General Electric update

I wanted to update this recent GE post.  As you can see from the chart below, today GE came down and kissed the $25.80 level that I indicated would be a key level in determining if the chart was going to treat the current price level as a short stroke 5th or whether this is just 1 of 5. 

The jury is still out but the nature of the pullback so far looks motive and not corrective.  If GE can't move back up into that gap today then the risk of an opening tomorrow with a big gap down that takes out both the upper and lower rails of the triangle (i.e. to $25 or less) in one fell swoop becomes much higher.  If that happens, the 5th wave is confirmed to be over.

If that happens, I don't give the markets much hope at all.  The 2009 peak will very likely be in and all that will await us is the crash. 

The big AAPL move down today on really, really pathetic volume should be a massive warning shot to anyone paying attention on how thinly traded these markets are.  With a market cap of 600+ billion, that swing was good for 50-60 billion in paper "wealth".  I can tell you right now, that wealth never existed in anything but the minds of Mark and Patsy.  The whole thing is obvious and laughable.  They think they have wealth because it says so on some paper.  So did Madoff's clients (also named Mark and Patsy).  It will end the same way.   The US government is a Ponzi scheme operator's idea of a Ponzi scheme!  All of the markets are.