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Thar she goes

yes, being a mammal, my bias is showing. I just don't understand reptiles. I understand the short boat and how it goes turtle to disembark the unwanted riders before righting itself:p

You know, the 800 lb. gorillas play more then one hand, and only one hand has to win. When you're the gorilla you'll have the answers to stupid questions. Until then, don't let the gorilla play your hand. Have you been played on wheat lately?

The trouble with the market right here is that damn short bus trying to get on the boat. They're on, and trying to swamp the damn thing but they don't know that bus riders are not allowed on the voyage. Do they think it's a ferry!

I think we have a teddy bear. We may retrace to 1112 or maybe up to 20 but I doubt it - any more than that and teddy looses his stuffing. Then, if we fall again, I thnk we will have a black bear - still a little insecure, but big enough to tear a strip. If we break 1100 convincingly - say...

on the ES there are still 2 small gaps above that will be magnetic today edit based on RTH's

I could see a target of 1108 from there, what was yours?

A little history for days like these from Bespoke

good setup for new high in place - tgt 1129

FOMC anouncement next Tues Aug 10. Gorillas want QE2 and can run the market either way for at least a few days. Up won't favour easing, but a pullback would. Fed doesn't want to blow the wad prematurely, but will listen to the market. What to do ...what to do? Looks like distribution...

weakening US$ will favour the bullish case

If it breaks above 15.5 we'll have an ADU maybe to 1132-5; If it breaks below 6.75 we'll see 1093, before taking off to 1132 area. I'm not a guru, so it still could go either way, but I'm leaning toward the bearish play before a further bull move.

I guess I'll throw up a few thoughts for comment. Last wk bears tried to take cntrl 3X's but got shaken each time. Gap up this morn will be a signif. sign and potential squeeze on bears who held on. For the bearish case: it's been difficult to hold a short position which is usually a sign...

They know how to unload the first riders on the short boat:eek:

I'm feelin a wave. Hope it's not a TDsunami, but the short bus is filled with freeloaders who won't hang on as the boat flips and rights itself again half back= 10.5, the bears grab the railing; 12.5 they give up; 14.25 they get a sex change.

I'm kinda leaning toward a dbl bottom rather than a new lo; 3's often seem to provide support!

then 1st tgt = 1100.75 - .50

Yeah, that's very possible. I've only been shown the boat; haven't seen the invitation yet.

There's a small busload that boarded the boat early - they're not welcome. A wave will lift the boat and about the time it crests, the bus will leave the boat.

Short boat is only half full - plenty of time to board