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Monday, May 14, 2012

SPX Update: As the Market Grinds Lower, Complacency Abounds


Yesterday, both counts expected more downside, which the market provided.  The picture has clarified just a little bit, and, as I see it, there are two main options for the short-term resolution.

What's interesting about this market is that it's managed to grind lower without reaching any extreme levels in bearish sentiment, or extreme oversold readings in certain key indicators such as the McClellan Oscillator (NYMO).  As long as this situation persists, it is completely plausible for the decline to continue essentially unabated.

It seems everyone is looking for a bounce, and I must admit I'm starting to look for one as well.  But when everyone's expecting a bounce... well, you know how I feel about the situation where everyone's looking for something.  Generally speaking, the more people who are expecting a certain outcome from the market, the less likely that outcome becomes.

This occurs for the simple reason that people position their trades in anticipation of what they believe is coming -- so if everyone's looking for a strong decline, then most traders have either already sold, or are positioned short -- which in turn means there's no one left to sell to drive the market lower. The same applies in reverse for rallies. The majority of traders simply need to be on the wrong side of the trade for a strong move to occur in either direction.  Keep that in mind next time you're on the wrong side of the trade:  so was most everyone else. 

Accordingly, I've prepared only two charts today, in an effort to keep things a bit simpler than yesterday's article.  I searched through approximately 20 charts, looking for a Holy Grail to unlock the market's intentions, but came up with nothing.  Virtually all the charts seem to be showing the same level of veiled intentions.

The first count I'd like to share examines the possibility of an a-b-c expanded flat to complete wave ii.  The market left this option on the table at Monday's close by failing to form a complete 5-wave decline.  The decline is currently 3-waves, and it may or may not stay that way.  Obviously, I can only see what's actually present in the charts each day.  If the decline goes on to form another new low, that will give it a 5-wave structure (see 2nd chart).

I'm favoring this resolution, primarily because I feel that red wave ii needs to consume more time before completion.




The second chart examines a much more immediately bearish view.  This remains viable because, as discussed, there is absolutely nothing screaming for a bottom here.  Usually we would expect some extremes in either sentiment or reliable oversold indicators before seeing a trade-able bottom.

The chart below also quietly notes the possiblity of wave (5) sneaking in near the 1330-1335 zone (shown in black, "alt: (5)").  In this regard, I'd suggest watching the lower blue trend line/channel.  If the market blows through that line, then there's probably more selling ahead, since the inability of bulls to hold that level would indicate renewed selling pressure.

Even under this more bearish count, I suspect another small wave up, but make no guarantees regarding the wave c of 2 bounce.  The one minute chart is indecipherable to me in that regard and the wave labeled as blue-a could instead mark ALL OF blue 2, in which case the 1347 print high will contain any rallies. 





I continue to believe this market is in a much more dangerous position than is commonly being acknowledged.  I suppose that's how it needs to be -- once again, if everyone's on the lookout for something, it rarely happens. 

In conclusion, there are some key levels to watch for clues on Tuesday, and potential targets for each count.  Note that both counts continue to believe the intermediate trend is now down.  Trade safe.

Reprinted by permission; copyright 2012 Minyanville Media, Inc.

385 comments:

  1. Oooh, done before midnight.  With the wife and kids out of town, I can work without breaks!  I'm not sure this is a good thing. 

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  2. Whoa Nellie, I answered your question on the prior thread. 

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  3. 30  minute Discus blackout?   Appears Europe attemting a snapper, EUR/$ up, US futes holding Katzo's breakdown points.  Fade an up open for a long?  Interesting!

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  4.  Key levels to watch today:

    Bears in control as long:

    SPX below: 1350-1352
    VIX above: 21
    FXE: below 128

    In case we see bulls push those different , bulls might take control - but for now bears still in full control.

    Per cycle I got a potential reversal coming from tdoay and a rally to come , but like PL says when everyone looks for one ,, dont expect it to come --- so rather ,, wait until you SEE it ,,

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  5. Appreciate it, out at 43, +2.5.  I will feel more confident shorting at 1355/70 then going long here.

