Will someone please tell the moronic fund managers to wake the hell up before it is to late? Greed and self preservation are powerful forces. You witness both when they charge you exorbitant fees so they can make horrific decisions managing your funds in this environment. It is a sad, sad, sad situation when when the "best and brightest" are some of the most corrupt and compromised ignorant fucks on the planet. Everything is a giant Ponzi scheme that will eventually come crumbling down.
As for the markets - I hate correctives. They churn you to death. They are counter trend. They are stupid. They only delay the inevitable. Were churning one out now. I don't think the markets get above the daily 200ma at this time near 1116. The upper daily BB is there as well. There is a chance that was it, or a pop today to a slightly higher high will be it. Some are calling for 1130 to 1150. At this time I think both are a reach but possible in this stimulus POMO driven POS we call a market. Greece and the PIIGS are making some noise again. Who the hell would have seen that coming. You'd think $120b would last a while. Global financial contagion is alive and well. They can only put it in remission for so long.
Daily SPX -The blue wedge may be the play. We're at E touch and a throwover here is possible, but that is all I am willing to give it. Possibly the black wedge. I think it may want to consolidate in the end of the wedge going into October. I really think the bulls (no matter the stimulus are toast at this point. I think we're about to get a wave of revisions that no market can hold off. My bearish stance can only be fended off by stimulus and POMO manipulation at this point. Treasuries will become the next leverage point for the markets (Fed).
I still like the pullback to 80 call. Maybe the jobs number of Greece puts pressure to get us there. The 30m chart looks to be bottoming, but the MACD is not there. Minis 30m is climbing. The black wedge looks to me like a 4th wave, so pop to top and possibly then weakness this afternoon or tomorrow and Friday.
GL and take care.