Friday, October 31, 2014

Open Weekend Post 11/01-02/2014

You know the drill, share the love and the knowledge. 

If you see it, share it. 

I'll update some charts and look for any clues. Of course anything non-QE related is irrelivant, so I'll just pretend what I'm doing may make a difference. 

Christmas season may proceed now. 

Have a good weekend. 

GL and GB!

Happy Halloween - Morning Charts 10/31/2014 SPX /es

Happy Halloween. My charting skills are insane, I know. 

SPX 30m - in case ur interested. Came close enough to that 2005 backtest of busted support for me. I'm still liking the potential for a major event or reversal from this technical point. It's just one of those places you have to consider such. 

More to come below. 

I can officially start Xmas stuff Monday!

Happy Halloween!

GL and GB!

Thursday, October 30, 2014

Morning Charts 10/30/2014 SPX /es

I have to at least throw this in - As for John Kerry - "White House officials joke that he is like the astronaut played by Sandra Bullock in the movie “Gravity,” somersaulting through space, untethered to the White House." 

Add this to the list - State Department: We Are Not Going To Apologize For Calling Netanyahu A “Chickenshit”…

You gotta see this - (Dem led) Senate Ethics Committee: We Lost Complaint On Harry Reid And Obama Admin Getting Visas For Clients

And Obozo can't figure out why the world is trying to disassociate from him and all his policies that are "on the ballot?

And we're supposed to listen to this idiot that got us into all this mess - this sounds like praying for forgiveness on your death bed. 

Alan Greenspan: QE Failed To Help The Economy, The Unwind Will Be Painful, "Buy GoldSaying something like that, disputing the Fed, get's folks killed. 

Waste? LOL - you can't even fathom the sheer amount of waste - the only question is - where did all the money go? Putting The Fallacy Of QE Into Perspective - This will blow your mind (and get you to wondering how? Burn rate? Where is it all? Theft? 

QE is over - GFL with that - let's see how long this lasts - what's next? Raise rates. Hahahahahahaha. Maybe they've stuffed the banks with enough cash to keep this thing alive for a while or they have enough in the stealth account to keep it afloat till January. 

I may throw up on my computer this morning if GDP comes in glowing and rosy (which it will). 

On to the lie - 

SPX Daily - While the short term charts are primed and ready for a reversal (and keep getting abused) - this daily chart's not quite ready yet. Or is it? That backtest of the busted diagonal of death would make for a lovely reversal of death point - and you should suspect they know this as well. A spike in price here would really set yet another set of nasty negative divergences. 

SPX Weekly - Simple - another 30 point or so pop at this pace and the negative divergences will be truly astounding on the weekly chart. I know, this does not matter in their world, but with taper off, maybe it does this time. To add to the backtest above - a potential right shoulder (the bad kind) setup is in the making. This counters the bullish IHnS I've been showing on the 30m chart. They are all over the place here - this is what tops are made of. The negative divergences on the chart below are amazing. Can you say rigged? 

I'm still in wait and see mode. I'm a bit frozen, because I'm still in a state of disbelief at the Fed's actions or their ability to manipulate things (yes, even after all we've been through for all these years). The lies are so thick and deep, and the cost has never been greater (on many levels). Nothing makes sense anymore. This is why I recommend checking your brain at the door every morning. It will only get in your way. 

Let me add this - there may never be a better time for my "event" thank in the next week. If they can't get the vote rigged right (here, here and here), expect it. 

More to come below. 

Have a good day. 

GL and GB!

Wednesday, October 29, 2014

Morning Charts 10/29/2014 SPX /es

Sucks being right and a truther. Just ask Peter Schiff. 

Finally, finally - 

On to the lie - 

Stocks Now Most Overbought in a Year - LMAO - since when did that matter? They've managed another sensational short squeeze off the low. Ahh, the power of the Fed. Is it a wonder that most have not learned by now what's coming in such situations? The big darn question is now what? 

Well, I will not speculate, yet. I've learned to follow the Fed and not try and outguess them. I believe they will stay their course and leave the possibility for further easing wide ass open (while they use stealth QE to maintain the farce they call a market). Just leaving the possibility for further easing on the table has been enough in the opast to do their dirty work. For the bulls, what I believe you want to see is that larger IHnS formation complete itself (target near 2185). 

A pullback from here to 1925 would set a nice right shoulder, it would relieve near term overbought conditions and allow the daily indicators the room they need to set up for a bigger run (there is only one thing that would power a run to that level - MOAR). Maybe they announce moar tomorrow, the market reacts negatively and then everyone jumps on board - that's about the only way I see that 2185 getting hit. 

Yesterday price ran to resistance and met the first/lower IHnS target off the low. Too far too fast? LOL, never in the Fed's world. They don't care how it gets there, just get there baby (up that is). 

SPX 30m - Well, this is now the 4th iteration of the red rising wedge and the second overthrow situation where short term indicators have been abused. The run has been textbook for the most part - bust black resistance, backtest it and then move on up to the IHnS target. Some more abuse may be in order (up to that black diagonal backtest ~2005), but I'm not sure how much more this run can take. That black diagonal backtest will be a big deal, and it will be a point I will consider calling a major top (or here if they don't make it there). It's just one of those technical points that screams doom following a bull trap run and will be close enough to a major double top with the weekly and monthly negative divergences worsening.  

