Enjoying the chop? :-)

Last Friday I predicted CHOP for early this week and hoped for an "Air Pocket" drop (WWW) with 1115 a very strong bottom which would be a gift going into OPEX:

Fearless forecast: Chop 1st, then up into OPEX

Sentiment jump, Low TRIN, High tick, overbought

Today Laundry says 1125ish may do it.
"the minor reaction support is around 1125...
if a decline to 1125 doesn't cure the Arms overbought condition and a sell signal occurs due to 5 very low daily numbers, then my guess that 22 points was enough will likely require a new guess that the correction will have to double all the way to 45 points. But that may not occur until after the next top around March 22. For now I think 1125-ish is the best estimate."

Today the TRIN (ARMS) spiked above 150 but had remained below .75 for most of the day.

Not much news tomorrow which would normally cause a big reaction.
MBA Purchase Applications
7:00 AM ET
Wholesale Trade
10:00 AM ET
EIA Petroleum Status Report
10:30 AM ET
10-Yr Note Auction
1:00 PM ET
Treasury Budget
2:00 PM ET

Very helpful stuff. Thanks RD.

there can always be some manufactured news. today the report was that Germany France and Greece all agreed to stand together - no mention of money, only that Greece doesnt really need money - only that they have agreed to ban ....ta the.....naked short selling - obviously naked shorting was the cause of Greece's problems, who knew. Greece will come up again - Germany's election demands certain moves, US midterms demand other moves - this will be a market at the mercy of political deals made with their masters.

More chop on this board than the market. It had almost put me to sleep that I didn't even notice my secretary tried to sneak that trading system out of the office... In fact, I don't recall ever paying attention to any folder she's carrying. Wonder why?

there can always be some manufactured news.

today the report was that Germany France and Greece all agreed to stand together - no mention of money, only that Greece doesnt really need money - only that they have agreed to ban ....ta the.....naked short selling - obviously naked shorting was the cause of Greece's problems, who knew.

Greece will come up again - Germany's election demands certain moves, US midterms demand other moves - this will be a market at the mercy of political deals made with their masters.

Worse comes to worse, Germany could always surrender to France again. It's been a while since they played that one.
It kicked off an over ten year bull market when it was first used in 1918. Didn't do badly in 1945 either for that matter. . .

Just sayin'

Edited by milbank, 09 March 2010 - 04:50 PM.

Trin has got to point today where a meaningful decline is very likely this week, either tomorrow or Thursday. Maybe 20 pts on Russell.

Wonder why?

It must be the shoes...

Wonder why?

It must be the shoes...

She had me at the shirt.



Mil the France thing berry nice.

That blame it on short selling the Greek mess was pretty good today. I wonder what the wizards of spin has in store for tomorrow. They may need to work a tad harder that one was weak.

Mil the France thing berry nice.

That blame it on short selling the Greek mess was pretty good today. I wonder what the wizards of spin has in store for tomorrow. They may need to work a tad harder that one was weak.

The real irony is, France and Greece may end up surrendering to Germany again. Only this time you can add England, Ireland, Spain and the rest of what is now known as the EU as well.

Edited by milbank, 09 March 2010 - 10:39 PM.

We just had the World War III, huh? The war has just ended, some countries are sold to few and their tax dollars will be forever paid to the few controlling countries as more and more in interest... No blood was shed, but the economic control is fully in place! Wow!