thursday update

SHORT TERM: rally resumes, DOW +96

Overnight the Asian markets lost 0.2%. Europe opened higher and gained 0.6%. US index futures were higher overnight. At 8:30 weekly Jobless claims were reported lower: 350K v 358K, and the Trade deficit was reported slightly lower: -$38.8bn v -$39.1bn. The market opened three points above yesterday’s SPX 1746 close. Within the first few minutes it touched SPX 1750, dipped to 1746, and then started to rally. Heading into the afternoon, with only 2-3 point pullbacks, the SPX hit 1754 at 3PM, and then began to pullback into a 1752 close.

For the day the SPX/DOW were +0.50%, and the NDX/NAZ were +0.50%. Bonds lost 8 ticks, Crude added 15 cents, Gold rose $12, and the USD was lower. Medium term support remains at the 1699 and 1680 pivots, with resistance at the 1779 pivot. Tomorrow: Durable goods orders at 8:30, then Consumer sentiment and Wholesale inventories at 10AM.

The market opened higher today, crossed the SPX 1750 level, and continued on to 1754. In the meantime, while SPX stayed below its recent 1759 high, as did the NDX/NAZ, the DOW made a new high for the rally and now appears to be leading. This AM we posted a green Minor wave 4 at yesterday’s SPX 1741 low. It looks like Minor 5 is now underway. There are Fibonacci price relationships suggesting a Minor 5 high in the low 1780’s. And that is within the 1779  +/- seven point range. Expecting this current advance to top out near those levels. But only a new high is needed.

Short term support is at SPX 1730 and the 1699 pivot, with resistance at SPX 1759 and the 1779 pivot. Short term momentum has now risen from oversold to slightly overbought before dipping late. The short term OEW charts remain positive with the reversal level now SPX 1744. Best to your trading, FOMC upcoming on Tuesday/Wednesday next week!

MEDIUM TERM: uptrend

LONG TERM: bull market


About tony caldaro

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159 Responses to thursday update

  1. gary61b says:

    The TF and 1142 on nov.1 looks obtainable. Its a patience game.

  2. Here is a nice little study guide that can go along with a study of the current NDX and RUT daily charts:

  3. radrian6 says:

    Hello Tony and all,
    Over the past few sessions, RUT has made a ramp higher, tested the Oct 22 high and deflected back down — this sets up a possible double top but RUT would need to break below 1105.35 to confirm. SPX has printed a tedious three-day ramp and still appears to have unfinished business on the upside.

    I think Tony is correct with his count for the current uptrend but, for me, the bigger picture is not as clear. When this uptrend concludes near 1780, what happens? Do we get a 38% retracement and carry on or do we get something more dramatic to the downside? As always, opinions are all over the map. Based on the RUT year-to-date pattern, we’re due for a correction to the daily lower Bollinger Band when the uptrend concludes. Assuming we get the correction on schedule, the real test comes at the bottom of the channel.

    Have a good weekend.

    • tony caldaro says:

      We are thinking the R2K and the SOX will likely top with Primary III in the general market

      • drwarmington says:

        Are you referring to the RED SOX?? LOL

      • radrian6 says:

        I know your thinking here, Tony, and it may happen just that way. Topping is a process so it could take a while. For the short term, RUT completed a momentum high (probably wave 3) and is rangebound between 1105 and 1122. If wave 5 truncated at today’s high, RUT will soon break below 1105.

    • torehund says:

      Agree RUT looks toppish, if one compare rut to spx, one sees a pretty decent gap between them indicating a lot of excessive optimism. At the time they fall and bottom together or With rut even underperforming spx, then its time to re-enter. Let the Waves unfold themself, no stress; I use the gap between these two indexes as the most unbiased sign of optimism vs pessimism, all these bull and bear surveys are mostly misleading..go straight to info of what markets DO, not what market participants think or say they do.

  4. bigswingingnick says:

    Got lucky this week and the mkts followed my playbook like a script.
    Still long and looking for Dow@15650 (prob next week.)
    Dow hourly fut

    S&P hourly fut

    Hope all had a good week…respect to Tony as always.