    Late Dec low of 1202 to 1422 = 220.  38% retrace = 1338.40.  Yesterday's LOD = 1336.  Still think we head lower though, just a question from where :)

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  6. Thanks for the great update (we, the easily confused appreciate just two charts on some days -- but not all). I tell ya you're gonna be missing them bad by week three....once the full beard is in and you've gone all Howard Hughes. As long as you don't make any new friends named "Wilson".  I tell ya, my little boy broke my heart this weekend...We stayed overnight in NJ after going to see the Thunderbirds at McGuire AFB. So we get to the hotel and my little boy turns to me all excited as he's looking around the room, shouting "Daddy, you cannot work here. Yeahhh!!!" Kinda drove the Ginsu through my heart with a double twist...got me thinkin'...

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  7. Good post today, PL.  I hit the 'like' thumbs up but had to check the 'i like pizza' check-box just to do something different this time. 

    I'm looking for a good entry point to go short with real money - the top of red ii would be a great place to do so from the looks of things.  On the RUT that would be about 805 -810 but will wait for a turn anyplace over 799 (expecting a weak red ii).

    Good luck all.
    -whip

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  8. hmmm, no it wouldn't be a good thing IMHO.  Family time is very important, I hope you didn't *opt-out* of the vacay in consideration of the blawg.  Even Obama has made sure to take *plenty* of time outs with the family...even if they get there seperately.

    Rhetorical question: When one lives in Hawaii (aka Paradise Island) where does one vacation to "get-away-from-it-all"????

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  9. I resemble that easily confused stuff all the time......  Yeah the family work life balance is tough when you only have two hands..... tried using a foot and fell on my *$s.........LOL  That is primarily why I position trade so I can do the thing and let it work and not watch it all the time........

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  10. Nice article there PL.  I think we will have some reaction to the macro today as we actually have data coming out this morning.....should be interesting to see where we wind up.  CVX goes ex tomorrow so expect some short covering there today - question, if you hold a long put position do owe the dividend as if you were short the stock?  Thanks in advance

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  11. Off to work gotta go catch a rascal and see if we are inclined to go to school today......  LOL

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  12. Hi PL, you need to change the date of your article to May 15. ,,,DD

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  13. Thanks for the advice...this market thing is just so damned interesting. Been stingy lately as I'm not nursing right now...just running the bidness. Really good money for the time required but boooooring. I just have to get the hang of budgeting my time in a more productive manner, so I can do the more important things...da Mrs. and little dude (he's a trip...and smarter than me).

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  14. Keep banging on that screen...If ya need any help, I'll send my buddy over.

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  15. CVX will look real nice to short as a flat.

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  16. No, you don't owe div, but the expected price drop of div in the stock is already priced into both put and call options.

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  17. Christian GustafsonMay 15, 2012 at 2:31 AM

    Was that a diamond-top pattern around the SPX 1422?

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  18. Disqus email update seems broken again. Disqus must be a tiny outfit, like, run by one guy with a single server, hosted at home, using cable Internet as his service conduit. I wouldn't be surprised if that's the size of it. Lol - DD

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  19. Lol, I can't change it. I posted it yesterday, thus the date.  :)

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  20. ....prolly in Greece

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  21. Alright, let's see a show of hands:  should I send this one to Minyanville or not?

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  22. Moving down! ,,dd

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  23. Yes, a good article. Send.

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  24. Done, thanks for the quick responses.  :)

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  25. wtf just happened in eur?  I heard my order execute and figured I got stopped out of my shorts, then checked and saw my buy limit had hit way beneath the market.  Helluva 1-minute bar there...

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  26. Katzos!!!!!!!! huge one 

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  27. GREEK ANTI-BAILOUT CONSERVATIVE KAMMENOS SAYS THERE IS NO DEAL ON GOVERNMENT -BBGKAMMENOS SAYS "THEY PREFER CREDITORS TO NATIONAL SOLUTION"

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  28. where was your buy limit? just curious...

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  29.  GREEK ANTI-BAILOUT CONSERVATIVE KAMMENOS SAYS THERE IS NO DEAL ON GOVERNMENT -BBG

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  30. PL, looking at the es  now, maybe the ii is indeed finished?

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  31.  out 33.50, 42 & 43 to 33.50
    don't try to fake ou the katzo !

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  32. Near the head and shoulders breakdown target on the one-minute chart.  I jumped back in short immediately.

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  33. wow you squeezed the very last drop of this drop..great call

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  34. Always send when you have the little yellow target boxes.  Works for me.

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  35.  Well that really knocked the snot out of the indices....They got gyro'd.

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  36.  watchin' for a break of 32.50 es, very possible it happens today, ES will keep on banging against that level til it breaks. . . I said yesterday that bad news will be equated to this fall bit the set up was there yesterday that is why I said it. I also said there would be a gap down

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  37. Subtle!  Bearish much?

