I'm a little Skeptical of this considering we broke
1304.00
Stocks fell at the open
Friday, March 11th, and completed the small Descending Bullish
Wedge we annotated in
Thursday night'snewsletter charts was
likely, completing the final fifth wave
(5)down of
{i}down of
{3}down. Since that early Friday
bottom, stocks have traced out an
(a)up,
(b)down,
(c)up corrective rally wave
{ii}up. This rally looks like it
could complete by the close Friday. We believe stocks are in a
multi-week decline with a downside target around 1,225 in the!
S&P
500before a lengthy pause in the downtrend arrives. We
believe that downside target could get reached by the end of
March.
Our analysis is based
purely on technicals, and not on news such as Japan 's devastating
earthquake and tsunami, or Middle East events. Those events and
others that pop up are built into the technical indicators, which
warned bad things would start happening February and March 2011. It
is interesting that Friday's earthquake occurred precisely on the
March 11
thcycle turn date we presented in the past two weekend
reports.
AND DON'T FORGET
THAT SUNDAY IS AN "ELEVEN" DAY.... WATCH OUT!
He usually proclaims each down move as the start of major
catastrophic wave C down. He is much more measured here, only
suggesting a fall to SPX 1225 before pausing.
Do you mean like buying physical Gold and Silver? That's
seemed to work okay so far. And when the dollar goes to ZERO
and there's no food on store shelves, we'll see how you feel about
McHugh then and how much "dough" you have left.
Yes, Perthx, I subscribed to McHugh for 3 months last year.
During that time, he made several grand proclamations that
Major Wave C (the 1 that was predicted to take out the 3-9-09 Bear
Market low) had started. Being quite skittish, and an
admittedly lousy trader, I either sold my biggest long
position (AAPL) or shorted the major indices after reading that.
Each time, I wound up covering at a loss or buying back AAPL at a
higher price. Consequently, I lost money outright and
also lost opportunity. He continues to email me renewal
solicitations with hyperbole each time there is a 1-day
decline. So, my comment is quite justified.
Posted by airstream on 12th of Mar 2011 at 04:23 pm
I have tried for a long time and at considerable expense
to put his work to use for my benefit and I have come to the
conclusion that I am not smart enough to distill from the mountains
of data he puts out to make profitable investing or
speculating decisions. I also don't think his service is
a good fit for a trader and to me that is what one has to be in
todays equity markets . He keeps soliciting me back as a customer
and wants me to buy his premium service. When i tried to pin
him down on his expected results from this expensive service his
reponses were very unprofesional. Caveat
Emptor My advice stick with Matt and Steve
When someone posts McHugh's comment or something from EW or any
other newsletter or blog, THEY ARE NOT SAYING THAT IT IS BETTER
than Matt and Steve, they are just posting it for each of us to
consider and maybe we like it maybe not. Maybe it makes us pause to
consider a possibility we had not seen or previously discarded, but
possible relevant again??
But what happens here is the same crowd come out to bash these
guys. I mean really, take it or leave it but why continually attack
as they do?
Posted by ducksoup on 11th of Mar 2011 at 09:22 pm
I have been a subscriber for the last 2 years, my subscription
just ran out, and I will not be renewing. If you were to
follow his primary trend indicators, you would not have done too
badly, but if you actually read his commentary, he is almost always
ultra bearish and tends to make you ignore his own technical
indicators. I have to say he has moderated his approach some lately
and hedges his bets a lot more, because many of his calls for major
drops have been busts.
His solution to our economic problems is to have the federal
government rebate several years worth of income taxes to the middle
income taxpayers. Even if this would work, it is so far out
of the realm of possibility, what's the point of suggesting it?
He also includes a lot of cycle turn indicators based on
Fibonacci numbers of trading days and other sources. There are
enough of them so that when a big move does happen it will be close
to something he has cited. I have not found this part of his
site to be of any value.
"His solution to our economic problems is to have the federal
government rebate several years worth of income taxes to the middle
income taxpayers. Even if this would work, it is so far out
of the realm of possibility, what's the point of suggesting
it?"
