05/11/12 – I Bought Again – I’m Not Crying Wolf © ™



Bought on Thursday 5/11/12 at 2:36 AM EDT


LONG TERM – Up (black 3, chart #10.8)

INTERMEDIATE TERM – Up (blue 2, chart #10.6)




If you’re interested in following what I do in the middle of the night or if I’m too lazy to write my blog, you should follow my tweets.  This is a new addition that was implement at the suggestion from one of my readers.  I’m using it for late night transactions when I don’t want to write a blog entry.  Too tired, too late, too old, too . . . you get the idea.

I probably won’t tweet directly during the day.  My blog tweets automatically.

My Twitter name is @BobsWaveCounts

This is a Twitter name change, so those who have been following my tweets, make sure and update your twitter settings to follow me.

We have liftoff this morning.  Whether this is a 2-3 day rally or more, we’ll have to wait and see but this is likely the rally that I have been anticipating since May 8th.  For now, I’m well positioned to take advantage.  Hopefully this won’t be another failed rally attempt.

I bought last night about 11:30 PM PDT.  I watched the market off and on most of the night as it was a bit rocky.  I set my stops lower than usual because I was tired of being stopped out.  This morning the economic numbers were positive and the market took off.

Here is a chart of the SP futures (1 minute bars).  The expectation is that the market will surge ahead when it finishes the current consolidation.  Notice that we don’t have lower lows.


The following chart illustrates what I “hope” is the current wave count.  Notice the sub-stepping.



Listen to Jeff’s Thursday comments.  He has turn bullish and thinks Tuesday was the bottom also.

Jeff Saut’s Thursday Comments


Jeffrey Saut of Raymond James is a very savvy guy and one of the few people that I follow.   I found Jeff among the talking heads on CNBC, which is normally filled with worthless bobble-headed people. When I saw Jeff the first time, he was  telling the audience different ideas than what everyone else was regurgitating.  Immediately this catches my attention because I’m ALWAYS interested in anyone that has a mind apart from Wall Street.  After listening to him over time, I realized this guy is smart, insightful and normally right on the mark.  I find people like this very infrequently.

The following recording is about 8 minutes long and first up on the recording is Jeff Saut answering one my emails.  I asked about the possibility of a multi-leg, multi-year bear market similar to 1965-1974.  He begins my answer with a typical “Hey Jeff”, and then moves on to comment about an excellent book “One Way Pockets”.  The book is great and the recording is worth the listen.

Jeffrey Saut’s Verbal Comments Regarding My Letter From 12/06/05

I emailed Jeff my question shortly before December 2005.  This was about 2 years after the end of the 2000 crash, and about 2 years prior to the October 2007 peak.  As you can tell from my letter I was thinking of the really BIG picture.

The book Jeffrey remarks about is highly recommended and it’s $10 at Amazon “One Way Pockets”.   I have both the print and eBook version (iPads rule).

Sorry about the quality of the recording but at the time I didn’t have the nifty Mac “WireTap Studios” capability of recording directly from “line in”.

The website for Raymond James Investment Planning


Since I have Apple computers and my charting software is Windows based, I can’t use my charts on my iPad.  Consequently, I’ve been using the following link for real-time charts and quote updates.

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Explore posts in the same categories: JEFF SAUT, SELL - BUY, UPDATE

4 Comments on “05/11/12 – I Bought Again – I’m Not Crying Wolf © ™”

  1. Bob Says:

    I cried wolf today and I really thought I had this one nailed down. There isn’t anything wrong with my short term calls, but the importance I give to the move is all wrong. I’m making money but I doubt if I’m of any use to anybody because the trades are very short lived.

    After buying last night, I was selling off my position as the market eroded lower than it should. Bressert method makes you take the money early and then when things are going haywire, you take the rest before it’s a loss.

    Bad, bad day and my expectations were very high. It was 3rd step up. Third step failure will be the message in my weekend blog update. Third steps don’t fail unless bad voodoo is going on, or I have screwed up the count. At the moment, I think my count is correct but after reviewing, who knows.

    I’m concerned something is happening that I don’t understand or suspect. The surprise event, like more JP Morgan disasters. Or perhaps I’m aware of the event but don’t understand the scope.



  2. focus12345 Says:

    Your tweets are a big help! VO went DOWN today from -41 to -46. Monday should be interesting.


  3. Bob Says:

    Thanks for the suggestion as I hadn’t considered stocktwits. The advantage that I see with stocktwits is the audience.

    I consistently have mixed feeling about how big an audience I want. One day I want a big audience and the next I want no responsibility and no audience. Mixed feeling as I said. Those that follow me presently probably stumbled in from Terry Laundry’s site, search engine, or word of mouth.

    When I tweet late at night I wouldn’t be posting any charts, only notification of a trade. Simple, concise and easy. Big believer in KISS (keep it simple stupid).



  4. trezk Says:

    Hello Bob, first thank you for sharing your all your knowledge. would you consider using Stocktwits.com for regular tweeter postings? the platform is strictly market related and allows you to post charts quickly in the related post. Also, you could use your existing tweeter account so take a look to see if you prefer it over the general tweeter interface. Thank you!


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