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  38. that is a big one (that is what Jamie said)

    http://screencast.com/t/FVze1vabF

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  39. Move to Spain or Greece.  Cheap!  That way you'll be 6 hours ahead instead of 6 hours behind.

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  40. Back to the Future, Marty! ,,,,,dd

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  41. About 3 1/2 hours ago on the other thread I noted (in a reply to Whoa Nellie):

    eur/usd needs to hold the line here or it's going to make new lows. Same likely goes for ES, they've been trading in concert lately.

    It was trading around 1.28450 then.  That was one of those "easy" virtually no drawdown shorts.  Gotta love 'em.  :)

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  42. Scotty_Doesnt_KnowMay 15, 2012 at 3:28 AM

    Any bets on the level the S&P has to go down to for "the beard" to crank up the old printing press?  ~1300?

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  43. I think more like 1200. And I'm sure it will happen. ,,,DD

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  44. Even after that big drop, eur/usd is  still trading 1.27880 above native asset value...

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  45. re entery on ES shorts ~ 38/9?

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  46. 1200 is too high. Nice round number 1000, or 666.66 :)

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  47. Lately, I'm exhausted around 3:30 a.m., when the market opens, and I keep hoping for a quiet day so I can get some sleep... then it gets all exciting right at the open and I'm stuck staying up longer.   :/

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  48. Minyanville changed the first sentence on my article... wtf does it even mean now?  :D

    http://www.minyanville.com/business-news/markets/articles/technical-analysis-elliott-wave-elliott-wave/5/15/2012/id/41008

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  49. CNBC just now covering drop in market

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  50. Ok, time for me to grow a beard. ;-)

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  51. whatever sells!!!

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  52. It means you must never, ever use the word "count". ;-) ,,,dd

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  53. Changed the Title of your article as well

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  54. I just e-mailed them and they thought I meant "both camps" instead of both counts.  lol -- industry jargon.  lmao.  I guess I have to take things down a notch, I'm so used to writing for you guys now...

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  55.  notice that there was a new spike low of 30,50, lower lows and lower highs defines a channel

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  56. Wow, they're quick.  Fixed it already.

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  57. Bulls and Bears are "Nobelmen in some European countries"

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  58. Ah yes, those eSignal auto-Gann lines! Everybody...get your eSignal lincense now!! ,,,,,,,,,,dd

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  59. No?  I thought this was funny.  But then, I have a "singular wit."  :D

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  60. No, it was a Dimon top! 

    Ha!  Oh, I'll be winning Pulitzers for the comments section today.  Clearing a space on my mantle now...

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  61. Good one LOL....actually never thought of it that way...but you're prolly not far off.

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  62. Man, it took me a LOOOONG time to get that one!  I'm going for more coffee.
    And yes, it was a good one.

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  63. ST count ... (for now)

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  64. As soon as the Analyst on boob tube mentioned he valued Facebook at 150 Billion vs the  100 expected,  the market popped..  for the non tv people

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  65. FX is really not confirming this equity ramp...

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  66.  E/3 min.

    http://screencast.com/t/FiZ9lTWg

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  67. IB's are desperate to hold the market together until FB prices / is out the door.  I won't be surprised to see us equities and eur/usd diverge here a bit so they can provide the illusion of relative stability here.

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  68. good question Whip. I don't think they ever dream of "get-away-from-it-all" anymore... too bad for them, isn't it?;-)

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  69. 5 commencing as I type?? CEL is looking like death, I suppose bad earnings??

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  70. 19.99%.  That way it is still "officially" a bull market.

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  71. Err . . . green boxes.  And, yes, I AM color-blind.  Really!

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  72.  No wait on CEL, there are better, forgot to post them. Stipulation was only on a break of macd zero line. CEL could reduce its dividend, don't know

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  73.  You are ES short Katzo?

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  74. imo don't worry about that, just look a the charts, that is where the answer is. but what do I know. . . .

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  75.  I guess this may possibly be their biggest score of the year.

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  76.  chop zone guys, look at that PTI, very low, no clear direction. chart implies a 5 but PTI says this EW will break or mrkt will go sideways, I should have been clearer.
    chart all about that break of TL for the plunge, down past the 32.5, now low to break is 30.5, but on any extreme move there is always a rest period

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  77. bias is sideways to up (slight) don't get drawn into this imo

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  78. Perhaps Greece and Wolfgang Shoebell are busy smoothing and icing the slope for the next wave down. The Greeks will be the first ones down, riding their giant sled, The Trojan Swan. And Team Elliott will be keeping score...