  5. pio27 says:

    MR C
    Congrats great win last night although I think SOX a better team I am pulling for Beltran would love to see him vindicated since taking the 3rd strike looking that still haunts met fans.
    Question has most recent market trading been more difficult to OEW than in the past since we never seem to pull back?the 1780ish target is an obvious lock and probably a lot higher since we really have ZERO reason to sell off.

    • tony caldaro says:

      If it was a wrestling match the SOX would win hands down.
      Most of them look like they belong in the WFE than on a baseball field.
      Game 7 2006 NCLS, men on first and second, down by two runs (Yadi homer) and rookie Wainwright on the mound.

      The DOW has been doing its thing, while the SPX/NDX have refused to correct correctly.
      Happens every few years or so. Sometimes general market strength like now, sometimes weakness.
      After a few months, this has been going on since August, they realign.
      Waves are still unfolding, but shifted off the most probable path.

      • pio27 says:

        thanks MR C I am sure will end one day and things will be clearer. I am surprised by the VIX holding up any thoughts on it? also MR C you strike me more of a brooklyn dodger type fan than a cardinal fan.

      • lunker1 says:

        Tony it’s funny you say that because last night it surprised how many of the Cardinals have beards and facial hair especially the pitchers, although the Red Sox do look like duck dynasty LOL.

    • tony caldaro says:

      Stats for you
      2013 Attendance Home
      1 LA Dodgers 81 3,743,527
      2 St. Louis 81 3,369,769
      3 San Francisco 80 3,326,796
      4 NY Yankees 81 3,279,589
      5 Texas 82 3,178,273
      6 Detroit 81 3,083,397
      7 LA Angels 81 3,019,505
      8 Philadelphia 81 3,012,403
      9 Boston 81 2,833,333
      10 Colorado 81 2,793,828

      • pio27 says:

        MR C
        since you route for the home team your lucky you dont live in Flushing. Cause if you were a met fan you would go nuts

      • pio27 says:

        thats not true. the mets have done everything. When Piazza was trade bait they went and got him, When Alomar was available the went to get him, when Beltran was free agent they went and got him same with Delgado , Billy Wagner, Cliff floyde , Pedro Martinez and so on. The mets always went to get the best players it just did not work. The knicks the same, Nets spent a forturne this off season,

      • pio27 says:

        sorry left out Santana. the mets always went for the best players

        • tony caldaro says:

          Here’s the list of total team payrolls (the figure is the adjusted payroll, which takes into account cash received in trades, prorated signing bonuses, and other tweaks):
          New York Yankees $228,995,945
          Los Angeles Dodgers $216,302,909
          Philadelphia $159,578,214
          Boston $158,967,286
          Detroit $149,046,844
          San Francisco $142,180,333
          Los Angeles Angels $142,165,250
          Texas $127,197,575
          Chicago White Sox $124,065,277
          Toronto $118,244,039
          St. Louis $116,702,085
          Washington $112,431,770
          Cincinnati $110,565,728
          Chicago Cubs $104,150,726
          Baltimore $91,793,333
          Milwaukee $91,003,366
          Arizona $90,158,500
          Atlanta $89,288,193
          New York Mets $88,877,033
          Seattle $84,295,952
          Cleveland $82,517,300
          Kansas City $80,491,725
          Minnesota $75,562,500
          Colorado $75,449,071
          San Diego $71,689,900
          Oakland $68,577,000
          Pittsburgh $66,289,524
          Tampa Bay $57,030,272
          Miami $39,621,900
          Houston $24,328,538

      • lunker1 says:

        Interesting between the two World Series teams the attendance differences are equal to the difference in stadium capacities. Not bad for the Red Sox seeing as we were in last place last year LOL

      • tommyboys says:

        If you haven’t read or seen the movie “Moneyball”, do so. Awesome and true story regarding big money and “wins”…

  6. My second and last post for today.
    Here is the updated AAPL count on 30 minutes chart. Lot of bulls out there with more CALL options compared to PUT options.

