Jan
27
Chutes, from Jim Sogi
January 27, 2009 |
Recent day market charts are forming a tectonic pattern seen in mountain formations created by the tectonic forces pushing up plates creating chutes down which skiers ski in Alaska. There are tectonic forces at work in the market and there are plates of players getting squeezed around creating these patterns. As in the mountains, the chutes are steep, vertical, cover large vertical footage, are very dangerous. There are rocks on either side and avalanches make negotiating them quite dangerous. All like current markets despite the curious fact the but for the movements, we are close to unchanged for two weeks. Kind of like heli skiing in some ways, straight up and down. The Japanese candlestick guys have a name for something like this, called mountain tops, or river bottoms. The distinctive feature of the chutes is the chutes. Appropriate since in Alaska the mountains drop straight into rivers.
(I skied down some of the chutes pictured )
Valdez, AK
Comments
3 Comments so far
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No escalators, huh, Jim? Just chutes? I guess its time to strap on some short S&P’s then …
Hey Jim, I have skiied these same mountains about 10 years ago, though did not hit these famous lines like Oz. Congratulations on making it down and having a tale to tell. I believe in one of the pictures you can see a small figure at the bottom of the chute easy to miss if you are not looking, a person. The scale of the mountains there is simply incredible. A guide would disappear over cornice, then 10 minutes later a small dot, 3000 feet below. Then it is your turn. The scale of the market too has been bone chilling. Wasn’t it only 3 months ago we were having 10% days. Scale is something to ponder. Anyone who goes to AK a second time, btw, has got some has got some brass. Another attribute to trading. D
Jim, comparing that slope to big Sunset….Which is harder?
Jeff