Today I won’t bore with semantics and I’ll end the daily missive with the beginning. The SPX finished off mid-week with a picture-perfect long-Legged Doji (Close exactly between the low and high of the day). This represents the 4th day of downright, unequivocal, absolute uncertainty. The longer this goes, the bigger the “pop” when direction is resolved. When this flinches, twitches and finally concludes, it could be explosive.
A Simple Excerpt:
Back in 2002, while enjoying a long weekend at the beach, we (one of my dearest and oldest friends) decided to go fishing off the Daytona Pier with his newly purchased, top of the line, surf rods & gear – for those familiar with the location, you know the type of day to be had. After baiting, giving the heave-ho and opening the first “pop”, we sat as the sun glimmered off the calm seas and a cool breeze filled the air; just enough to cut the sun’s rays down to a bearable temp. The hours past and yet the lines never seemed to move; not a single shimmer, not a shake, not one ripple appeared around its straight entry into the water. Eyeing a nearly empty “Bucket” of cold drinks sweating on the wood dock behind us, a whisper of though began to form. ‘It will only take us just a minute to refill at the bar, grab a to-go bite and return to the prize location and newly polished, never tarnished gear.'
Not more than 10-steps into our brief interlude a whistling sound began to cut through the soft ocean sound. Knowing exactly what that noise was, we instantly turned and before taking one step back to our aforementioned resting (fishing) place, it happened; like watching a train-wreck in slow motion. The magnificent equipment was spooled and not unlike the surrounding seagulls, began to take flight right out their stands as if we caught Moby himself.
Moral: Don’t get caught sleeping, you may just lose your SH_T!