    Here is the daily chart I posted on Wednesday.

  7. "Old fogLEE" says:

    Looks like 3 waves up in ESZ from pit low..fwiw…cheap short

  8. 777daimon says:

    Tony I know I promised that I’ll take a brake, but can’t hold it back :).
    Have to ask you something.
    What technical and objective element would block/would stop primary 3 to be 1.618* primary 1 (that would be aprox. 2050 points in spx) instead of the present vision adopted of primary 3 = primary 1?
    Thank you!!!!

  9. Hi Tony

    I just wanted vistit a point you made on a previous update.

    In 2011, after completing Major wave A of Primary 2 on the Dow, Major wave B advanced 900pts. Only to drop 2000pts in Major wave C

    What do you think the chances are that we are close to Major wave C of Primary 4 as we are nearly 900pts from the recent low?


  10. mjtplayer says:

    Tony, who gets the start for STL in games 3 & 4? How have they pitched thus far? Don’t know much about the ‘Cards

    • tony caldaro says:

      Joe Kelly … the stopper during the season
      Lance Lynn … capable of big games especially at home

      • mjtplayer says:

        We have Peavy going game 3, who’s an OK pitcher but not great, advantage STL in game 3.

        Buchholz going game 4, who should be pitching game 3 but he doesn’t feel 100% – yikes. Buchholz has had trouble staying healthy, when he’s 100% and “on” he can be one of the best pitchers in baseball. But, when he’s not 100% or “off” it can be ugly, so Sox fans will be holding their breath with Buchholz. If he’s “on”, than advantage BOS in game 4.

    • tony caldaro says:

      Think the Cards ley to the rest of the series:
      1. pitch around Big Papi … he is locked in
      2. be aggressive on the bases … boston’s catchers are not Yadi
      3. play small ball
      4. Carpenter getting on base
      5. Craig playing first base

      • mjtplayer says:

        I’d be happy if we split games 3 & 4, a 2-2 series with Lester going game 5 and a good shot at at a 3-2 lead coming home in game 6. We would see Wacha again, but at least we’d be home with a potential lead.

        FOX showed a stat during game 1, where STL was the #1 offense in MLB against RHP’s, but the #20 offense against LHP. Lester is a solid starter, a lefty and has been almost unhitable in world series play between 2007 & now. If I were a STL fan, I’d be worried about a 2-2 series and seeing Lester again in the last home game.

        • tony caldaro says:

          Stats are only stats.
          Who is the best pitcher in baseball?
          Clayton Kershaw 1.83 ERA
          Who is the left handed pitcher the Cards have beaten five times in a row?
          Clayton Kershaw, including two playoff games.
          If the SOX can win 2 out of 3 in St Louis they deserve to win the series.

      • mjtplayer says:

        Get the feeling this may go 7 games?

  11. jparkins10 says:

    It’s never easy is it?
    Was that the end of minor 5, Int 3 and we’ve started Int 4, or are we still in minor 4 and this is the C wave, or is this just minute 4 of minor 5?

    • berniebaruch says:

      You’ll know when you know. My question is what are the downside thresholds you are looking for to begin 4? Break of 1640?

      • jparkins10 says:

        I’m fairly new to OEW, so take what I say with that in mind.
        It’s a good question, as it will be difficult to separate the start of Int 4 from a C wave of minor 4.
        Since we’ve gone back to 1758/9 with the potential B wave, if A=C, then below 1740 provides a reasonable point to say we’re possibly in Int 4 (Int 4 should have more magnitude than a C wave as well, so that will become a secondary confirmation)
        If SPX had gone higher than 1759 before pulling back, that would have helped to say that Int 3 had completed, but it didn’t, so that’s still on the table.
        So far, it’s only a 5 point pullback, so it could be just a minute wave in minor 5, if we get another thrust down it’ll help take this option off the table.

      • berniebaruch says:

        It “feels” like a game of musical chairs. They want to take some gains off the table but can’t do it until somebody jumps into the pool first. Everytime it looks like it is going to break, the invisible hand comes in a buys it back.

