Took the kids to the new Transformers movie. Pretty good but 2:27 is a bit long. So, things will be a little different tonight. The usuals have all been read or really don't have any new good stuff and I'm to spent to rant, but one is brewing.
From Seeking Alpha - Closing Update for Wednesday, July 1 is always a good round up of the day's action, but I want to bring the point up of the absolute BS that happened today. "ADP report before the market opened this morning showed private companies shed 473,000 jobs in June. Although that figure was more than the Reuters average estimate for 393,000, it was less than the 485,000 jobs lost in May" and "the Institute of Supply Management's June manufacturing gauge, read 44.8 in June. That's up from 42.8 in May. A reading below 50 signifies a contraction, but the reading was higher than economists' average forecast for 44.5, according to Thomson Reuters." and "the Commerce Department says construction spending dropped 0.9 percent in May, nearly double the 0.5 percent decline that economists expected. Adding to the signs of weakness, activity in the past two months was revised lower."
So the market shot up and closed almost 1% higher. Guess everyone took Dennis Kneale's recession is over speach to heart or GS and the crew were hard at work pumping up the markets on another low volume day. Lets not forget how well the automakers did today! This shit is really screwed up.
In a SA report the permabears may like (if this is a SA best pick - they may be hurting)- Why the Dow Is Headed to 6000 - It's OK with some sound reasons for the impending fall.
In SA another - The Next Major Financial Crisis
you get to hear how Warren Buffett thinks things will stay bad for a while.
Looks like I need to get SA certified to spice things up over there a little bit. Decent reporting but lacking any teeth if you ask me. Might want a double late to go with those exciting SA reports hugh.
Cali starts pumping out IOU's tomorrow. Things will get very interesting soon. This is a big deal and other states are bound to follow. I don't think we've been told the truth about the condition of some other states.
No charts because we're in no man's land right now. Mines and barbed wire everywhere. Best just to stay put till the path has been cleared. Low vol holiday week. If we go up we take out the bear market top channel line. We are at a major inflection point. I'm actually thinking more upside 938 to 955 double top before falling to 847. I can't get away from the manipulation theme and (again - still harping on it) it will take a major outside event to take control of the market from the manipulators. If nothing happened today with all that negative news then WTF, I ask? Manipulators are obviously in control. Don't fight 'em.
GL trading. Thanks for the views and comments. I promise not to do a lame post from SA again. Learned my lesson there. Will try to get SA certified to bring life to a rather dull but informative site.