Better to give my hard-earned money to Wall Street Banks
than let me keep it, right? What IMO is "so far out of the
realm of possibility", is the fact that Americans care more about
the NFL than paying attention to the out of control shadow
government that has hijacked our great Republic so many brave
souls fought and died for.
Posted by ducksoup on 12th of Mar 2011 at 08:24 pm
jtverr - sorry, not taking that bait. I respect your
opinion, and agree that Mchugh has made some good calls, ie
precious metals, along with others that are either wrong or
premature. In terms of trading knowledge and useful advice,
this website is head and shoulders above McHugh or anything else I
have found. If I have learned anything in the last few years
it is that no one has all the answers, and that keeping an open
mind about what may transpire is key.
Not trying to bait anyone. If you ask Matt or Steve, they
may even tell you that they read McHugh AND EWI. I don't know
for sure, but I would if I were them. When people post from
these two sources, I just find it frustrating to see all the
bashing, that's all.
Someone brought up McHugh's opinion that the American people
should recieve tax relief rather than bailing out Wall Street
and I happen to agree with it.
Posted by ducksoup on 13th of Mar 2011 at 10:18 am
Ok, understood. My point was not that I disagree with
McHugh about the need to support the middle class. I actually
agree with him on that. I just don't think suggesting that
the federal government rebate several years of taxes to the middle
class all at once is a realistic option.
Mchugh.
Posted by zach06 on 11th of Mar 2011 at 03:28 pm
I'm a little Skeptical of this considering we broke 1304.00
Stocks fell at the open Friday, March 11th, and completed the small Descending Bullish Wedge we annotated in Thursday night's newsletter charts was likely, completing the final fifth wave (5)down of {i}down of {3}down. Since that early Friday bottom, stocks have traced out an (a)up, (b)down, (c)up corrective rally wave {ii}up. This rally looks like it could complete by the close Friday. We believe stocks are in a multi-week decline with a downside target around 1,225 in the! S&P 500before a lengthy pause in the downtrend arrives. We believe that downside target could get reached by the end of March.
Our analysis is based purely on technicals, and not on news such as Japan 's devastating earthquake and tsunami, or Middle East events. Those events and others that pop up are built into the technical indicators, which warned bad things would start happening February and March 2011. It is interesting that Friday's earthquake occurred precisely on the March 11 thcycle turn date we presented in the past two weekend reports.
AND DON'T FORGET THAT SUNDAY IS AN "ELEVEN" DAY.... WATCH OUT!
He usually proclaims each down
Posted by sethbru on 11th of Mar 2011 at 03:46 pm
He usually proclaims each down move as the start of major catastrophic wave C down. He is much more measured here, only suggesting a fall to SPX 1225 before pausing.
Mchugh
Posted by zach06 on 11th of Mar 2011 at 09:37 pm
It's only a guide... I don't think any of these guys can take into account the POMO buying that has never been done before.
Yes he does take POMO
Posted by jtverr on 12th of Mar 2011 at 08:29 am
Yes he does take POMO into account...I don't think you read McHugh.
McHugh will definitely be right
Posted by ducksoup on 11th of Mar 2011 at 08:52 pm
McHugh will definitely be right someday - but if you act on his predictions you won't have any dough left by the time time the real drop gets here
Do you mean like buying
Posted by jtverr on 12th of Mar 2011 at 08:28 am
Do you mean like buying physical Gold and Silver? That's seemed to work okay so far. And when the dollar goes to ZERO and there's no food on store shelves, we'll see how you feel about McHugh then and how much "dough" you have left.
Just curious
Posted by perthx on 11th of Mar 2011 at 08:58 pm
Have you EVER subscribed to McHugh and if so for how long? How about you sethbru?
I betcha neither of you have.
Yes, Perthx, I subscribed to
Posted by sethbru on 14th of Mar 2011 at 01:10 am
Yes, Perthx, I subscribed to McHugh for 3 months last year. During that time, he made several grand proclamations that Major Wave C (the 1 that was predicted to take out the 3-9-09 Bear Market low) had started. Being quite skittish, and an admittedly lousy trader, I either sold my biggest long position (AAPL) or shorted the major indices after reading that. Each time, I wound up covering at a loss or buying back AAPL at a higher price. Consequently, I lost money outright and also lost opportunity. He continues to email me renewal solicitations with hyperbole each time there is a 1-day decline. So, my comment is quite justified.
