Sunday, September 15, 2013

Charts 09-13: Go go go to the top

Well, I'm back from the Idaho, had a great time.  It will be even better if we can make it to my target of SPX 1768 this Friday.  As of Sunday night, /ES is gapping up 20 handles, and this ambitious target does not look impossible now.

A little overnight /ES, some short covering, some "peace" in the Middle East (thank you, Mr. Putin), some Fed pumping, some more short covering, a September op-ex week, and a pending election in Germany ... this week could be a real beauty.

I came out of the shit a day early and drove 500 miles Friday morning so I could surprise my girls at their elementary school.

find the "Repo Man" reference

The Sawtooth Wilderness north of Boise is an extraordinary place, an easy pick for a national park if the Idahoans didn't want it for themselves.  As a national park, it would draw too many visitors from abroad, and the good people of the Idaho would not be able to hike with their dogs there.  I saw lots of pooches.

A point-to-point hike across the Sawtooth Range completely blew my mind.  As a Pacific Northwest hiking snob, I had no idea of the scale and wonder of this place.  All WA hiking snobs should go see it at once.  It beats the Alpine Lakes, including the Enchantments, and most other parts of the Cascade Range outside of the Picketts in the North Cascades.  The Sawtooth National Rec Area is a little smaller than Olympic National Park, but packed full of alpine lakes and 10,000 ' peaks. 

easy-peasy national park-worthy

The Sawtooths are splendid.  They are Boise's dirty little secret, which they do not want to share.  If an NSA wet-team had abducted me off the street and dropped me into the place, I would have sworn it was the High Sierra.  The only thing missing would be the incense cedars and the sequoias -- lodgepole pine is the dominant tree in the range, from what I can tell.

from the Cramer Divide
above Lake Ingeborg
Flying a kite from the pass above Lake Ardeth
Dawn at Toxaway Lake - a typical scene!

So we are looking for a dramatic finish this week, one that removes all the shorts from the pool and sets us up for a top -- after the German election.  Let's go parabolic:

SPX 09-13
Zooming out, the tape can touch the top line of the rally channel from 2009 and begin its descent.

1Y


6 comments:

Permabear Doomster said...

Welcome back.
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Great pics, I'd like a mountain named 'Doomster' ...yeah.. Mt. Doomster.
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1760s this week? Urghhh..despite how we're set to open Monday, I can't envision anything over 1720 this week. Monthly/weekly charts are offering 1720s..but no higher than that until October.
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I'd love to see this market spike into the mid 1700s only to fail..but why would it stop?

The monthly charts are offering 55% higher for China, and 20% for most other world indexes into next spring.

What if I'm right? URghhhh

Christian Gustafson said...

You would dig the ominous names of the scary peaks in the North Cascades of WA:

Challenger, Terror, Deception, Fury, Forbidden, Desolation, Torment, Despair, and ... The Chopping Block.

Remember, I'm bullish only because I am bearish. The worst thing for me would be for us to blow off north and ... just keep going!

Permabear Doomster said...

All those deathly names, but no 'doomster' mountains...at least not yet.
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Now that you're back, go have a stare at those world monthly charts, especially Spain and Italy. If those economic failures are breaking out, that sure doesn't look good for bears.

treider_ said...

hello Permabear, did you close your blog? Deflation blog is good, but yours is good too.

Christian Gustafson said...

Hehe ... Permabear Doomster is the bees' knees.

Perhaps he will be back with the return of the Bear.

Perhaps Doomie is actually a chick. Imagine that.

I'm willing to consider anything at this point.

treider_ said...

so, he close the blog? hehe the deflation and the perma blogs are really good tech blogs, provide opinion with good info support.