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Larry P. 10/16/09, 11:45 AM est: (Interview from Hong Kong, Larry is attending a condominium auction, he mentioned a "bubble" in Chinese real estate, one lady paid $60 million cash for a 6,000 sq. ft. condo!...$100,000 US $ per sq.ft!):
STOCKS: "We have a HUGE cycle on Sunday evening through Monday morning. This is an extreme cycle....We're going to have a good trading market next week. Next week is critical next week due to these planetary aspects affecting all markets, including commodities, currencies, stocks. We could have a crazy announcement Sunday night, bad news, war. The 18th is the last of a big cycle... it's called a Pesavento Index day.... if there are 14 separate planetary events at one time, this is extremely accurate.... when they work, they act like magnets. We have a very high probability of a down week next week. Taking it down is what the Bulls want, as they will buy all the way down. Some stock patterns I am watching are at extremes, are way over extended. GS is having a rare tri-star dogi.
I am the only one on the planet that thinks we take out the March lows. If we give up 500 or more points
OIL: We exceeded the level of $77, an A-B-C-D 1.27 expansion
GOLD: 1033 is support and breaking it is a bad sign.
The YEN has bounced 3 pts. off the bottom. The EURO got up to .786 retracement of the high last year.... the EURO is lining up... everyone is bearish on the $. If dollar index takes out the 74 level then it collapses.... but we are at an extreme and it could have a huge short-covering rally.
BONDS: The bond market has support at 118 but it's so minor. It's nasty no matter what. We never got 124 as we had hoped. You are not buying quality anymore with treasury bonds. Anything below 115 and they are going to par, that is 6 1/2% rate.
(AS FOR MY ASSESSMENT, I WENT 50% SHORT ON FRIDAY'S CLOSE VIA NOV. OEX 495 PUTS. ALSO 50% SHORT VIA ETF'S IN MY IRA ACCOUNT.... WILL ADD ANOTHER 50% ACROSS THE BOARD ON MONDAY... ON EITHER A BOUNCE OR IF WE BREAK SPX SUPPORT OF 1082. WE HAVE CYCLES ARRIVING IN THIS TIME FRAME AND I BELIEVE WE ARE AT OR VERY CLOSE TO A TOP... NOT THE TOP, BUT A TEMPORARY TOP. I STILL BELIEVE WE HAVE NEW HIGHS AFTER WE BOTTOM IN MID NOVEMBER. STRATEGY HERE IS TRADING THE SWINGS.)
Latest fro mLarry Pesavento
Started by
cycletimer
, Oct 18 2009 11:23 AM
5 replies to this topic
#2
cycletimer
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Posted 18 October 2009 - 12:46 PM
I failed to finish this sentence: If we give up 500 or more points
He went on to say that if we give up 500 DOW points this week we are not retesting highs, the top will be in.... I would agree with that but I seriously doubt we give up 500 pts. this week... unless Iran plays cute-sie with Israel or US.... or something to that effect.
He went on to say that if we give up 500 DOW points this week we are not retesting highs, the top will be in.... I would agree with that but I seriously doubt we give up 500 pts. this week... unless Iran plays cute-sie with Israel or US.... or something to that effect.
#3
tradesurfer
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Posted 18 October 2009 - 07:39 PM
I think Larry has been short since May... climbing a wall of Worry... but he has made some good calls in the past.. but he has been too aggresively short too early this time
#4
cycletimer
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Posted 18 October 2009 - 09:05 PM
I think Larry has been short since May... climbing a wall of Worry... but he has made some good calls in the past.. but he has been too aggresively short too early this time
I agree, he has been bearish for a long time... but I still wanted to present his latest interview here as there are some apparent fans of his here at TT.
#5
Tor
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Posted 19 October 2009 - 03:48 AM
Larry is a lovely guy and very generous in sharing inforlation.
I agree with concerns about the treasury bonds, if they were to break, but the astro stuff is made up I think. No one can read the stars even if there was something in it.
He is off the boil for now, but a good trader overall IMVHO.
Observer
The future is 90% present and 10% vision.
The future is 90% present and 10% vision.
#6
dasein
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Posted 19 October 2009 - 06:48 PM
an aside about bonds -
looking at a lot of stable corps, like verizon, trading over par, it seems the market really expects rates to stay low for some time.
best,
klh
klh
