AUGUST COMMENTS
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Comment numbers for 20060804 277 278 279
GENERAL COMMENTS
"It would indeed be ironic if,
in the name of national defense,
we would sanction the subversion of one of the liberties . . .
which makes the defense of the Nation worthwhile."
- United States v. Robel, 389 US 258, 264 (1967)
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1. We always want to be aware of those projected turning points on page 376 of "The 2006 $upertrader's Almanac - 2nd Half Edition".
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CURRENT COMMENTS
Absolute liberty is absence of restraint; UPDATED 20060804
COMMENT #277
CHART #551
1. CHART #551 of daily values updates the following:
2. The daily values and averages thereof have been removed for clarity purposes.
3. The most recent items of importance were the high on the date of the black box below the red horizontal dotted line and low on the date of the black box above the green horizontal line.
4. When we look at current values (which are shown in the red circle), we can see that these values are the lowest in the last couple of months and are almost back to those at the high of the year in May.
5. Nevertheless, in spite of these values, current exuberance does necessitate reassessment.
UPDATED 20060804
COMMENT #278
CHART #552
1. CHART #552 shows daily prices for the Dow Jones Industrial Average for the year indicated.
2. The CHART should be pretty self-explanatory.
3. The interesting movement is what occurred after the blue box.
UPDATED 20060804
COMMENT #279
CHART #553
1. A few days ago, we noted that a new high for the month had been made here:
2. But not much significance was paid to the new high as, for the most part, the new high was not being accompanied by most other markets in the complex.
3. Today's CHART #553 shows this new high in the upper left corner and how price has followed through the last two days.
4. Prices are through yesterday's close in the upper left corner chart and those in the bottom row.
5. The chart in the upper right corner shows the market discussed here.
6. The break of the lower and upper red horizontal trendlines has negated the very bearish setup discussed in this market.
7. In the bottom row, we see day session prices for the continuous spot futures contract through yesterday's close on the left and overnight session prices on the right through noon today.
8. Obviously, the futures (bottom right corner) are now confirming the cash (upper left corner).
9. But even though this confirmation has occurred, such markets as the one in the upper right corner remain in very weak position.
10. CHART #554 shows daily prices for the cash index and for the market shown in the upper left corner of the #553 CHART.
11. The price shown is through early morning.
12. We can see that the two advancing legs have now lasted 13 calendar days apiece through today (FIBONACCI #=13) and that the advance has taken price up to the upper red channel trendline.
13. As can be seen, today is the 88th calendar day of the movement (FIBONACCI #=89)
14. CHART #555 shows hourly prices for the continuous spot futures contract.
15. The yellow shading shows that the advance from the low has seen two segments of 45 and 42 hours to this morning's high of the first hour, 87 hours total (FIBONACCI #=89).
16. Price has carried up to the upper thin red ascending trendline which has become of greater importance to this movement than has the thick lower red ascending trendline.
17. It is likely that many buy stops were elected this morning in the complex on the movement to new highs over the last month or so.
18. The expectation remains that an important top, though drawn out and delayed, is in the process of forming.
2. We always want to be aware of those "Inversion Cycle Indexes" in the weekly pages of the April through September edition of "The 2006 $upertrader's Book of Linear Time Cycles" which is available in an easy-to-use electronic format. A sample of the format for the charting file may be seen in the NOTICE posted here. Ordering information here!
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responsibility is restraint;
therefore, the ideally free individual
is responsible to himself.
--Henry Brooks Adams
