with american debt so high and all that stimulus plan money, i’m surprised the dollar didn’t devalue sooner. oil is heavily manipulated from OPEC to random news on the market. i think there’s a huge amount of oil being found lately, but they’re keeping that news on the down low. even when oils hit all time highs, many analysts were saying that it wasn’t driven up by supply and demand at all. i wouldn’t base too much of what will happen to oil on the news. i would watch the charts very closely for that one. some of the guys/gals have been posting regularly on oil and have been making a killllllllllling. kudos to them!

faz i haven’t charted yet, but i have charted fas really quickly. FAS is currently in a rising channel, and has some additional trend line support right now. if the $80 area breaks soon on the FAS, you could see a drop to the $60 range, not sure what that equates to on FAZ.

in terms of your question i actually HAVE considered this move up to be the A of an ABC, with A being 5 waves, and a B coming up. prior to the ABC expanded flat correction theory, i was basing charts off of a P1 666 bottom, with this current 5 wave up being the A of ABC like you mentioned. however, when the 1080s area passed, this started posing problems for the overall larger ABC scenario. then for C to stay within the 61% retrace of the complete drop from 1500s to 666, you would need B to drop below the 61% retrace of A. then you get a really overextended B, or you get a C that is retracing far too deeply into P1. the expanded flat correction theory seems to be the best explanation at the moment, and i am no longer leaning towards a larger ABC happening. 1118-1120 area is my current top of P2. good question ox!

also i agree with you that i don’t think idan should be seen as wrong or getting a bad rap. you have to take everything into context. idan is not trading large positions in stock right now, and on top of that he is only trading positions on heavily overbought stocks. he is staying away from SPY positions because he knows there is a possibility of a rise to come. you can be wrong in a 1% position of your portfolio, and lose 1% on a stop out of that 1% position and it can literally be nothing in the grand scheme of your portfolio. he is leaning short because he is dealing with overbought stocks, and for overbought stocks, there is nothing wrong with leaning towards a short position, especially when those overbought positions have the chance of falling prior to the major indexes. i personally think that idan has been doing a great job on getting in good positions, and stopping out for very small losses, or for good sized profits. if you lose money based on another person’s suggestions and analysis, you can only blame yourself, and remember that idan does all this analysis for free and is here to help people.

one thing i want to clarify and keep trying to stress on the site is that it’s a family, team, charity (maybe not? haha). we’re not here to argue with each other, or to be more right than somebody else. if there are disagreements it doesn’t mean that one person is calling you stupid or trying to disrespect you or your opinion. if someone questions your judgment, then back it up with more TA. if you disagree with somebody, back it up with TA. it’s fine to joke around, and it’s fine to gloat when you’re right because we really are happy for you when you make a profit (even football players do a dance in the endzone), but don’t do it at the expense of someone else (calling people out, etc.). the reason we’ve kept quality people here giving free advice and helping out everyday is because of the quality of not only the TA, but of the atmosphere also (at least that’s what i think). if you’re paying for a site, and someone is managing your money, and they lose it, then sue or cause a ruckus. at stocktock, let’s just enjoy the day and try and help each other all make some money.

glad that we’re getting all this feedback, comments and interest! there’s TONS of quality in these comments.