Friday, October 29, 2010

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

GDP was right on the number - SURPRISE. LOL, even Santelli says look for it to be revised downward these days. I'm sure he'll hear it from the boss this afternoon for that one (must follow propagandist rules).

My thoughts on the elections - 1) VOTE, get off your ass get out there and vote. Every vote matters. 2) I will personally be voting against every incumbent regardless of party (the Franks and Pelosis of the world MUST be removed from office if we want our country back).

Economic Calendar - GDP, PMI (9:45) and sentiment (9:55) today. Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - NO POMO today! There are only 3 POMOs left and the next schedule will be released on the 10th.

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

One chart today - This is my cycle top/bottom chart. It has done pretty well so far and I'll stick with it till it breaks. Black box is what I am expecting as the pullback range and the red box indicating the next top is what I am suspecting at this time to be the final top if this is not it. We'll know by form of the fall (super heavy selling and basically total panic - the next flash crash) when the real top is set.

Other than one stumble last week, I have been spot on since the 1040 lows when Ben spoke of QEII consistently preaching of the powers of POMO, the "promise" of QEII and the fact that they can not let the markets go before the election (actually they can't let the markets go ever). Nothing big happens till the QEII announcement. I do believe there will be some sort of sell the news event, but how large is the question.

At this time I'm speculating the 1125 area as my primary target with a descent chance it could be worse than that. They will not let the markets fall significantly before the elections, but volatility should be in play as the few that are left participating in this rigged POS market jockey for position. THEN you have to think about the markets and the Xmas spending season. Can't have shoppers out there worrying about their retirement accounts. Then you have to think about the lame duck congress and what the hell they will try to ram thru before the EOY.

I hope everyone gets more treats than tricks this Saturday night. Lord knows it has been a few years full of tricks and sadly we have many more to come. Let's at least get a good sugar buzz on this Saturday night and enjoy it while we still can.

Thanks for the views, votes on Stockcharts and your support. Have a great weekend.