  12. JK1987 says:

    3 OF P3: SPX 1759.33
    4 OF P3: SPX 1740.5
    5 OF P3: SPX 1758.46 (Truncated) – The end of P3.
    P4: 20% correction.
    Phase of P4: bearish, all in short against 1759, stop 1780.

    risk reward ratio:
    1% upside risk at 1780.
    20% downside reward.
    reward >> risk ==> remain fully short.

    NDX and RUT made new highs.

    • lunker1 says:

      1. Don’t post trades.
      2. Don’t repeat posts.
      3. Your 3,4,5 of P3 Isn’t proper labeling. What degree? What intermediate and major wave?
      4. where did the 20% correction
      come from?
      5. 1% of 1759 is 1777 so your stop is greater than 1%.
      6. Why stop at 1780 when the pivot extends to 1787?
      7. Why all in short a bull market?

      You posted all of these things so I’m asking questions since you don’t provide any support for your call.

  13. mjtplayer says:

    Hey Tony,

    Good win for the ‘Cards last night, off to St Louis tied 1-1.

  14. NDX is poised to break above a multi-year channel that has contained the 2009 – 2013 Bull thus far. Last time the Nasdaq broke and held above such a channel was December 1998. It might be time to start looking real hard at Tony’s more bullish alternative counts, just in case this thing does what it isn’t supposed to do 😉

    • In case you are wondering, what I mean by “what it is supposed to do” is that typically, upon trading to the top of the trend channel, one would expect a pullback toward the mean level of the channel.

      • rc1269 says:

        ah appreciate the clarification
        because i was thinking it just meant what *I* wanted it to do. isn’t that what i’s supposed to do??? 🙂

      • "Old fogLEE" says:

        Look for cheap entries, use stops and trade em hard !

      • Well, so far, it appears to be doing what it is supposed to do – hit the channel and fell. The big question will not be answered until the close – is this a pullback to gather strength for ’98 style breakout, or is this the beginning of a primary IV pullback for the NDX? A close in lower half of its range re-affirms the Big Down. A close in the upper 50% of the range would have me exit my NQ shorts today and then see what Monday brings.

        And, rc, I never would mean “what I want it to …” I haven’t approached the market like that since 1987 🙂

      • "Old fogLEE" says:

        Ur welcome !

        Thanks C N

    • joseph3000 says:

      Nice try though. I stopped out too. I’m glad i still have some longs 😉 and taking advantage of this uptrend. It’s amazing how the markets keep climbing!

    • manunidhi21 says:

      Hi Piker,
      can you pull the chart ?

      • On an NDX weekly chart, draw a trend line from the 3/13/2009 weekly low through the 10/07/2011 weekly low. Then make a copy of that line (create a parallel line) and anchor its end on the next weekly swing high 3/30/2012 weekly high. Today’s high traded at that upper channel line. I know some would pull that channel line back to the 7/29/2011 weekly high, which would put all of this week’s price action above the channel. The problem with doing ti that way is that the channel does at all from 2009 to 2012 until that 3/2012 higher swing high is confirmed following the two lows. The lows establish the pace and direction of trend, so any measurable “oversoldness” or “overboughtness” must be relative to that trend. Get it?

        Anyhows, with four hours to go, I’m still very cpomfortable with my short NQ targeting 300-3100 initially. Should the cash close above 3385, however, experience tells me that I should get out and wait for Monday, even if that means I might miss a big gap down.

        Trend channels, when drawn according to the actual trend of prices and not according to the amateurs whim are the best OB/OS tool in the trader’s tool box.

  15. tommyboys says:

    No 10% correction for 5 years? Nice research piece here brings out the fact that markets don’t have to have corrections all the time. A bunch of 3-5% pullbacks are met with fear fairly quickly all year and there seems to still be a ton of cash wanting in this market to buy any dips.

