EUR/USD breaking down. The dollar is over $85 again and the minis are up 2! Go figure. Maybe Mandy has the futures stimulated this am, cause there is no other reason for them to be up. Liesman pulling out every obscure reason for optimism. The crew on CNBS this am is possibly the worst I have seen in months. The cheer leading is over the top. Had to turn them off.
Gold pulling back slightly. Oil has crumbled to support near 75. /NG is in a base range bound between $4.34 and $3.81 (which is also its 50 to 61.8% retracement zone) Number today at 10:30.
Economic Calendar - Big day with Jobs, Nat Gas and many more. Tomorrow will be big as well.
Pivot Points - Know 'em.
Look, trading has gotten so predictably easy that if you are not making money every day you need to leave and go home. Rigged-Market Theory Scores a Perfect Quarter from ZH "In a feat that would seem to defy the odds, Goldman Sachs, JPMorgan Chase and Bank of America this week each said its trading desk made money every day of the first quarter." Come on folks, if the TBTF's can do it so can you. Just bet with them and not against them. Why try to play against a rigged deck with unlimited cash flow?
Well 1175 to 1182 was my target range. Minis hit 1174.75. SPX may not make it there if the minis reverse. I posted the wedge yesterday following the rant. Technically this is a good point to begin to look at shorts. Realistically you need to get your head examined if you thing the market will fall ever again. I can't break out into another rant. I'm just so disappointed in everything American right now I want to scream. Playing in this POS market makes no sense, and I still say you should not do it unless you have tight stops and are willing to take extreme risk.
Technically I'm seeing a wedge/corrective that needs to end. Same targets that I have been giving for a few days, the 42 to 22 gap support area. That is very wide by my standards, but all I can offer right now as this market is supremely unpredictable. If it does crack the P2 support line (yellow) near 42 the may be a signal to jump on some sorts.If it does not, we need to look for continued range bound sideways action with more chance of upside surprise.
GL trading. The set up is for down, but I am not promising anything near term. I'm in cash looking to short. If it breaks out long, I'll buy that to. If you are trading, go with the flow. You will drown trying to fight this rip tide. One thing for sure is the next flash crash will be just as amazing and once this puppy gets going south there will be no stopping it.