Friday, November 19, 2010

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

Opex Friday before a holiday week with the futures down after a huge ramp day, could it get any more confusing? Not going to discuss the TSA or other meaningless bullshit our government and Fed produce on an hourly basis this morning. It is friday and let's take the time to forget the fascism for a minute and head into the weekend on a positive note.

Economic Calendar -  Nothing today. Please ALWAYS check the calendar.

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

Pivot Points -

POMO Schedule -  The next 3 days are POMO days. (really we'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

I'm not expecting any big moves till we determine where the dollar is going. Dollar as expected is consolidating under resistance and above support on the ever narrowing 79 to 78.50 range. Something will have to give here soon. After a day or two of consolidation I would expect it to fall to 77 after upper resistance holds here. Dailys slightly overbought. It can break out and if it should 80.11 would be the first target.

30m chart is my favorite right now. Let's see if price can make 87 and then if it can stop there. I am looking for the blue wedge to possibly dominate trading next holiday week. What you need to look out for is price taking back all of the move yesterday as that has been the trend.

Not much else to say this AM. Let's make it a good day and get our weekends off to an early positive start shall we. Entering the holiday season we need to remember to be thankful for what we have and why we have it. This thought also leads us to contemplate our freedoms and how they are rapidly eroding. Please take the time to discuss this with family, friends and neighbors cause the time is coming fast where we may will have to make a stand against an out of control government. 

GL and have a great weekend!