1.6! Let's celebrate that it was better than 1.3! Never mind the housing or employment or manufacturing or inventory data that we have seen. That's pitiful and the markets sling 4 points up to 54. Shalom's speech at 10:00 may be the big mover. Given all the data for the past month can anyone out there explain to me why the markets are not acting rationally, you know besides the fact they are rigged, POMO funded, front run and void of retail investors? I'm not sure how far they can push the fraud and manipulation, but they will eventually drive the train over the cliff. Sadly by then it will be to late to save anything. I will have to enroll in anger management classes before this is all over.
Minis this morning are now up 4 and not moving. All that anticipation for a dud? Let's hope not. Halted at 54 resistance. Lord help the day traders if they don't get a gap to trade around this morning.
Minis daily - Range bound from 27 to 42 and channeling down. Sadly at this support level I'm beginning to doubt if the bears can pull it thru. I have little faith in the bulls to be able to mount any sort of significant rally either, thus you get that line in the sand near 70. It has been a fools game for some time now. At least going up it was 100% predictable every morning, now that "they" are losing and the public has left the markets what should be is not reality. I'm not copping out, I'm just stating what I believe reality is. Without the LEH type event they will be able to suspend valuations perpetually and that is what you are witnessing here. More POMO please!
SPX daily chart - I'm real interested in that possible 20/50 bear cross that may be coming soon (orange box). That would not be good for the bulls. On the other hand markets are becoming NT oversold. The bears have not shown the leadership necessary to be able to drag this market down to the levels it deserves. You can't ask for any better data if you are a bear and what has it gotten you this week? 25 points on the minis and a market that is popping on a horrific GDP number. Housing, employment, GDP and a plethora of other bad data continues to be shrugged off. There is no other way to describe this than saying bullshit. Maybe retail is dead and all that is left are the bots controlling the trades as POMO II feeds the system.
I'm very comfortable calling the intraday movements and have been delivering some great results at Shanky's Dark Side. To me the only reliable way to play these markets (and I have been on this for a long time now) is trending the 30m charts. That is about the only reliable time frame we have to deal in especially until we leave this range bound crap. I'm not inclined to swing trade much these days.
Thanks for the support and have a great weekend.