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I think the PPT is real, but to me, it doesn't really matter "why" the market gets bought or sold or "who" is doing it - but, when I'm on the wrong side, I am always in a hurry to just get the hell out completely until the frenzy subsides. T/A is just a tool for entries and exits, and lines...

Oh, did you say an hour? :) So far, Fridays zoom went right to resistance. Resistance held for test #1. Steve

It has been my bad experience with 401Ks that showed me what a friggen fraud the whole thing is. Better to pay 30% taxes without 401k than it is to lose 90% of your retirement money under the fantasy of saving taxes and a worry free retirement via 401k contributions! Steve

It's like I said, the 401k is a huge bunch of rotting BS. Why can't you (anyone) lose money as well as that asshole? - you'd at least save on transaction costs. After losing my life's savings in the 401k BS 10 years ago along with everyone else that was "vested"- I decided I could lose...

Good point! T/A is not always so as clear as the beautifully clear and long term double top on the S&P. Just depends on one's time frame and interpretation.

I don't use log charts and you're right - I pretty much put the line where I thought they looked good, just my attempt to keep it simple...............usually I use even thicker lines for longer time frames. Steve

The other train of thought is: "the longer, the stronger". Just depends on your time frame. Steve

401k....... one of the biggest frauds ever perpetrated on the unknowing public. Steve

.............and the Nasdaq

.............And the DOW

For an even bigger picture of the S&P.............

http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vDlq_wyqEv_Q.asf An excellent 23 minutes of sound, T/A evaluation of where we are and what to be on the lookout for in the coming months/years............ worth the listen. Steve

Just my .02................. Anyone holding any position over the weekend is playing with fire. A lock limit gap (up OR down) should be expected in this environment IMO. Global (G20) summit this weekend - why on earth chance it? Steve

ha ha, I can't even find a chart that goes back to 1929 lol. Currently, we are using levels from about 6 or 7 years ago on the indexes - plenty of blue chip stocks must go back much, much further. Either way, the [primary] trend, being our friend, is still down - as such, expect supports...

Yeah, Mish is quite the guy! - he keeps a blog - just type the word Mish into Google, he's the 1st one. He is totally awesome! I do not follow max pain any longer so I don't know and could care less where max pain is, was or will be. But I can tell ya that, per Mish's criteria, max pain...

Just fwiw Steve

I agree S2. Naturally I could be 100% wrong (in which case I cover and flip hee hee hee) But....... No one is buying cars or houses - even cut way way back on the essential "staples" for that matter - holiday season forecast to be worst ever - even Starbucks reported its profit dropped...

Yeah, Iqauto was the one everyone used to use - but looks like that one is gone now. Any way, here's an explanation I bookmarked during the last bear - back in 2002: Hope it helps. Steve ***** ***** Max Pain is more than a theory. Max pain has worked every month but one since...

http://www.optionpain.com/MaxPain/Max-Pain.php

Yep, zoomed right to resistance ~ 910 area. Steve