The following is not a once-in-a-lifetime coincidence. It is a natural consequence of how stock chart geometry develops.

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From Unersaettlich
See Kenny’s Dow Chart at
http://4.bp.blogspot.com/_goypolxEFd4/S3XMWgvyUoI/AAAAAAAAEDk/jWMFIlRFVJg/s1600-h/Dow60min.png

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After switching one of Burned Bear’s charts to daily and adding a few Fibs, trends, indicators, and overlays, we get:

Link (I hope) to live chart:

http://www.freestockcharts.com?emailChartID=ff62c721-6207-495c-a103-66fd2abe903a

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Here is a larger daily version of the chart, updated for today’s action, and intended also to address the question zee raised about where one might set stops if going short here:

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LET’S ALL GET RICH IN 2010!!

Okay, Al, That downside I was worried about has materialized, with both an M-top and a H&S having formed AND, with the plunge late Thursday, reached their targets. The indicators now ARE oversold and no longer negatively divergent. I am still all in cash. That seems only prudent when the end of the week, month, quarter, year, decade, and low-volume holiday period combine, with a three-day weekend to follow, not just in the USA but everywhere.

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(Some charts and a link below have been updated to reflect early action today and add an hourly stochastic oscillator that looks helpful.)

Just a note to those posting about SPY late on 12/30 –

Similar charts apply as posted for $SPX and $INDU on Intraday Commentary ~ 12/30/2009. Here is one with special notations for SPY:

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Markets wend their insomniac (or is it somnambulant?) way through the night and around the world:

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Bulls should rule during times of low volume when many pros are away from the screens, but we might get a small correction early in the week from such overbought levels, with window-dressers possibly being net sellers. It’s tough to tell where futures might be headed from overnight peaks, so I won’t try.

The Packers are in the playoffs, so everybody around here is happy. With a young team and injured defensive stars, that was about all we realistically hoped for, anyway. But we still dream of creaming the V****gs.

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See my blog post on Social:
http://social.stocktock.com/profiles/blogs/regulars-please-comment-on

Please add your comments. One group posted tons of spam on Social yesterday and today. They seem to be organized together, and may in fact be just one or two person(s), possibly using a lot of software tools to try to hijack our site. When the first guy (StockHotTips) wrote me, sounding innocently perplexed about being banned, I thought he might have been suspended by mistake and re-instated him. Biiiiiiig mistake. He promptly posted seven messages at once. Now, because writing me got him re-instated, the whole crew is writing Craig and possibly Scott as well as bombarding me.

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