[HPQ] at critical juncture

The market did not like HP's earnings today and it is down 10% in the extended trade.  It is now sitting at the lower parallel rail.  So we are either now looking at a large a-b-c or 1-2-3.  Any move above 37.60 cinches another move up to wave 5 for the bulls. But if this selling extends into the next few days and shows 5 large waves down then something bad this way comes.  The markets could roll over the edge at any time.  They are all held up with leverage and hot air.

To his credit Robert Shiller is now sounding the alarm on US stocks, just like he did last time before they fell over on their side.  Notice also what the article attributes to him.  It says: "Shiller told CNBC that people need to concentrate more on saving more money for retirement rather than trying to chase above-average returns."  But this sounds to most people like double talk because isn't the stock market supposed to be a savings vehicle for retirement???

AH-HA!

Of course it isn't.  The market is a speculation vehicle, a big gambling pit not a savings vehicle and Shiller seems to know it.  Don't think Shiller's words are falling on deaf ears.  The herd is listening to all of it even if it seems indifferent.  When the time is right, the herd will just begin to move in unison, just like a flock of starlings turning in the sky.