The bombshell that Foreclosuregate is can not be denied. Zero Hedge has two must read posts in Bill Black On Foreclosuregate: Calls For The Immediate Termination Of Bernanke, Geithner And Holder and SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, "Cruel" Cynicism, And Gross Incompetence. Denninger has Bair: Foreclosuregate Is A ****show and many more. Must read stuff that will make your toes curl. My "catalyst" or LEH type incident is here. Now it is only a matter of time before the lit fuse makes it to the powder keg.
Economic Calendar - Loaded with data all week. Please check the calendar.
Earnings Calendar - For my local fans AFL reports after the bell today. Earnings info here at MarketWatch Earnings Summary HERE.
Pivot Points -
POMO Schedule - POMO today! There are only 4 POMOs left and the next schedule will be released on the 10th.
Shanky's Dark Side - Where I call all the intraday action.
Minis down 4. While some of the earnings news is good the broader news is horrific. Still waiting on QEII and the elections as POMO and the HFT bots keep the overbought markets afloat. Commodities and currency are playing a huge role in the markets now. Note the ongoing dollar/SPX correlation is on big time. If you are questioning that the dollar bottomed and SPX is still rising, that is a function called bullshit keeping the markets afloat.
SPX 60m - I am bothered by the fact that 1200 is still in the SPX neighborhood. QEII, POMO and the elections are there as well. Downward pressure is clearly rearing its head in spite of all the "promise" that QEII has to offer. Priced in? You have to ask how much? the wedge scenario now has two lower diagonals. The first one busted and the new lower one is still intact. the divergences are there.The daily MACD bear cross is there. the weekly 200ma is there. I am thinking SPX is forming a head and shoulders here (neckline not shown in this chart - sorry). It is worth about 40 points and may taget the gaggle of daily support near 1130 SPX.
GL and have a great day.