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  79. This is why we wait for TL or MACD line break. We move on to the next victim.

    http://www.bloomberg.com/news/2012-05-15/cellcom-drops-most-on-record-on-net-competition-tel-aviv-mover.html?cmpid=yhoo

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  80. Your annotations caused me to begin laughing alot while I was eating a banana.  Not a good mixture I'll tell you!  

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  81. FYI @ FB - and I agree with Katzo, this is only at the margin, but in imo the fact that today is 'chop' when Europe is melting down again is a sign that IB's are trying to get a technical / oversold rally going from here through Thursday's close when the pricing is finalized.  But if Spanish banks experience (another) run and start failing, FB won't be enough to stop the sell-off that ensues from that:

    "NEW YORK (AP) - Facebook on Tuesday increased the price range at which it plans to sell stock to the public, as investor enthusiasm in the offering continued to mount and boost the potential value of the world's most popular social network.
    The Menlo Park, Calif. company said in a regulatory filing that it now expects to sell its stock for between $34 and $38 per share, up from its previous range of $28 to $35. At the upper limit of $38 per share, the sale would raise about $12.8 billion.The IPO is expected to be completed late Thursday and begin trading on the Nasdaq Stock Market on Friday under the ticker symbol "FB."The increased range is a sign of high demand from investors to own a piece of the world's most popular social network. The initial public offering is the most hotly anticipated in years and would value Facebook at more than $100 billion.Facebook is selling 180 million of its shares in the IPO. Another 157 million shares are coming from existing stockholders, including the company's earliest investors and CEO Mark Zuckerberg.Even after the IPO, Zuckerberg will remain Facebook's single largest shareholder. And he will control the company through 57 percent of its voting stock."

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  82. i'm not positive about the shortest term immediate wave count...considering a long here against the low (133.90) as a stop

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  83. The other possibility for now

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  84. spx lod & falling

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  85.  missed that one completely, one of my EW signals did not fire off, so much for the trusted signals

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  86. PL - totally spec.  -- given the futures overnight....this is a spot where one might anticipate an 'expanded 2 flat'

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  87. keep an eye on UVXY, it has been helpful today also....

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  88. chart - speculative expanded 2 flat proposed
    intuitively, this is the kind of spot i could envision an expanded 2 flat

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  89. Dollar is super strong today with Euro making new lows, and SPX is down only 0.06%??? something is going to give....

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  90. I get the feeling the market is looking to RUT for direction.  So far, it and DJI have held above yesterday's lows.

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  91.  it appears that this is setting up for a substantial fall within two to three hours. The question is 'from what  level?' I could see it getting to 1339 es area prior to this possible fall so determining correct entry  level is very important. This will be the EW5 move.

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  92. ahh, this rise is why my indicator did not fire off

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  93. What do we call long green candles? Anti-Katzos??

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  94. lots of whipping today

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  95. those are katzos too

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  96. This short-chop volatility is untradeable for humans but is heaven for bot traders, who can move in milliseconds based on rules. Down to support and/or turnaround. Up to moving average. I'm talking 50 period Bollinger Bands with simple MA on 5 minute chart.

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  97. *hitting myself on the forehead* I always thought only the long red candles are katzos, dummy me...

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  98. Seems like, already, what was support is now resistance.

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  99. ahem...I asked you not to put the green ones out until the holiday season. :)

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  100. I played the rise nicely, bottom to top. I am new at this and doing well, but I'm not sure if it's for the right reasons. I am reading PL's blog, reading everyone's comments, forming a strategy, and trading with discipline, but I am not looking at any indicators or charting any waves. I generally only put one trade on per day, but I am profitable on six straight.

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  101.  a break of 43 may negate my sell off call

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  102. Didn't you look it up in Wikipedia? LOL .... Coming to think of it, somebody *should* put it into wiki. What a hoot. Document you way into legend. -DD

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  103. As Napoleon Dynamite would say "LUCKY".  Seriously though, good for you, awesome to hear of successes.

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  104. maybe that should be (green ones) soztaks (katzo backwards)

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  105. Certainly sounds like something from Reagan's "evil empire" LoL

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  106. That's what I'm worried about. If its purely luck, it will turn eventually.