    • pio27 says:

      tommyboy you have been right on this market good for you

    • rc1269 says:

      interesting article. no mention of the fact that the two time periods with substantially longer runs without a correction were both met shortly thereafter by two of the deepest bear markets in our generation. which i think actually supports his initial comment that the longer you run the harder you fall. but he never circled back to that.

      • Ryan Parker says:

        Agree RC. The longer you run the harder you fall. Not to mention that some of the longest bull markets without a correction came within the context of secular bear markets. 1932-1937 and 2003-2007. Two other 5 year bull markets that came in the context of secular bulls that ended badly were 1924-1929 and 1982-1987.

      • tommyboys says:

        Absolutely but most are overlooking that the longer and harder you fall the longer you run and we fell second hardest in history for an 18 month period in ’07-’09…

    • tommyboys says:

      By refusing to see it in both directions you will/have sacrificed wealth building gains.

    • bigswingingnick says:

      Ted…Yeah….I have to say that calling that Tsla trade “THE BEST TRADE EVER” is a bit of a stretch…you were over $50 grand underwater… and at current prices your a little better than B/e.

  16. berniebaruch says:

    I don’t believe it. There was a pony in the backyard this morning.

  17. JK1987 says:

    Tony Thanks
    post #3

  18. JK1987 says:

    I still believe 1559 is the top of P3.

    JK1987 says:
    October 22, 2013 at 11:37 pm
    3 OF P3: SPX 1759 (Climax)
    4 OF P3: SPX 1748 (the first meaningful pullback in a week)
    5 OF P3: SPX 1758 (Truncated) – The end of P3.
    P4: 10% – 20% correction.
    Phase of P4: bearish, short against 1759

    • elmer510 says:


      As I understand Tony’s chart, intermediate 3 of major 5 of Prim 3 is not finished yet with minor 5 under way. Minor 5 should go higher than minor 3 (1759), perhaps as high as the 1779 pivot. But only a higher high is neccesary.

      After IM 3 there will be a small correction, IM 4, and IM 5 will finalize P3.

    • lunker1 says:

      3,4,5 of P3 is not proper labeling. What degree waves are those?

  19. JK1987 says:

    The logic for SPX P3 1779 target is based on P3 = P1
    If the same P3 = P1 logic applies to DOW, P3 target for DOW should be 16810.
    16810 is a rally of DOW 1300 points from today’s Oct 24’s level.
    If DOW rally 1300 points, SPX should way above 1779.
    A discrepancy between P3 target for SPX and DOW?
    Or SPX 1779 target is not based on P3 = P1?

  20. cwallace90 says:

    Hello All,

    I just did a new post on some market thoughts, for what it’s worth.


  21. $SPX $SPY $NUGT $UVXY $AAPL, market update for thursday (within remarks sect. of blog):

  22. Reblogged this on Tryingtomakeabuck and commented:
    Is it possible we are In primary 4 major b topping. With major c starting now. With a target of 1619. Moving to primary 5 with a target of 1779 on 11-26

  23. Anonymous says:

    Great analysis TONY.

    is it just me but I love how they downgrade earnings, and then they beat. LOL.

    The S&P ramped up and now looks to be on a pennant on a pole. WOW! chart here =>

  24. hucky2 says:

    If I sell putts with a delta of 5, I know that at that moment I have a statistical probability of 95% that those puts will expire worthless. OEW, Trends and gut feelings aside – I have a 95% probability of earning a profit on the cash at risk for that trade.
    A person can flip a coin and theoretically get heads 10 times in a row, but they still only have a 50/50 chance of heads occurring on the next flip. (assuming the coin is not weighted) Buying the dip worked out ok the last few times. But no one can say with any degree of certainty how the crowd’s mood will be in a week or month. Ultimately the greater fool’s belief in the BS propaganda machine determines the stock market.
    By the way I also like to sell calls with a 10 delta, (as opposed to 5 for putts) because the market is more likely to crash down than up. So for my way of thinking statistical probability favours the option seller over the stock trader.

    • gokalg says:


      Wit low volatility, is there enough premium with such low deltas. Which underlying do u use for writing alls and Puts ? SPY?

