My fellow bloggers are seeing the same thing I’m seeing: people are just leaving the market in droves. Why? Simple. Because hardly anyone can make money consistently in this beast. Just look at the recent activity. Neither bulls nor bears are winning. If you win one day, you lose the next, and vice versa.
I guess I’m semi-grateful that at least OPEX week wasn’t the bullish fiesta that I feared. But as I stand here right now, I’m outlining my first screenplay, because the boredom and insanity of this market action is really starting to get to me, and I need a creative, positive outlet. For once, I’m actually looking forward to the weekend. This market, once again, sucks.
Aside from sounding consistently self-conscious Martin Armstrong seems to find a need to wrap basic and well known (or what should be well known) concepts in cloaks of mystery that only he – and his computer – can divine. I think this is a really smart man, but with an out sized ego.
Up-Down-Sideways? What is Going On?
“The Golden Rule of the 3 Attempts (TM)” * is another way of saying that the more times a market bashes away at resistance, the weaker that resistance tends to become. It’s basic TA, can be applied to short or long time frames and it’s widely known and respected. You have seen me write things like that many times over the years. In reverse, the more times support is tested, the weaker it tends to become. TA 101, or at least it should be.
“It becomes rather amusing to what the so called professions end up constantly wrong so they start bruding and proclaiming this feels like 2000 or 2007 before the crash.”
From Goldsqueeze: The 10-, 20-, and 30-year US Treasury Bonds are all in the final stage of what appears to be textbook cup-with-handle consolidation patterns. Just in case you don’t know, cup-with-handle patterns are one of the most tried-and-true bullish consolidation patterns out there. If you’re interested in learning more on this specific formation or maybe you just need a refresher, Trending123.com offers a nice explanation. So first, here are the charts:
Jesus Tap-Dancing Christ, I am about to fall asleep with this market. Eight solid weeks of the world’s most boring Othello game. Black. White. Black. White. On and on and on. I have nothing more to say. I’m just griping to no one in particular. Just Tim bitching.
Ya know, it sure would be nice to have some kind of trend, if the market wouldn’t mind too much. I mean, just look at the past couple of months. This is nothing short of ridiculous. For all the ups and downs, we’re at exactly the same price we were on November 19th. Six months of meandering with no destination.
Human nature – – particularly collective human nature – – fascinates me. I was thinking this morning about the completely unprecedented event of getting three hate mails in a very tight cluster last month (whereas normally I might get one, if that, in an entire year), and I was wondering about when that happened; well, it was no big surprise:
It’s extraordinary to me that three men – – and, of course, they just had to be men – – would, without conferring with one another, all decide to take the trouble and time out of their oh-so-busy lives to write me something hateful. (After all, since they’ve given me $0.00 in my life, it’s perfectly fair of them to expect me to perform services for them of the highest caliber).
Suffice it to say I hope they all got very long based on their venom, and that they remain so. God knows that I deserve kindness, and nothing like this, although their unwitting “Short” signal was, in retrospect, mildly interesting.
As a courtesy, which none of them deserve, I’ve blotted out the surnames, not that anyone has ever heard of any of these people. I will not debase myself to the behavior of others.
At the start of this week, on my Tastytrade show, I said that it felt like something had “snapped” in the market. There was a confluence of little events that took place that convinced me that the few remaining bears had either lost their minds or thrown in the towel. The “Disappointment After Doha” – – that is, the inexplicable rise in the market after the complete collapse of talks in Qatar last Sunday – – – was the straw that broke the camel’s back for many people.
Now, in my line of work, you’d expect me to be the recipient of a regular amount of hate mail. For one thing, my view is an unpopular one. The vast majority of people actually want assets to inflate in perpetuity. A permanent bull market would be just dandy for 99.9% of the public, and not only do I tout exactly the opposite, but I’m rather bombastic about it.