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  107.  I looked into it just now.  Wont' work as the word 'katzo' is a neologism (I might have that term wrong, sorry) and they aren't taking articles for 'new' words or to increase the use of a 'new' word or term at this time.  Maybe there is a way around it though

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  108. I was getting ready to short SPX with a retest of 1344, but this new HOD gives me pause.

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  109. 50 minutes later - spx hod

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  110. not sure if that can be considered a divergence, or maybe when I open my mouth it will go bust. But UVXY has been making higher low when spx making higher high...just an observation..and euro is still crawling near the low of day FX again is not confirming this move in equity...roger

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  111. Has The Greek Bank Run Started?.....This may be the beginning of the end for Greece.....

    http://www.zerohedge.com/news/has-greek-bank-run-started

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  112.  came right up to my 52.50 es TL, exactly, and tested that, hard to tell what is gunna happen but over that TL might push any sell off out there

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  113. I'm impatiently waiting for the blue box to start easing into shorts and see how it acts from there... at 1348. Wondering if it makes it there...

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  114. Looks like another possible expanded flat.  Just went short, I'll cover if it goes much over today's high.  Going to bed, GL.

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  115. Nice, didn't see your post earlier, but this is exactly what I'm seeing in the charts at the moment.

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  116. btw, the perfect world target for an expanded flat is 1347/48.  I just can't keep my eyes open to watch it anymore, so I'll have to ride a bit wider stop and pay the price of some drawdown if I need to.  Okay, really going to sleep now.  :)

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  117. VIX option report
    http://www.youtube.com/watch?v=fT4s2G920NQ&feature=plcp

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  118. I vote for zokats

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  119. ST - would appear the expanded 2 flat materialized

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  120. i wonder if the 5th wave might extend up?  - tricky waves might still have too many leaning the wrong way?

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  121.  There is another TL I am watching from the 1350 ES high on 5/11 that hits the ES high overnight and it is sitting currently around 1345, which would put the SPX right about that perfect world target.  I'm looking to get my puts on, may try and wait for those extra few points, gotta break the TL around 1342 first, may not happen though....

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  122. Another penetration and another climb up over the trendline on RUT.  This thing has got some staying power.  Also, $RVX has broken yesterday's lows.

    I'm about ready to give up on RUT hitting 800 anytime soon, but then I keep in mind that PL said fractals can be strung along alot longer than most people would like.  One scenario I'm considering is that the FaceBook IPO on Friday will be enough to propel red wave ii to the target levels and then Greece defaults over the weekend ushering in iii down.  But it's all speculation. 

    GL all.  Back to work for me.

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  123. just a side note, the US equity has really decoupled from the European market, Spain's IBEX went below its 2009 low today, and Europeean market has been going down -2% for quite many days while US equities are still floating.Thanks Ben!

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  124. The meetings detail between the President of the Republic and political party leaders in Greece.....

    http://news.radiobubble.gr/2012/05/meetings-between-president-of-republic.html 

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  125. Looking for one more divergent high around 2 pm. May not happen looks awful weak for "The Bounce"

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  126. Are you expecting a strong rally after this? ,,,,dd

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  127. I like that speculation.  I am currently all in cash right now.  If the market shoots up high on Friday, I might be tempted to buy some VIX calls and hold it over the weekend; but that is totally against my rule of not holding over night when possible.  Internal alarm bells ring off just at the thought of holding long VIX calls over a weekend.  I likely will not do it.  Instead, if Greece does collapse over the weekend, I will jump in Monday morning for to trade a downward trend.

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  128. Not predicting -- but would love to see this pattern end in an ED!

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  129. Another thing to keep in mind is that world governments will do everything they can to prevent a market collapse.  So   set up yourself to be able to get in and out quickly (twss).

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  130. INDU 4th wv triangle is supposed to have a sharp thrust down then bounce up. Doesn't look much like that does it, so what gives?? Looks like another triangle shape forming. Que pasa?

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  131. no - market is 'trending' in the pure sense of the term....but it's grinding lower overall...i'd like to have the best spot to get short again

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  132. ICHI Moku charts say 2 more days before  a bounce, Chiku has to travel beneath the candles before it can rise.. 'bounce'. A weak market will wait, a strong one will plough straight up from here. Doesn't look strong. At the moment. If the facts change... then  ...

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  133. Your chart's EW markups for SPY show wave 3 up, so wave 5 up would be expected. So my question was from that. ,,,,,dd

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  134. feel the tension.   stop loss bonanza or a short squeeze extravaganza..   

