[JWN] update

Back in my very first post on Nordstrom's I was very clear about many things:

• Fractionally reserved banking is a pump and dump scam.
• Those with first access to the credit while the economy has not been pumped do very well for themselves by taking on massive leverage.  This early debt buys production capability long before everyone else is in on the act.  When everyone gets in on the act, prices go lower due to overcapacity but debt remains.  So, like any Ponzi, those in "first and big" become billionaires and those into the game late after too much production capacity has taken place just end up taking on a lot of debt that will eventually default.
• Does this sound fair to you?
• Do you think it allows the best and brightest a fair chance to compete?   The evidence suggests that is does not.  Not unless they are also scam-wise which most really productive people ARE NOT.
• That leaves the con men and scammers benefiting most by this fractional reserve pump and dump scheme.  
• Of course, the little people never get much benefit from the pump but they end up with the debt, be it public or private, that this scam ridden fake/temporary money game creates.
• THIS IS NOT CAPITALISM.  This is CRONY capitalism.  It's fucking scam, period.
• I know that people who are not really sure of what is going on are very reluctant to speak out like I do for fear of being thought of as "conspiratorial". They would rather just ride with the tide because, being part of a herding species, the last thing we want is to be singled out for ridicule.  This is why so many kids kill themselves when bullied or publicly mocked.  The high incident rate of suicide due to facebook bullying or public humiliation shows that it is hard wired into our brains that herding instinct even outweighs the survival instinct.
• If this concept is resonating with you then please consider this logic:  How could I possibly know what was going to happen here with enough confidence to make that first post?  Also, does the fact that it played out nearly exactly as I predicted it would carry any weight with you?  Or do I have to be on TV or have some other kind of public soap box to stand on before you will see the facts as they really are?  I am not a conspiracy theorist.  I am a hyper informed citizen.  The requirement for someone to be a herd-acknowledged "expert" before you will listen to someone's logic with an open mind is a clear sign that herding behavior is controlling you more than you are controlling yourself.   Think about it!  Think about it when it's time to vote too.  Don't vote for the ones that are set up for you.  Vote for those who are telling the truth.  That leaves out Hillary and most of the other dems and most of the GOP.
• High end retail is a sector to watch in order to time the collapse.  When high end retail is in collapse, the canary has fallen over dead in the coal mine.  Seriously, I have seen this so many times before that I knew it would happen.  The only trick was WHEN would it happen.
• That is where Elliott waves come in.  You can see from the chart in that first post that I called the absolute peak to within a few pennies due to the use of the EW model.  I'll say it again, who can do this?  Nobody who is going by gut feel that is.  There were no topping calls by the analysts, etc.  Still there are fundamentals at play as I have discussed.  I wrote, "When the credit is actually in the stress phase it will show up in Nordstrom's stock price just like it did the last time... Until there is fear in JWN and IBB, there is no real market fear at all."  Of course since then both JWN and IBB and tanked.  So there is definitely fear hiding behind all the false bravado of the major indices.  In fact many, many big name stocks are in the toilet right now.
• The market is peeling away the internal pillars while leaving the external walls intact.  Anyone viewing from the outside will say it is a bull market.  Anyone viewing the big picture will just be waiting for the other shoe to drop.  And since all of my canaries are falling over dead, I know that the other show will drop.
• First it was the transports
• Then most of high tech (seen MU and AMD lately?)
• Then cheap retail (Wal-Mart)
• Now high end retail (JWN) and supposedly unassailable biotech (IBB)
• McDonalds will fall soon and then the major indices will make lower lows than the August lows.

I've rejiggered my JWN chart count per below but if this goes back up above $62 then I will have to reconsider that count.  There are still ways to count this whole thing as a giant a-b-c.