how wrong can they be? blog from an Oil Exec from May 2010

http://openchoke.blogs.com/open_choke/2010/05/transocean-horizon-spill-obamas-katrina.html

Push-Me-Pull-You Mule Team (The Euro and the SPX)

Like this stuff, sign up as a follower, and use your news aggregator (don't know what that is, find out, Google it)

You can see the Euro and SPX are still kind of moving together, but not tightly like the last year or so.

And below, see plenty of earnings still coming out.

Have a great weekend and get ready for more HBB hi-jinks next week.

steveo

Static Kill?

Just saying....but what is the difference between the so-called static kill and the old top kill that failed?

I think what it is, is simple--they want the oil.   They don't want to kill the well, they want to capture it. 

The reporting on it is still atrocious, a complete joke.



http://apnews.excite.com/article/20100730/D9H998RG0.html

In a way though, it is probably a good thing to remove the oil from that reservoir.  The best way to relieve the pressure on a possibly unstable well, is to, well, remove the pressure by removing the oil.

Time to hit the fan?

I think we are ready for a big move down...even if just intraday.

Euro is ready, it hit it's target of 1.31 or close enough.

ES in a wedge/

By big I mean 3% to 5%

P3 is an illusion for now....pimped out to keep taking bear money....

The Sign of the Gold Decline?

When Gold was rocketing up, all I read was....it was impossible to get gold coins.

Today I had a Monex salesman call me asking if I wanted any Gold or Silver coins.

I capitalize these precious metals, because they are currency like the USD.  Well, Gold for sure, Silver could be currency in a Mad Max world, 1 ounce Silver = 1 gallon gas.  

Just saying...the clearest sign of a downturn in PM prices....the hawkers calling up to sell to me.

Longer term......5 to 30 years, Gold is an incomparable store of VALUE..


In the near term, the gamesmanship is unpredictable

Declining Social Mood?

The bear is angry

http://www.msnbc.msn.com/id/38465680/ns/us_news-life/

And check out Tom of the North, he writes some fantastic financial Social Economic Anthropology (SEA) Satire

http://outsidethe-cardboard-box.tumblr.com/post/875877805/the-ultimate-weight-loss-program-for-the-economically
The Social Economic Anthropology SEA is my own version of Elliot Wave combined with classic Socio-Economics and throwing in Anthropology recognizing the evolving yet fairly static nature of mankind as one of the most sentiment beasts.     Watch the animals....they will tell you more about man than you may think at first....they rarely attempt to deceive their motives, whereas humans seem hard wired to deceive.

More on that later. 

Boatland of Charts

No time to rant, have to do work projects as they present themselves.

Please drop your comments, or I may get tired of providing this free service.

I think we are very close to a continued drop down, not the big one....it won't happen that  way....and by big one I mean drop to say 500 on S&P, and then rally to whatever, say 650, then drop to 200.   A final 60% drop for those buying the dip and buyint the hype and the new QE 3 ramp of pimp.

But don't worry about that just now, I dont at least....there could be the 1st wave down towards the 650, it will play out over time, giving you every chance to second guess yourself.

Scooby Snacks but big Dog has to go to vet

I have Market Thoughts on my reading list.

I'll try to work up a PRS 133 on the recent action.
Keep in mind HBB doesn't want any retail traders to profit from the inevitable moves down.   They will work together (calling it Algo's) to prevent retail from profiting on the down.

http://marketthoughtsandanalysis.blogspot.com/2010/07/scooby-snack.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MarketThoughtsAndAnalysis+%28Market+Thoughts+and+Analysis%29

Rising Wedge

These wedges are generally bearish, however since it is also a triangle, it could have a continuation of uptrend instead. 

Also noted that Junk Bonds, which have been following equities as a "risk asset" did not follow the market up today.   Supposedly bond traders are a bit smarter than their equity slinging cousins.

Full moon, PRS 133 and important charting tips, Deflation

Below are some important comments about using TOS and trading with the PRS133.   The PRS 133 is one of the most important trading signals that actually works.   However, it takes finesse to pick the channel.

Awoooowh! Werewolves of Wall Street Awooooh!  Stalking the Zombie consumer, wishing they had a little more meat on their bones.


http://www.youtube.com/watch#!v=axWeV9Cz-aM&feature=related
It's a full moon...photo from nearby park in Hawaii over the weekend.

Now that Deflation is a common word, I expect the opposite to happen, very temporarily.    In fact, I received notice from my suppliers of material increases of 6 to 10% effective August 1, 2010.    From the world of WTF?

On TOS, is you are using PRS 133 (and 177 channels), you must know that the channel line do not image properly,  AT ALL, on the 1 minute and the tick chart.    They get all screwed up, and I have no idea why.    The 5, 15, 1 hour, and 4 hour seem to image well, the 5 being the best in my humble but limited experience.

the 1 day help define the channel line, but does not image well either, because the intraday moves are the ones the hit eh PRS support or resistance.

Those bloggers that use only Horizontal resistance, I think, are way off base.   Sure those points can be important, however, using only Horizontal resistance is like driving by only using your rear view mirrors.   Why would anyone choose that?.