EBS WATCH and more...

I do like to visit Trader Mark's site... (blog at right under 'blog sites' ) not just because he's good enough, smart enough, and Gosh Darnit people like him (the infamous words of Stuart Smalley... wait Al Franken.... wait the Senator from Minnesota... wait not the Senator from Minnesota... wait... what the heck is going on?... )

Anyway... I posted this on his comment box and thought I'd share it with everyone... and there is much much more that I would like to share time permitting... for now here it is...

TM,
Nice charts. Just like I gave you a hard time for only looking at EMA I now need to remind myself to double check my SMA charts with EMA...

Regarding EBS I really recommend everyone watch this closely because the 20 and 50 are converging... a decision must be made soon: up or down. I admit I have a bearish bias but that has not yet been confirmed by the market. I have also been very careful about head fakes as the smart guys love to move in one direction, let people pile in, and then reverse course. A perfect example of this was the SP 800 to 750 break... the big guys (= wise guys... who like with the Mafia... is the side you always want to be on)... opened up a very nice bear trap and caused a vicious squeeze. This is on a lot of minnows minds I am sure and also the big money is once again playing games... no one wants to be suckered twice... but see that's how the market works... the wise guys are always looking to be a step ahead (note how many people were short in March 08... then were completely flushed out in the bear market rally in the Spring only to be caught long again in May/June...) Eventually we going to go to 750 (this time or the next) in my opinion and the sheep will want to buy and that's when the Wise guys just flush the toilet... of course the market must confirm this but I am looking at what I have seen so far/watchout

Figure out who is who and what is what... sometimes it feels like one of my favorite Floyd Songs... US and Them "Black and blue And who knows which is which and who is who. Up and down. But in the end it's only round and round. "











"The Yellow Rose Street Beat" is for informational purposes only. It does not give investment advice.