It is all falling apart, but you'd never know that listening to CNBS or any other MSM outlet. Global tensions are growing and the U.S. sheeple are waking up (several years late of course). Several PIIGS have extended the dream about as far as it can go. The markets are ramping into the possible QEII Fed announcement tomorrow at 2:15. We all know that POMO operations are ongoing. I still contend that this market is all "they" have left between them and total anarchy and they will do their best to hold it up as long as possible (especially thru the elections). Sadly all the extend and pretend will do is make the pain on the backside that much worse. When the LEH type catalyst happens the destruction will be of historical proportions.
Economic Calendar - Housing starts in the morning and the the Fed at 2:15. Nothing else today other than POMO fund raising.
I still contend nothing happens till tomorrow. The bears look to have an itchy trigger finger this AM. They must show up in mass with reinforcements and with conviction to sell off this overbought range bound mess. Houston, we need and impulse. When you finally see that first huge move, you'll know what to do and the turn will be in.
SPX Daily - Overbought, but as we witnessed in April, it can remain this way for some time. Last Thursday I got the MACD hist decline I had been looking for. Some sort of turn soon should only be a formality now. 1130 resistance has been met.
GL out there this week and have you powder dry for tomorrow afternoon.