Chaos, confusion and carnage

Posted on Feb 12, 2016 by .

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0211indu

http://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=1&mn=0&dy=0&id=p68692925235

We have, after much agonized analyzing, come to the conclusion that we are in the midst of a market storm which is a force of nature, and there is no understanding of it.  So instead of beating our heads against the wall of obscurity we must fall back to complete simplicity — what does the chart say?

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All that glitters…may be…

Posted on Feb 06, 2016 by .

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0206spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

What might have been a b wave now looks likely to be a bottom formation (at best).  (Note volume formation.) And a bottom formation subject to the whims of contrarians and short term traders.  This situation will probably continue until it ends.

In conditions such as these traders and investors get into trouble out of boredom.  To help counteract this we offer the following comments:

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400 points in the Dow…(m/l)

Posted on Feb 01, 2016 by .

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0129spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

Friday’s near 400 point rise in the Dow strikes us as a striking confirmation of the b wave we spoke of a short time ago (http://www.edwards-magee.com/ggu/alphabetazetawaves.pdf).  Now, although we could question whether we are out of the box, or whether a bottom has been put in, we think scaling in is in order.  One thing your conventional  analysts never think of is, if it goes against you you get out and limit your losses, which is what we will do.

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Scalp starts B wave…

Posted on Jan 22, 2016 by .

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0121spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

As reported we took a successful (and satisfying) small scalp and watched the SPX print what looks like the beginning of a b wave.  These b waves can be profitable and in bull markets are great entry points.  Probably not at present considering the general market situation (bear wave in a box).

ANNOUNCEMENT

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Reversal day?… Could be

Posted on Jan 21, 2016 by .

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0120spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

Early in the morning today (Wednesday) the ratio of down stocks to up stocks was 30-1.  Volume was excessive, as may be seen from the volume bar.  Price was down in the -500 range in the Dow.  As may be seen from today’s bar (long lower shadow) price recovered more than half.  It looked like a climactic reversal day to us.

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