ES Journal - 2012

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Thought YM was gonna have one more upsurge.
Not so sure now.
It didn't yield quite what I may have thought, after the bumpy start.
13530 hi so far.
We'll see.
 
Quote from piezoe:

I consider the '87 monthly chart to be anomalous and the 2012 chart normal. The Fed action is enough to provide the fourth step. imo, as noted by LespaulRocker, we may appear to ride the old upper channel line but will actually be riding in a new channel a step up from the old. The Fed has the long's back. Depending on external events of course, this rally has a good chance of lasting well into the Spring of the new year.
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the fed /banks are the longs,they can only profit if we get long eith them, so they can sell theirs to us as it rises,the plan doesn't work if they can't convince us, and the rhetoric without fact can only go so far,it's possible that the fed's last qe is built in int the 1390-1470 move and the momo has tapered off
 
Quote from ammo:

the fed /banks are the longs,they can only profit if we get long eith them, so they can sell theirs to us as it rises,the plan doesn't work if they can't convince us, and the rhetoric without fact can only go so far,it's possible that the fed's last qe is built in int the 1390-1470 move and the momo has tapered off
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You, I, and some others realize this. However there are plenty of folks out there, foreign and domestic, who will jump on the Bernanke express bandwagon as soon as he so much as implies that he will do more. Which he has stated that he will if things don't go his way. Of course there will be short term pullbacks, etc. But until there is a change in fed policy or some NEW devlopment(s), I'm not about to fight the fed.
 
Quote from ammo:

the fed /banks are the longs,they can only profit if we get long eith them, so they can sell theirs to us as it rises,the plan doesn't work if they can't convince us, and the rhetoric without fact can only go so far,it's possible that the fed's last qe is built in int the 1390-1470 move and the momo has tapered off
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I find myself unable to disagree with any of this, because it's reasonable. Yet I'll be somewhat surprised if it turns out to be right.
 
Last week looks like a bull flag, next stop new highs, then...maybe 1500
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