Dec

28

  Our Maverick Resort is technically in Ormond Beach. The tide was up (early morning), as I walked out South - ankle-deep, no phone or watch. Not a single sea shell and very soft white sand, so the entire way felt like a carpet. My only company were thousands of seagulls and an occasional crane. No cars on the sand early on, and not many people - as the sun was struggling thru early clouds. A few teams of women conspicuously preferring women, here and there, testing the shallow surf… I made it all the way to Daytona Pier in probably an hour, and checked out Joe's Crabs plotted on maps "off shore"!

Turned around, and sun was barely up now, and in my back. Hilton was just awaking, and so were Ocean Walk condo twins, The Regency and the Plaza. Mid-morning tide was noticeably inching back in, uncovering Daytona's trademark copper-color spliced sand micro dunes. It was only at this stage that I began noticing that most of my walk occured within the areas of Fourth Wave "correction", having been continually mesmerized by unending powerful Third Waves. Many waves still produced the Fifth, momentarily kissing sandy flats of the vehicular lanes. But barely now… I observed an increasing number of Failed Fifth - the ones that never made a new high…Somewhere in the vicinity of Americano Beach Resort, I noticed a first sudden Extended Fifth. Reminded the stupendous spike up to $130 on the outgoing September Crude futures in 2008, way after the Crude bear had deflated the prompt contract from $147 all the way down to $110. A few pipers, caught by surprise, were hurrying just ahead of the wave on their tall thin legs (an analogy of Small Traders progressively cutting excess Shorts in response to relentless daily margin calls). Only huge fat seagulls seemed unfettered. They just stood there against the nuisance wave, which eventually receded and retraced all the way back into the ocean. Reminded me how Jimmy Rogers shorted Gold over $600 early in 1980, only to watch her spike to $875 in utter horror. But then, she dropped off all the way back to $500, allowing Jimmy the hard-fought profit!

Passing by Beach Bucket, Daytona Beach Resort and Aliki Towers at morning's tail - I now observed fewer and fewer Impulsive Wave sequences. There was more and more resistance found in deeper dunes, and a variety of shells showed - yet not nearly enough to ever step on one. This was definitely Bear phase in the cycle, although it did have Bullish splashes, and never went to total zero. I took a refreshing long swim on approach to my Resort, and rushed to my suite 618(!) to pen this report near the surf's noon lull. On to Hull's seafood market to stock up for the festive BBQ!


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