The days of ENORMOUS earnings and ripping off investors is coming to an end for Wall St and the big banks. Eventually they will enforce accounting rules and some sort of regulation. The BIG grab is on. Kinda like being caught with your hand inn the cookie jar, you know you're busted, so why not get all you can while you are there. In this case there is no knee jerk, oops, sorry, my bad, won't do it again, knew I was wrong situation. In this case it is like that super defiant 10 year old that does not give a shit and sits on the floor and just keeps downing the cookies in your face till you take the jar away.
Sadly the country is in such bad shape (cause your government let it get that way) that they can not do anything to stop the bastards from eating the cookies, cause if you stop them the sugar buzz goes away and we all crash. The catch 22 is how to get the fraudsters out of power, reenact real regulation and accounting standards and keep everything from crashing again. Sadly, that can not be done. It will end with the breakup of the TBTF's and some serious deflation and most likely a serious depression. Greece will go down soon. That ticking time bomb's fuse cant be pulled out any farther. Global tensions are growing. The crescendo is coming.
I have to ask, where the hell are all of these earnings coming from? The "cost" savings from firing half your workforce,excessive write offs from lax accounting standards, not spending a dime on anything other than necessities and producing only what is absolutely necessary all the while with several consecutive quarters of "despite lower revenues" game will come to an end. I personally think the "analysts" and businesses set the bar a little to low this quarter. Consider it a gift. The consumer is dead. Credit is gone. The government can not support 70% of GDP (what the consumer used to carry) much longer.
Earnings Calendar -Just lots of them. I guess SBUX and NFLX are the two with the most interest after the bell today.
Economic Calendar - Petrol at 10:30 and that's it.
Pivot Points - Know 'em
Bob Pissani makes me sick (possibly more than Liesman but not as much as Kneale). I actually watched CNBS after the bell yesterday and Maria B (gosh she looks like crud) just can not be stomached either. Could you imagine having to listen to that voice when you get home at night after a long day? Ouch.
Looks like the minis will be flat after recovering some losses overnight. They are at the support of the bull market's top trendline retest.
Index comparison - OK, looks like we finally got everyone on the same page. That last run up was a little disjointed. This move has a much tighter band which you would much rather see in a manipulated run like this. There is no reason for anyone to underperfom.
SPX 30m chart - Not sure how to react to this one. With the dailys almost in full reversal mode headed back to overbought land and the 60m still climbing maybe the market wants to run some more. Hell, everyone is blowing earnings out of the water, so really, what is there to stop it? Keep an eye on that MACD for a bear cross.
