Not much to say other than tomorrow is a big day. I guess you could call it my D-day. Since the moment when Ben spoke and promised QEII and implemented one of the greatest stick save reversals in market history (bad GDP and employment numbers reversing the markets off a potentially collapsing right shoulder) it has been painfully clear that up would be the only direction for this rigged investment apparatus we still call a market. Here we are with overbought conditions that now rival the April highs on some indicators.
Sell the news? We'll know tomorrow. I think so. I have been calling for a pop then drop, but I am not so sure about that right now. The euphoria over QEII has diminished. Since someone actually decided to look at the effects of adding trillions more to our debt, the effect (or lack thereof) of additional stimulus and overall sentiment for our elite rapists has caused quite the cloud to form over Captain Helicopter's plans to further inflate the bubble for the sole benefit of the TBTF's.
Economic Calendar - ISM and Construction Spending at 10:00. Personal Income And Spending Both Miss Expectations, As Savings Rate Drops To 2010 Low Please ALWAYS check the calendar.
Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.
Pivot Points -
POMO Schedule - POMO today! There are only 2 POMOs left and the next schedule will be released on the 10th.
Shanky's Dark Side - Where I call all the intraday action.
This is my tops and bottoms chart. Care to compare the indexes and indicators over a few years and see what they looked like when the major turns came? Here you go. This chart says very toppy and some sort of corrective is very due. Chart may be best viewed here. I call the larger blue wedge is the Ultimate Rigged Market Possibility. Note: When the Acum/Dist changes and whomever has been on the Acum side starts to dump (if there is anyone to dump to), look out.
Not much to say or speculate on. Everything is absolutely horrific. The markets are rigged. We'll know the markets reaction to QEII tomorrow (I think it sill be mixed at first then sell off). Will this only be a corrective or the real deal? Only form will tell us. Impulsive selling with volume (possible flash crash) with MF and BD's playing will be necessary to get the markets really moving south. I am mostly concerned with the potential voting of a lame duck Congress.
To those of you that have not voted, get out and vote! Personally I will be voting for anyone that is not an incumbent. the only way to get change is to get the bought and paid for cronies (like Frank and Pelosi) out of office. They all have destroyed our nation via their servitude to the special interests. They all must go.
GL and have a good day.