Deal with me this am, I have a lot to say.
Not quite Konichiwa time just yet (I'll get to the P3 discussion below - as this post grows and grows).
They will not go down without a fight. I expect the funny business to continue for another month or so and then their guns will be empty. They will be out of bullets. The destruction of your future, mine and this country's will be nearly complete. Steve reminded me of this Denninger video this morning. I believe the scenario Karl lays out has a better than 50% chance of playing out, so you need to start paying attention.
You see, the Fed and our government are like a children that habitually lie. They are so deep in a layer of lies so long and thick that they can't even discern the truth now. Or, if they can see thru to the truth, what is real is so broken that it can not be fixed anyway, so why not continue the charade to the end?
The bottom line is they screwed up. They have been screwing up for years and this mess possibly all began with the creation of the Fed many years ago (and might end with the destruction of the Fed). They fixed their buddies problems not ours. They sacrificed everything to save the banks and not the country. Now, they are in a position that they MUST lie their way out of this thing and hope like hell they don't get caught and that time allows this all to blow over.
Unfortunately the scams will not lead to recovery. They will bring CHANGE you will believe in. Financial CHANGE that has a great possibility of destroying the world as we know it today. You see, with P3, it is not a game anymore. It is not some glorious downdraft in the market we can all revel in. This is some serious shit. This is a market collapse that will wipe everything out GLOBALLY. The only viable solution I see will be to just wipe all debts off of the books, call it good and start over.
If you can't see it coming you need to wake up. I am not a fear monger doomsdayist that is hell bent on this happening. I am a person with common sense that can see the destruction in the road ahead. The numbers don't add up. The lies and manipulation and stealing and cronyism are all so rampant. But you just go on living your life in your comfy 3 bedroom home with your June Cleaver wife. Keep watching the MSM and believe what you hear. It is time to wake up. This is serious. More serious than we all may realize. I am scared as hell and you should be as well.
I am going to ramp back up the Irreverent Blog and cover some other atrocities that I see going on on the political/fascist front that you may be missing in the MSM coverage. I will also be promoting the likes of Peter Schiff and Rand Paul for election. We need CHANGE and the first place to start is to get representatives that are real world people that have a lick of sense and are not owned and run like the puppets of today. Special interest must DIE!
And another thing - Let me say this about all of the "economic" indicators reported on like housing and manufacturing that CNBS pumps on a weekly basis- THEY ARE BULLSHIT. Sure, the market reacts and you should take them into consideration short term, but as for reality, they are reporting the near term "truths" that look like recovery or a bottoming process but are not. They are a shelf where everything is pausing. IMO, housing is totally dead. It is a ghost still walking the earth. A "residual haunting" they would call it on Ghost Hunters. Manufacturing will (eventually) come back! Why? Cause with the massive wage deflation we are going to experience, the trade imbalances with other nations and the need for jobs it has to. We are no longer a credit driven nation of consumers. Time to suck it up folks. Times are a changing.
Sorry for that, on to the charts -
In a nutshell - the market might have topped, but I see this still as 4 of 3 of C or 4 of C (still a distant possibility of 2 of C and .... see below).
SPX Daily Chart - Indicators have rolled over. This fall should happen now and be a little more severe. The daily's are toast now. Why would I even consider a whipsaw? The sheeple. the dumb ass sheeple. Boy is this ever a que for them to come rushing in to the market. It never fails. Maybe they have. As I reported last night, equity mutual fund outflows are a happening and the faucet is running wide open.
For those of you that do not know about support points and retracements and have intentions of trading this fall down - PAY ATTENTION. The fall first must get thru the daily BB 20ma at 1038. that coincides with a lower trendline. It then has retracement points from the rise off of 990 at 1046, 1036 and 1025. Then the gap at 1017. Then the 50ma at 1008.
Now you start getting into larger retracements off of the bottom. The 38.2% is 999.61, 50% is 974.60 and 61.8% is 949.58. Now, I have a love affair with that 949 (actually 947) number, so be prepared for me to start harping on a reversal if (when) we get there (call it a psychic connection).
The 60m charts are not worth reporting on, but if you would like to look, HERE it is. I have one thing to say about this chart and P2. Look on the left - see the targets that have been there for quite some time? 1078 has been breached. That means in my book that P2 can mow officially be in the book. Yes, I will now say that a top CAN POSSIBLY BE IN.
/ES 60m -
You can see the A wave down form the 1 or 3 of C top in the yellow channel. You can see the B wave up in the pink wedge. Welcome to C down of 2 or 4 of C (or 1 of 1 of P3 (there, I said it)).
Targets are above under the daily section. I will be possibly looking for a back test of the B wedge but doubt it. There is no form to this mess yet, but when it happens I'll let you know. Price continues to flirt with the bull market top line (thick blue line) which is important IMO. A decisive break of this line with authoriti will get my attention.
That is enough for now. GL Trading!