      • hucky2 says:

        I use SPX & Rut. When volatility is low it is more of a worry. Having to bail out if a deal goes bad is extra bad if Volatility is increasing. Selling options when the Bollinger bands are wide is safest.

      • hucky2 says:

        Last time I got $1.05 premium from a $10 spread – selling both sides at the specified delta (an iron condor)

    • aultraman says:

      Lucky, was it a weekly iron condor that you sold (1.05 premium from a $10 spread)? I get about the same premium on a $10 weekly iron condor. Do you use some sort of probability calculator or you just look at the delta? Thanks

  25. So let me get this right ??? Many assume we are going to 1780 in the near term… DO you guys realize that every blogger on the universe is saying this… Just like at 1650 everyone was saying this is the big correction… Do you guys notice that when everyone is saying the same thing , it rarely plays out in the manner many are assuming…

    • RDC says:

      No kidding …

    • tony caldaro says:

      Where did all these bloggers get 1780 from?

      • It’s your fault Tony…

      • I cannot believe I missed the 😉 with that comment and wasted another post.

        OK, one more post to go, but maybe the bots push it pass the pivot and take it higher?

        Wishful thinking of course.

        Good luck with the game Tony,

        And Thanks!

      • Ryan Parker says:

        C=A is a pretty common concept in basic technical analysis (not just E-wave) so 1779 is pretty easy to come up with. Whether you count this wave as a primary 3rd or C it will = the first leg up in terms of points at 1779. From a timing standpoint the first leg up lasted 26 months (3/9/09-5/2/11). This leg up from the early-October 2011 low will = 26 months in about 4-6 weeks.

      • blackjak100 says:

        time & price square out is 1779 on 11/26. For some reason I originally had 11/4.

      • I’ve been thinking since around 10/16, that the SPX was entering an Upward wave 3 or C, where 1.618 resistance is near 1782…

        Thanks, Mr. Caldaro for this site..

    • torehund says:

      What everyone knows has no value. And if it has no value no one bets on it..As With any statement it can be flipped. However we are mostly emotionally driven when making descisions and even if we know something, emotions often dictates. Trading is all about choosïng a pattern and showing conviction until proven wrong, thats difficult.

  26. ES_F December
    May high 1670.75 +27.75 = Aug high 1698.50
    Aug high 1698.50 +28.25 = Sep high 1726.75
    Sep high 1726.75 +27.75 = 1754.5 current high
    28 handle increments.

  27. blackjak100 says:

    The NYMO is displaying it’s first major negative divergence since the 1590ish high way back in April I believe. With the S&P up today, the NYMO actually dipped ever so slightly. This supports a fifth wave of some sort. A spike to the 1778 pivot would be another great low risk/high reward short. There also has been some debate whether a Zweig Breadth Thrust actually occurred from the 1646 bottom. I can’t confirm it either way but what’s interesting is the level it occurred at. Most of them occur after a significant correction of some sort. If this actually is confirmed, it would be after a 4.7% pullback. Either way, it was an impressive breadth thrust only to bring out about major -div on the NYMO.

  28. gtoptions says:

    Thanks Tony ~ GL to the Cards!
    Nasdaq testing the circuit breakers today on NQ Mobile! 😉

  29. RDC says:

    Thanks Tony.

  30. mike7x says:

    Thanks Tony! I wonder if the FOMC meeting next week might coincide with the beginning of Primary IV? Many have been waiting for that elusive 10% “correction” for awhile now, with the belief it will occur during P4 (as I do). Having said that, below is an interesting article with with some interesting stats on “corrections”. It states “the S&P 500 has now rallied 59% over a period of 515 trading days since Oct. 3, 2011, without logging a 10% decline from a high.” While “unusual”, that’s not “unprecedented”…

    • tony caldaro says:

      Sounds like the kind of hype we hear near tops.

    • radrian6 says:

      Hello Mike,
      Just for clarification, you’re suggesting that the FOMC announcement and a significant market top could be coincident events but not suggesting that the Fed will hint at QE tapering — am I correct?

