Wednesday, October 14, 2009

Morning Post - What Top LOL

NEWS FLASH - Websters has removed the word Top from the dictionary. It no longer exists.

They could not have whipsawed it any more perfectly with earnings. These guy are good. Run it up with PPT and BS economic data through the tough times and then let BS falsified earnings reports come in. Wow. Impressive is all I got to say.

From Bloomberg - JPMorgan Profit Surpasses Estimates on Fixed Income

From Bloomberg - Stocks, Oil Advance on China Exports, Intel; Dollar Retreats "Stocks rose, driving the MSCI World Index to a one-year high, and oil climbed as the decline in China’s exports slowed and Intel Corp.’s sales forecast topped analyst estimates. The Dollar Index slid to the lowest level since August 2008."

Santelli this am, "The next several quarters are not indicative of the next several years." Thus, he's giving you the "I told you so". Art, "The food is tainted."

This is really unbelievable. It is the biggest, most crooked, corrupt scandal in the history of the planet, ride it, but don't believe in it.

IMO - roll with the punches. As long as they continue to crush the dollar and funnel POMO funds in the back door, bears got not hope. LOL, if you thought JPM's earnings were good, wait till GS comes in.

/ES 60m - OK - the white trendline at the top of the chart is the bear market top trendline. This is the first significant backtest of the sky blue wedge. Last time it popped over the dark blue top P2 line it did not go far. Pink line is the 1004 gap.

I am struggling with the counts as this is either 5 of C or 2 of C. I really like 5 based on the way the /ES charts look, but the SPX still has room to run to get to the bear market trendline and lends to a 2 count.

SPX Daily Indicator Chart - What I see is that a near term top was being set. Even the weeklys were weak. These readings are totally ridiculous.

As for the speculation the market could run to 1200+, this weekly indicator chart is not complete. I am in the process of putting together some alternative scenarios and this is where they will be. How about 1228 top in June? LOL, that would be funny.

I ain't doing crap this week. Opex and GS earnings to come and the CNBS earnings parade. As Cartman would say, "Screw you guys. I'm going home." I'm in cash.

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