America has spoken. Will they listen? I doubt it. At least Barry's administration has been called out and he won't have the free run he had at destroying the country. 2 years, complete control and trillions spent and what does he have to show for it? Bottom line is someone has to grow a pair and challenge the special interests. Can the bankers be prosecuted and can real regulatory reform happen? Can the Fed be dissolved? Without that America will never rise from the ashes.
Economic Calendar - Zero Hedge promptly questions the validity of these data points in Perpetually Wrong ADP Number Comes At 43K, On Expectations Of 20K, Up From Prior -2K Please ALWAYS check the calendar. There are a load of important things today and the rest of this week.
Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.
Pivot Points -
POMO Schedule - NO POMO today. There is one tomorrow. 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.
Stockcharts appears to be down, so I deliver the chart I posted on September 01. Why you ask? Cause it was right then and may still be today. Your mandate is to buy, buy, buy. Selling will not be tolerated and anyone that tries to do so will be punished severely.
Don't think we can say much till 2:15 when Ben speaks. So far the election results appear to have been very accurately priced in. Not to hot, not to cold, just right to not elicit any market reaction. That leaves the question as to how was QEII priced in?
Markets are in a precarious spot with April highs just above in most indexes. Overbought falling out of a busted wedge for the second time. Will we have to lower the wedge support diagonal once more to placate the bulls thirst for more upside? If new highs are set that must be considered. In that case this multi-week rectangle may make for a measured move up (continuing the pattern over the past couple of months).
Downside potential is evident. We all know the troubles that exist. No need in beating that horse to death. We all know that technically the markets are growing more overbought every day and have been stretched to if not beyond normal limits.
What's different (than in a normal market) is that the markets are controlled and fraud is rampant. They are controlling markets via FX intervention, market intervention or a variety of other methods. They seem to be able to manage disasters like fraudclosuregate or insolvency every time they arise. This string of luck will run out. When it does the markets will collapse. Till then we must remain patient and follow their lead. Any other strategy has been futile.
At 2:15 the markets will tell us what to do. I have been in the pop then drop camp. Was the pop yesterday? Is the 1200 resistance area too much for even the Fed to capture? Will the euphoria of Barry losing total control be enough to rally the markets? Will the new congress finally put the patient in the operating room and open it up and begin to actually fix something (which will cause enormous pain)? Will the Fed surprise on QEII announcement? All big questions. Bottom line is that until the Fed and Treasury loses control, we are playing their game.