ohh yeah mr fed friday night, page-37

Once again the SPI was a great indicator for a move higher.

At an 83 pt discount at 4:30 pm Friday, it said all the futures traders were short and they are almost always wrong.

In saying that I believe the US market would have crashed Friday night if the intervention hadn't happenned.

The wave structure was such that it was at a point of maximum down thrust.

I belive the US FED could see that and acted.

There must be some very happy and some very unhappy people with options expiring at the open last night.

To do an intervention under those circumstances must have been a difficult decision and they probably should have waited till after the open IMO.

The bounce has changed nothing structurally IMO.

It could even be classified as a bearish running correction but the next week will tell.

I believe the rally from Thursday low to last nights high was about 650 Dow points, and I suggested the other day that about 600 pts is what you would expect in one or two day rallies in a typical bear market.

Still the market may rally a bit more and could be a couple more days or even to 27th which I like.

Aug 27 will be 7 days up in Mclaren's 7-12 secondary correction, it is the anniversary of "87 high (was 25th but that is a Saturday), is lunar eclipse, is Bradley turn date, is the same time sequence in the 1 month down 2 weeks up 2 weeks crash down as '87.

Sep 10th comes out as 180 cal days from low and 56 cal days (crash phase) from high so that may well be a much lower low.

Certainly I will be regarding the time from Aug 27 to Sep 10 with great suspicion.