There, I finally said it. Sorry I am a day late to that title. If I can call it within 24hrs that should be acceptable as somewhat accurate. This is the first time I have uttered those words, so be gentle if I am not right. At least this is not my second, third, fourth or fifth time doing it. I do not have confirmation on the Weekly RSI crossing its support line yet, but I expect it will soon. The only caveat is the manipulators. Do they have the balls to buy it up again? It would not surprise me. I'm tired of this crap. I want it to end. I want my country back. I want integrity restored to the financial system.
After the PPT did their best snow job this am to scare away the shorts from yesterday and last night, the market simply completed a 61.8% retracement of the fall yesterday and then uppon the S&P Downgrades Greece To Junk - Full Obituary Enclosed it decided to take a crap. Now it should be in some sort of retracement mode thru lunch I am guessing and more weakness should be on the horizon. I don't think the bulls have a leg to stand on anymore with Greece going to junk.
IMO, there is no turning back at this point. The GS testimony is a travesty of justice and everything good or moral and it will only get worse. It really is pointless as the testimony is as vague as the synthetic products they are discussing. The Goldman testimony it is the biggest load of shit ever. These pricks will not even answer simple yes/no questions to whether they had fiduciary/ethical responsibilities to their clients. This will be the death of GS I believe and if assets are not leaving the door already the managers of those funds obviously do not understand their fiduciary responsibility either. More banks to follow. I would assume that the GS rating should be junk as well. The full frontal they deserve is now in process.
What should happen is all regulation (that term used lightly) is about to be trashed and a whole new set needs to be enacted. That should not take long since they have already trashed a high majority of the existing regulation that allowed this travesty to occur. The reenactment of any sort of regulation will destroy the banks. They will show their true colors fighting the regulation as a mother lion would fight to defend her cubs (or should I say defend the marked to fantasy assets in the closet). This defense will throw further fuel on the fire burning under the TBTF's ass as the public (they friggin better) should revolt against them at this point. The banks are toast.
The top is in. Maybe enforcing regulation and the GS suit is the "external event" that will bring it all down I was looking for. Maybe Greece going to junk was it. If the top is not in, any further rally IMO is more likely to trigger more skepticism and anger than joy or satisfaction. If the top is not in then upside potential should be very limited. The White House, Fed and Treasury are now in full damage control mode.With S&P growing a set and downgrading Greece to junk and Portugal Sovereign Credit Rating Cut From A+ To A- By S&P maybe the end is in sight. Just wait till the start picking on Japan and the rest of the PIIGS. Yes, there are still RE bubbles in Canada and Australia that have not collapsed. Everything that they have reflated or contained is about to explode. I will speculate that the spineless in Washington have had their Red Bull injection and will begin ramping this regulation issue to all they can get out of it between now and November.