Going through my charts tonight, I would not put the risk for a crash off the table here. I’m very heavy in cash in just about all of my accounts, yes even my IRA. I don’t like the action at all and it has somewhat of a 2011 feel to it.
First we watched the leaders get smoked, then the violent indecision from the indicies, couple that with Russia forex and oil games, and we have room for concern.
I can’t wait to see what Janet Yellen has to say about this current situation, there is nothing she can do to save us. We are going to crash.
Hope you guys get a good night of sleep, I know I will. I want to be up early, popcorn in hand, and watch the firework show from my Mac with Retina display.
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Only thing keeping from positioning for it is that I’ve seen too many people calling for it–myself included. Oil off 2% tonight after yesterday’s reversal. Russia on the brink of bank runs. We’re at the tip of the vortex; Grandma Janet likely will shove us right into it tomorrow afternoon.
I’ve seen this show before, but somehow I don;t think it happens. I doubt they let the indices fall apart here into year end.
“THEY” have to let this fall apart, though. No way more QE is politically tenable against a backdrop of all-time highs, low unemployment and depressed prices at the pump.
I agree. QE is done.
https://hbr.org/resources/images/article_assets/2014/01/fromlawyerstoeconomics-correct.png
I think this image says a lot. My guess is that they will continue to discuss matters. So yes, QE is done for the time being. It would take considerable discussion before issuing even forward guidance (a la Woodford) that included any additional large asset purchases.
But it’s not a bad as the Teutonic straight jacket that the ECB is wearing!
I hate to be a doom and gloomer, but it sure looks like you are right….
I don’t think we’ll see a 1987 drop, but 5% wouldn’t surprise me.
The cycles can only be stretched s far. http://www.cyclesman.com
1928 on the S&P is the first stop. If that breaks then look out below, because we very well could see 1776. Even a drop to 1776 keeps us within the current longterm upward sloping channel.
Thanks, RC! Enjoy the show!
Thanks Zombie, good to see you around these parts. #whodat
The set up here for shorts is even better than September 19th.
The fact we couldn’t hold gains once again is worrisome. A lot of guys are trapped.
Will be interesting to see how this plays out.
Dips are to be bought, not to be feared.
c’mon people. I’m seeing way too many crash calls right now. Ain’t happening. I’ll take the other side when consensus is like this.
you can thank me later, this post will mark the bottom.
This from the Wave Guru Cataldo;
“The short term wave pattern took on a life of its own after today’s SPX 2019 high with a series of overlapping waves down to 1982. The very short term count we are now tracking suggests one more lower low tomorrow, and then a decent rally. Short term support remains at the 1973 and 1956 pivots, with resistance at the 2019 pivot and SPX 2056.”
OEW (Tony) & PPT (Fly) are on the same wavelength … Odd, no?
Are these the same waves we see from in the ocean or different?
Beach Boys for you!
“Aww hell naw” lolz.
Russia bounced too quick, didnt get nearly the position size i wanted. Still think its just a bounce for now I’m bullish on Russia, along with that bowtied geezer jim rogers.
About that crash…