Mchugh
Posted by airstream on 12th of Mar 2011 at 04:23 pm
I have tried for a long time and at considerable expense to put his work to use for my benefit and I have come to the conclusion that I am not smart enough to distill from the mountains of data he puts out to make profitable investing or speculating decisions. I also don't think his service is a good fit for a trader and to me that is what one has to be in todays equity markets . He keeps soliciting me back as a customer and wants me to buy his premium service. When i tried to pin him down on his expected results from this expensive service his reponses were very unprofesional. Caveat Emptor My advice stick with Matt and Steve
That is the point airstream
Posted by perthx on 12th of Mar 2011 at 10:12 pm
When someone posts McHugh's comment or something from EW or any other newsletter or blog, THEY ARE NOT SAYING THAT IT IS BETTER than Matt and Steve, they are just posting it for each of us to consider and maybe we like it maybe not. Maybe it makes us pause to consider a possibility we had not seen or previously discarded, but possible relevant again??
But what happens here is the same crowd come out to bash these guys. I mean really, take it or leave it but why continually attack as they do?
Mchugh
Posted by zach06 on 12th of Mar 2011 at 05:32 pm
It shows up in my email from a friend so I have something to laugh at...... take a look at this instead...
http://caldaro.wordpress.com/
I have been a subscriber
Posted by ducksoup on 11th of Mar 2011 at 09:22 pm
I have been a subscriber for the last 2 years, my subscription just ran out, and I will not be renewing. If you were to follow his primary trend indicators, you would not have done too badly, but if you actually read his commentary, he is almost always ultra bearish and tends to make you ignore his own technical indicators. I have to say he has moderated his approach some lately and hedges his bets a lot more, because many of his calls for major drops have been busts.
His solution to our economic problems is to have the federal government rebate several years worth of income taxes to the middle income taxpayers. Even if this would work, it is so far out of the realm of possibility, what's the point of suggesting it?
He also includes a lot of cycle turn indicators based on Fibonacci numbers of trading days and other sources. There are enough of them so that when a big move does happen it will be close to something he has cited. I have not found this part of his site to be of any value.
"His solution to our economic
Posted by jtverr on 12th of Mar 2011 at 08:25 am
"His solution to our economic problems is to have the federal government rebate several years worth of income taxes to the middle income taxpayers. Even if this would work, it is so far out of the realm of possibility, what's the point of suggesting it?"
Better to give my hard-earned money to Wall Street Banks than let me keep it, right? What IMO is "so far out of the realm of possibility", is the fact that Americans care more about the NFL than paying attention to the out of control shadow government that has hijacked our great Republic so many brave souls fought and died for.
jtverr - sorry, not taking
Posted by ducksoup on 12th of Mar 2011 at 08:24 pm
jtverr - sorry, not taking that bait. I respect your opinion, and agree that Mchugh has made some good calls, ie precious metals, along with others that are either wrong or premature. In terms of trading knowledge and useful advice, this website is head and shoulders above McHugh or anything else I have found. If I have learned anything in the last few years it is that no one has all the answers, and that keeping an open mind about what may transpire is key.
Not trying to bait anyone.
Posted by jtverr on 13th of Mar 2011 at 07:25 am
Not trying to bait anyone. If you ask Matt or Steve, they may even tell you that they read McHugh AND EWI. I don't know for sure, but I would if I were them. When people post from these two sources, I just find it frustrating to see all the bashing, that's all.
Someone brought up McHugh's opinion that the American people should recieve tax relief rather than bailing out Wall Street and I happen to agree with it.
Ok, understood. My point was
Posted by ducksoup on 13th of Mar 2011 at 10:18 am
Ok, understood. My point was not that I disagree with McHugh about the need to support the middle class. I actually agree with him on that. I just don't think suggesting that the federal government rebate several years of taxes to the middle class all at once is a realistic option.
I think Matt and Steve like this better than the other guys.
Posted by zach06 on 13th of Mar 2011 at 11:07 am
http://caldaro.wordpress.com/