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When I was a kid, in the mid-70s, Saturday morning cartoons were pretty much the highlight of the week. I got to sit in front of the television from 7 a.m. to 11 a.m. (which is about the time that Soul Train came on, which drove me outside) and watch all kinds of cartoons and kid shows.
For some reason, one of my favorites was Big John, Little John, which (understandably) lasted only one season. The entire premise was that this 40-year old guy had drank from the Fountain of Youth and had to spend the rest of his life changing unexpectedly to a 12-year old (and, also unexpectedly, back again to 40). One can imagine the hilarious hijinx that could ensue from such a situation. Or not.
Anyway, here's the opening and closing theme. Try not to get too dazzled by the special effects. Apparently shifting ages involves a lot of blinking.
It's been a – cough cough – interesting morning so far. I saw my portfolio skyrocket higher, buoyed by precious metals and Chinese shorts, only to wither away into a small loss – and, as of moments ago, back into the green. Luckily, I covered a lot of big shorts like FXI, SOHU, BIDU, GDX, GLD, SLV, taking some nice profits.
It's all about GDX at this point. I am watching it like a hawk. Actually, I am watching it much better than a hawk, since I'm pretty sure a bird of prey would have virtually no interest in the gold miners ETF. My line in the sand is 55.66, which is a pretty tight stop. It sounds strange, but this will tell you everything you need to know about the market's direction. Everything.
We had a trend day down on SPX yesterday and the daily candlestick was a bearish engulfing candlestick, so it should now be safe to say that this interminable wave up that we've seen from the lows has finally topped out. That candlestick and the trend day are both strongly suggesting more downside in the near future, though the powerful and largely uninterrupted nature of the move up from the lows suggests that this is now a corrective wave that is likely to be followed by another wave up that should beat last Friday's high. I've concentrated on looking at the likely fibonacci retracement levels on SPX, NDX and RUT today, and I've marked those on the chart. Here are the levels on the SPX 15min chart:
As warned, the dollar held onto support and started to strengthen which helped weaken the markets today. The same thing could be said for the Euro, but instead of support, resistance helped weaken the markets(as mentioned by Tim)