Thursday, October 7, 2010

Morning Post, SPX, S&P 500, e-mini

Gold hits 1366. Do you buy here or not? Like Dirty Harry, "Do ya feel lucky?" Well, if you, "gots ta know", sorry, there is no answer to if gold has any bullets left in the chamber, but one thing is for sure, gold is the 44 magnum aimed at your head from 5 feet away and if it should turn it will blow your portfolio "kleeeeen off".  I'm still voting for a pullback. Is it deserved? Hell no, but some sort of intervention (if still possible and they have not let price control slip thru their fingers like some greasy chicken bone) may still be possible. With bullshit like this Is HR3808 The Equivalent Of TARP 2 And Obama's "Get Out Of Bail" Gift Card For The High Frequency Signing Scandal? and this 22nd Weekly Outflow From Mutual Funds and this you can no longer discern reality from the Matrix.

Economic Calendar - Natgas at 10:30, Consumer credit at 3:00 and apparently the Employment Situation report is supposed to be some sort of surprise in the morning after ADP and jobs today?

Earnings Calendar -AA after the bell and then not much till Tuesday with INTC.

Pivot Points - Like they make a difference?

POMO Schedule - No Mo POMO That does not mean they are gonna send the PPT packing. "The next release of the approximate purchase amount and tentative outright Treasury operation schedule will be at 2 p.m. on October 13, 2010. "

Shanky's Dark Side - Where I call all the intraday action.

If you did not see my SPX Descending Triangle Possibility post below give it a look. 

In the land of unicorns and fairy tales anything is possible till you wake up from the dream. This dream will be disturbed one day, and it won't be from some "visitors" coming to give you an anal probe. Nah, this is gonna be more like Hellraiser coming to possess your ass for eternity.Nothing is real anymore and if you think things are getting better, you are sorely mistaken. We're on the Event Horison of the great toilet bowl black hole in the sky.

Here is the chart. If I am lucky we JUST topped on the minis and the disaster can begin now. Of course this is stupid as shit, cause the simple promise of QE II will ramp the newly mandated SPX/Gold correlation  to infinity. Of course the fact that we'll be our own largest debt holder in a month or two taking Japan out is simply the biggest fucking joke ever. This is so stupid.

Anyway, if I should get lucky and we are near some sort of top (The minis may just have) here we go.

GL out there. I sell survival seeds on the right if you think you may need some.