      I’m not a Fed watcher but it seems unlikely that they would pull back at this point for economic concerns.

      • mike7x says:

        Hey radrian. I actually don’t think the Fed will taper at all this year. In fact, not until next Spring at the earliest, which could coincide with the end of the bull (pun intended). It wouldn’t surprise me if the Fed doesn’t taper until 2015 either. Having said that, the “market” frequently misinterprets FOMC statements, which could be the catalyst for a downtrend. The SPX has plenty of time to reach the OEW 1779 pivot by next Wed., and begin Primary IV. We shall see.

      • radrian6 says:

        Agree Mike … I just wanted to make sure I understood your thoughts. I also agree with the possibility of tapering after Bernanke exits. QE tapering may be triggered for reasons other than concern over the domestic economy. Eventually, there may be concern and pressure with regard to the US dollar — that pressure could come from our overseas trading partners.

  31. bigswingingnick says:

    Cheers Tony.

  32. Thanks Tony.
    My Amazon count didn’t go well. Needs to work on alternate or may be one final push going on to complete this up move. After hours amazon is roaring up.

  33. mharrison60 says:

    Hi Tony,

    I am trying to match folks blog comments with your update charts. If I read your favoured count correctly we are in minor 5 of Int III after which presumably IV and then V not much higher / truncates if pivot 1779 is key resistance.

    Is this correct or is the favoured count at the end of int V?


    • tony caldaro says:

      Just taking it one wave at a time.
      Current resistance 1779 pivot.
      Primary III could also end at 1779 pivot.
      Primary V could also end at 1779 pivot.
      Until the pivot is cleared we will not know

  34. mjtplayer says:

    Big game tonight Tony!

    Young Wacha about to pitch the biggest game of his life, on the road, at Fenway, in the cold. Should be fun to watch – all the pressure on St Louis tonight 🙂

  35. Fellow traders, who smells/feels the euphoria in here. WOW!!!!!!!

    • Thomas Crown says:

      Yes it’s getting silly like at the 2000 top. Take Linkedin for example. Very basic and dull concept, hardly innovative yet it capitalizes at 27 billion. It has sales of 1.2 billion and profit of 40 million with a P/E of …. 688.
      It’s worth more than Marathon Oil or Dell, or Raytheon or Macy’s or Kellog or CSX !
      It’s starting to become really madness.

  36. pooch77 says:

    ZNGA misses by .02 up 17% A.H.,r u kidding me ,1780 ha more like 1980 eoy,been flying thru these top projections all year

  37. pooch77 says:

    MCD missed rev and earnings the other day,so I listen to anaylist and they say MCD is dead money,but keeps going up after intial fall lol

  38. jparkins10 says:

    Tony are you looking for 1780 Pivot for Int 3, or the complete Major 5 (or both?)

  39. Hi Tony

    If you say you think 1780 possible – and your “bull market” top is also 1780 ? I dont understand – would that not mean bull market top expected to be higher and above 1800? Or you still believe 1780 could be a bull market top?

  40. thanks Tony; today the market felt as slippery as that rumored Jon Lester Vaseline ball …

  41. Tony,
    “Only a new high is needed”
    Can this 5 truncate?

  42. "Old fogLEE" says:

    Thanks Tony

    I expect some decent action tomorrow/tonight in futures

  43. pio27 says:

    MR C
    Wish the Cards luck tonight. We may never see a correction for a long time.

  44. pooch77 says:

    oh God Obama care is a worse mess than they thought,tell everyone how well harp loans worked

    • torehund says:

      I think Healthcare already is eating too much into the Budget, and then starting to Experiment With something that is costly; thats Dangerous. For each dollar spent above a certain Level, the degree of Health/wellbeing actually diminishes…because the yield gets less and less for each dollar spent. It then finally chokes on itself, like we also(should) see where excessive bureaucratic system has been developing for its own sake .

  45. pooch77 says:

    The bar is set so low for earning hat every company is beating,shorts are insane here as we go into the sweetspot of the market Nov-Jan

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