, you brought back that memory. I was so broke as a kid the old timers there would give me the old WSJ to read after they were done, I could not afford one. They would tolerate me because I did not bug them too much. One of them taught me one of the best lessons I ever learned in BIZ and trading/investing. Watch what the majority do or are talking about and do the opposite. This guys was smart and loaded. Came into the place everyday with a chauffeur limousine. Lived in same building as Myer Lansky. Never forgot the lesson.

Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.


#40 Kimston

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Posted 30 August 2013 - 09:14 AM

Sherman McClellan's Speech


The first sentence of that article brought back some old memories...used to share a green screen Quotron with Fred Meissner in another life... :lol:

Spent more hours than I care to admit watching KWHY 22 and it's cast of characters (da_cheif included)...far better quality stuff than the crap on CNBC nowadays, which I never watch.

Cant believe its been 30+ years already....

....\

an some thought i was a a permabull...... :lol: ....as far as i know i was the only one who saw it coming the day the of the top

https://dl.dropboxus...6/Issue34-1.gif
https://dl.dropboxus...6/Issue34-3.gif


Arch Crawford called the top and subsequent crash with incredible precision several months in advance of Aug 87. I wasn't a subscriber, but my broker back in the day was. I believe it was his April or June letter of that year. He very clearly called for the market to continue higher until 8/24, the day of the 5 planet alignment referred to as the Harmonic Convergence, after which it would be followed by a crash. Actually, Aug 16-17 was the Harmonic Convergence cited by most, but Crawford said the tightest alignment was on 8/24. Wish I had a copy to post. And I agree with others, FNN was far superior to anything out there these days. Oh yeah, we just had another Harmonic Convergence July 20-22, 2013. Ignore it at your own risk. My non-astro timing analysis aligns with the notion of a major top at the Jul/Aug highs. I think history is repeating, but who knows. This is at least as reliable as the Super Bowl indicator.

Kimston