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  135. playing the ping pong between 16-17 for UVXY has been awesome today....

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  136. continuous thrusts, punching at the now 30.50 low, lower lows make a down trend. draw bulls in during the day and do not let them escape

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  137. INDU Stochastic Mom Index is almost as low as 25th Nov 11 which was followed by 1,000 bounce... Interesting.

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  138. yes, it is marked 3/a - was expecting a 5th wave up...but it didn't happen...would have to re-label

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  139. timing for that potential drop is right about now. . . .

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  140. Wow it's astonishing the market still holds considering the US$ rally today...isn't it?

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  141. wow just looking at the index you wouldn't be able to tell how volatile today's session has been....Katzos are coming, Katzos are coming *chicken Little running around in circles*

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  142. lmao....

    http://www.youtube.com/watch?v=SWtnwUPCX7A 

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  143. i'm standing aside until the pattern clears up -- volatility -- watching for possible ED pattern (a,b,c,d, e to come?)

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  144.  38 es is an EW test level, if that holds possible last test before katzo

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  145. Nasdaq held the floor yesterday (only market to do so)... maybe the next drop will be signaled by Nasdaq breaking 2900? That needs to be led by AAPL.

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  146. Futures view of same possible pattern...

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  147. After today you'll have to specify red or green....I'm dangerously assuming red in this instance. :)

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  148.  yeah, we will have to come up with better terminology, katzos should be red candles I guess, I relent

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  149.  big one could be right around corner

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  150. HA!! So I was right, Katzos are RED!!

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  151. Yeah, I guess we have to keep terms basic and understandable.
    +1

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  152. Could always call them "Billas"...that would make the Katzos more satisfying...maybe.

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  153.  should be spectacular

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  154. Serious job of propping the market here with eur down almost a full penny - a huge move for a currency - and spx basicall flat.  Color me impressed.  If volume of sellers dries up into the close, MM's will drive this higher...We are going to get a big move one way or the other in the next hour.

    Note: Spx dropped a point while composing this...

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  155. Would that then be a superkatzo (like supernova)?

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  156. yes, greean are billas, if they fail they are billa busters lol

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  157. "megakatzo" has a better sound

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  158. That sounds right! lol

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  159. I 'd be willing to pay a little extra for spectacular...

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  160. That's perfect. You really are a funny b@$tard sometimes LOL.

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  161. I had a good chuckle when I read that. LOL

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  162. The programmers had a sick sense of humor. ;-)

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  163. and that upgrade to the muthaboard was a definite improvement.

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  164. truerangeballisticMay 15, 2012 at 9:05 AM

    WS look at that last hour for the $RVX. That will be the tell here. If it moves to a higher close than yesterday then more coming imo.

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  165. UVXY breaking out...

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  166. what a call, how is that for a katzo

    http://www.youtube.com/watch?v=IY861UGa1Fo

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  167. Looking spectacular indeed.

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  168. Utilities are leading the way down?

    SymbolNameLast TradeChangeRelated Info^DJADow Jones Composite Average4,343.30 3:06PM EDT 5.14 (0.12%)Components, Chart, More^DJIDow Jones Industrial Average12,662.96 3:07PM EDT 32.39 (0.26%)Components, Chart, More^DJTDow Jones Transportation Averag5,122.77 3:06PM EDT 22.44 (0.44%)Components, Chart, More^DJUDow Jones Utility Average467.43 3:06PM EDT 2.80 (0.60%)Components, Chart, More

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  169.  lol good call, painfully jump :-)

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  170. there goes 1330, great call Katzo

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  171. FBI Opens Inquiry Into JPM Loss..... It'll be interesting to see what will happen in the near future.

    http://www.zerohedge.com/news/fbi-opens-inquiry-jpm-loss

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  172.  I like that, a superkatzo

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  173. bounce to 30 area setting up, then down to 25

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  174. forget the SPX -- I'm getting long CAT instead...it has been leading the market and as such, is likely to turn north a couple of days prior to the SPX  -- check out this setup...

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  175. looks like it can't even muster enough strength to get to 30es, selling is too strong

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  176. TVIX up 7.72%, that did it
    UUP up.74%
    everything going correct way, lower lows and higher highs on these

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  177. truerangeballisticMay 15, 2012 at 9:24 AM

    Katzo your red candles were like godzilla going thru Tokyo.

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  178. RUT head and shoulder break... if the RUT doesn't recover to the 785 area fairly quickly we could see a trip to ~722 over the next week or so.

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