Tuesday, November 9, 2010

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

Fed Global Backlash Grows boy is this a tough time to try and figure things out. Everyone is coming at the Fed from all angles and they defiantly stick to their guns. I guess when you have been responsible (along with the government) for virtually destroying the global financial system people begin to lose faith in your fraudster/scam ways. Even the sheeple are tired of seeing you serve the banks like some high dollar prostitute and rob the poor at the same time, your game is tired and soon to be over. The only debate that is left is does the Fed continue on the path to total destruction or do we simply destruct and begin to rebuild now (like we should have in '08). As long as the banksters and special interests are in control, we know who will win that battle no matter the cost.

Economic Calendar -  Really quiet week for data. Thursday is Vetrans Day. Please ALWAYS check the calendar.

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

Pivot Points -

POMO Schedule - NO POMO today or tomorrow. The next schedule will be released on the 10th.

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

UPDATE: Just looked at my CPC chart. Things are really getting extreme at this point. this does not mean a top, but if trends hold, we're darn close if not there. 

SPX Daily - Still living outside the upper BB. Overbought is an understatement. A joke is the best possible description. Manipulation is still rampant even thought the Fed is apparently in deep shit. Still not sure what to think. If the bastards continue their ways (allowed to or not), then nothing changes and the ramps continue (despite the tsunami of criticism). If they announce that QEII is dead, the markets dump really fast and hard. So, do we finally take our medicine? We all know what happens when the fed stops. So, can they? Do they?
Index Comparison chart Daily - Financials still lagging, but I like it as a bear when they all bunch like this and with the financials lagging, that may be a tell that a turn is due. Well, that would be a "normal" situation, and we all know things are not normal.
SPX/Dollar comparison chart - Daily dollar/SPX Rorschach test.
So, no POMO today or tomorrow and data is light. This is the time I thought the bears would have a chance. I called for a euphoric pop then drop after the QEII announcement. I got off to a great start yesterday calling for a quiet RED POMO day and got that. This call is facing a do or die scenario today and tomorrow. In hindsight, any call for a fall in the face of pumping liquidity may have been idiotic, but with conditions the way they are a pullback (under any "normal" circumstances) would be expected here. I raised my target form 1130 to 1170 for the pullback. IF, IF, IF somehow QEII gets sidelined, the crash is on and were still in C of P2. If not, then I'm guessing were somewhere 5 of P1.

Normalcy is being cried out for and as mentioned above the Fed's plan to pump more fiat into a already bloated fiat system is severely being balked at. Here we are again at the gate of do or die. We all know they are running out of stick saves. Where is my catalyst? Where is the one thing that can rip control of the markets from the Fed and send us on the righteous path to the bottom where we can finally begin to rebuild and rid the world of this credit bubble? With China cracks down on inflows, slams QE and the EU about to crumble maybe the Fed will not be able to stay off the global full court press they are about to face. On the other hand, a caged tiger (Fed) that is protecting its cubs (banks) will fight to the death.

GL today!