I think tomorrow is going to be a massive day. Almost all the Fed governors are speaking and Ben speaks at 2:00. We have a POMO day today (and apparently an unlimited supply of POMO to come). Ben has spoken and continues to send the message to the shorts the they will be wrong perpetually. We're sadly getting closer to the end as QEII is now being globally accepted as the desperation play it is. Hey, who cares! The Fed is now the (finally admitted) global money tit and their tank is full. Pull up to the trough and get your fill (and you can bend over and violate a few more American taxpayers at the same time!).
Economic Calendar - Please ALWAYS check the calendar. Almost all the Fed governors speak tomorrow. That should make for great theater on a non POMO day.
Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.
Pivot Points -
POMO Schedule - POMO today. There is one last one Monday. The next schedule will be released on the 10th.
Shanky's Dark Side - Where I call all the intraday action.
Is there really any sense in posting charts anymore? I mean really. What is the point when we all have an investors dream of perpetually rising markets. What a bunch of dipshits all those insiders that have been selling in droves must be. Ha, and they are running the companies that run the nation. What do they really know? (sarcasm).
I have fortunately been right on many calls, but the one that resonates the most is that the Fed knows that the markets are all they have left between them and total anarchy in the USA, and they will keep the markets up at all cost. This point was echoed loud and clear yesterday. Sadly the other point I have been screaming from the mountain top for well over a year now is that it will take some form of "external" catalyst that is out of "their" control to finally rip the markets from "their" control. What this event will be is anyone's guess.
The insolvency of the TBTF's did not work. Fraudclosuregate has not worked. The PIIGS, jobs, RE/CRE, CDS or MBS, currency wars or all the myriad of other disasters that have launched attacks have failed. What will it take? Bottom line is that the Ponzi that is our global economic system will collapse and systemic failure will occur. We all now know that none of this is real. How do you revert from fantasy, say from the unicorn, to the Ass that we really are? It won;t be pretty.
I guess the only reason to post a chart these days is to see just how many technical rules can be violated thrown out the window. This may become a drinking game. Every time you get a 6 point up 1m candle you take a shot. Shot for every stick save. Shot for every whipsaw. Shot every time RSI14 hits 70. Not sure I can handle that game. Seriously, we'll keep digging and believing in technical analysis and the principles that got us here. Can't give up. TA will eventually win I believe.
SPX 60m - I may lower the lower wedge support. I'm sticking with the wedge for now. I don't think the upper resistance will be violated. Bottom line is the market is forming rectangles and ramping over and over and over and this will be the pattern that continues till all retail is out and the only money left will be the Fed. At that point they take everything private and we become the fascist state we are destined to become. All pensions and retirement plans will be taken over and nationalized. This controlled run should become pretty predictable and buying on POMO days and the dips will remain the theme. The markets have fallen in ABC fashion and then ramped. We'll continue to look for this pattern.
1210 is my upper target at this point and then we go sideways again buying the dips and selling the rips.