I have no clue on direction from here right now. I prefer the pullback, but who knows with the Fed tomorrow. All we can do is wait for their direction. 

More to come below. 

Have a good day. 

GL and GB!

Tuesday, October 28, 2014

Morning Charts 10/28/2014 SPX /es

No MOAR? I think that's what we'll find out Wednesday. Here are three possible reasons the Fed will announce the end of QE on Wednesday. I think they may, for now, stop the program to save face, but liquidity is the sole reason for the market's existence and severe overbought levels today. 

Without liquidity supporting the veil (market) that hides the warts and maggots that cover the US economic condition, what may be revealed is something that no one wants to witness. You don't remove the lipstick from the pig. As noted, I do believe there is a significant amount of stealth liquidity that has been used to support the taper period. This stealth QE can and will be used to mask the biggest lie yet, that the Fed's policies have all been successful economy is ready to stand on its own. 

I'm thinking #fail will be in order sooner than later. Maybe the stealth QE will be enough to get the market through the election and Christmas season. I still think that January has the potential to be really nasty. The next spill will bring the cries for moar, and the Fed will eventually deliver to save the market one last time. 

Remember, QE does not have to happen to please the markets (or so they say - see 2010 and 2011). These days it only takes a rumor, the simple might-promise or hope that QE will come again to keep the markets levitated. See the ECB rumor yesterday that trumped a train wreck of bad news. Their timing is impeccable. 

It's gonna be (and has been) all about liquidity. I said it years ago when I first got clued into their game, follow the Fed. How many years have I preached that? It's still their market. This market is all they have between them and complete failure. Don't forget that. 

On to the lie - 

SPX 30m - Same as yesterday, but worse. Sometime late today or early tomorrow I suspect the leaked directional information will show up in price. I really don't see how an end to QE would be received as a positive. Multiple technical aspects are weighing on any sort of price advancement here. Odds are Tuesday will resemble Monday as we await the Fed. 

More to come below.

Have a good day. 

GL and GB!

Monday, October 27, 2014

Morning Charts 10/27/2014 SPX /es

An absolute 100% must read that sadly fits the governments recent motif - just take it baby - 

"They Just Want The Money!" The IRS Can Now Seize Accounts On Suspicion Alone

"Her money was seized under an increasingly controversial area of law known as civil asset forfeiture, which allows law enforcement agents to take property they suspect of being tied to crime even if no criminal charges are filed. Law enforcement agencies get to keep a share of whatever is forfeited."

This is not really new, back in March we started covering how Cops Use Traffic Stops To Seize Millions From Drivers Never Charged With A CrimeThis is scary stuff. You get pulled over or just shaken down on the side of the street and you can't do shit about it. Welcome to the land of the free(loading government). 

STB may not be around much longer if the FEC chief has her way. Read FEC Democrat pushes for controls on Internet political speechMan things would be dull as crap if all we could talk about was BTFD all day (and the term BTFD may even be deemed as politically incorrect). 

If you can't see it coming folks you are blind as a bat. This country is falling apart. Sadly few realize just how bad things are, and the state of denial and deceit is out of control here. 

Across the pond - Things in Europe are just fine - $1.1 Trillion in bad debt and 25 banks fail their latest version of a stress test. Nothing to see here, just go BTFD. 

On to the lie - 

SPX 30m - This chart pretty much puts things in perspective - but does it? This is the third iteration of the red rising red wedge (nothing unusual for the Fed to bust through bearish formations). A move south here or from a bit higher to form a right shoulder for a larger IHnS formation looks like a good possibility. Price has trickled over the 61% retracement which virtually guarantees a new ATH if recent trends hold true. The daily 50dma is providing resistance here along with negative divergences on the 60m chart and lesser time frames. A pullback from here to the 1925 area would make for an interesting setup. 

More to come below. 

Have a good week. 

GL and GB!

Friday, October 24, 2014

Open Weekend Post 10/25-26/2014

You know the drill, share the love and the knowledge. 

If you see it, share it. I will as well. 

Curious spot technically for a close (after what 'd call a curious day Friday). 

I'll update some charts to try and discover any non QE nuggets that may move the markets. 

Have a good weekend. 

Say HBD Shanky (Saturday)!

GL and GB!

Morning Charts 10/24/2014 SPX /es

Ebola fears abound and the market does not like it.  

AMZN ouch

Continuing yesterday's fallout - Democraps scrambling like rats on a sinking ship with nowhere to go

On to the lie - 

No POMO and this chart and AMZN and Ebola = Sionara

SPX 15m - Wow what a long setup with the break and backtest of upper falling megaphone resistance and the thrashing and remanufacture of the red rising wedge for a third time all on top of that inverse head and shoulders targeting near 1980 while squeezing the shorts to death again and working in two overthrows and three gaps up. They even managed to take out the 61% retracement - which virtually guarantees a new ATH to come. BUT then went pomo and came all the news above. Friday has potential to be disasterous, and it that's the case it could start a new wave of selling that will scare the pants off most. 

More to come below. 

Have a good weekend. 

GL and GB!