My market buddy / financial love of my life, 9FM, received the results from his key project today and he indicated to me that the project was a success! However, I have yet to hear his SENSEXy voice and find out all the crucial details since he was so elusive today. I will be calling him after I get some much needed slumber. I was nearly up all night with anticipation and today's market action was absolutely abhorrent.
We're going back to 2009 levels on BAC and most of my commodity plays have broken down even further with the political transition going on in North Korea and Draghi dragging on about Europe. Quite frankly, the new Dear Leader Mr Kim has me agreeing with the Fraidy Bunch - we should be worried since this is a guy who's into military action, or so it seems. Wouldn't oil make a potentially good play then during this ultra sensitive market moment?
Something else that really stood out is that corn finished with a strong push to the upside, accompanied by a horizontal consolidation pattern on the 5-day $DXY chart. My question is: is the stop-running finally done and will the Santa Rally soon begin?
If my time has not yet come, then when my BAC position in the SBA gets to -75%, I'm going to think about averaging in again... or should I wait until -99%? Neither of these are too far away - and if history repeats itself in the form of a beautiful round of Quantitative Easing, this could be the position that puts my portfolio back in the plus.
I'm going to also carefully watch for drastic changes in volume as this could be one of the key signals of the pivot point. I'm going to study this and memorise the patterns since it's a critical component of price action... It seems to me that when daily volume is significantly more or less than the 10-day MA, drastic price changes have a greater chance of occurring.
-3.70% SBA (how?)
-3.15% Roth IRA (why?)
-0.84% DJIA
-1.26% Nasdaq
-1.17% S&P
-0.41% FTSE
+0.06% Eurofirst
-1.26% Nikkei
-0.30% Shanghai
-0.72% SENSEX
+0.38% WTI Crude
+0.20% Brent Crude
+0.21% Gold
-1.14% Copper
+3.31% Corn
+2.59% VIX
-7.64% JRCC
-6.57% WNR
-5.56% CENX
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