Monday, February 22, 2010

Morning Post

Like sand thru the hourglass - as the market churns. There is no telling how long they can keep the charade up. As long as they have no regulation of any sort, a printing press and basically no accounting rules I think they will run it till they suck the last dollar out of the corpse that is the American taxpayer. Then it all goes bust. So, put the big moves of P3 in the back of you mind for a while. It will happen, you are just going to have to be patient.

Economic Calendar - Bernanke speaks at 11 this morning.

Earnings Calendar - There are a few good ones left. TGT after the bell.

Minis at 1112 resistance riding along the top channel resistance line. It all depends on what Helecopter Ben has to say today and where the GS HFT bots want to take us.

SPX daily - Getting overbought but not ready to turn just yet. Should be soon with the 30 and 60m setting massive divergences (thus I very rarely ever play a 60m indicator only daily for the turns). 50ma, upper BB resistance and the 61.8% retracement are flashing yellow warning turn soon. It really is that simple. You can't force the market to do anything. You have to be patient and let it come to you. When the S Sto gets it's bear cross on and the MACD hist turns that will be the time, but until then you are dreaming if you are short. If Uncle Benny decides he wants to squeeze the shorts some more, you know darn well he can do it. Tune in at 11:00. The Weeklys are moving up as well. Remember the dailys can embed up here. this is no normal market.
Gold - Still climbing and should continue. Lets see what happens at the 1142 level. I expect a little more than that.
Dollar - I think the climb is done for now. I'm torn between a possible run to 89 or the ABC corrective that I have been calling is completed and it is toast from here. Looking at the daily and weekly indicators I'd be leaning really short here. Again, tune in at 11:00.
Oil - Plenty of room to run and may double top or better.
EUR/USD - technically it is either bottoming at the 61.8% retracement and is due for a bounce or the indicators embed and the party goes on.
Natgas - Channeling down. &4.67 is the 38% retracement. Let's see if it stays in the channel when it gets to that number.

GL out there. I'm in cash till Ben speaks. I'm gonna try to get some more detailed posts out this week that may help.