Monetization Bitchez! ECB Intervention Continues: Trichet Accelerates Portuguese Bond Buying, Forces Short Squeeze "That's what Christmas is all about Charlie Brown." To you blockheads that don't get it, fiat expansion, sucking up and hiding bad debts and manipulating stock markets to bring Christmas Black Friday joy to all (even the TSA "handlers") is everything and there is nothing else. Jobs data was a bit confusing. My thoughts on that are the Dems needed a boost to prove the Bush tax cuts must go.
Jobs report - Liesman calls it "another head fake" Puhlease. Wow, Liesman actually showed the U6 number for unemployment at 17%. Did not know they knew that statistic existed. Pissonme just said QEIII is now much more likely so buy the markets! Payrolls Huge Miss: +39K Compared To Consensus Of 150K, 9.8% Unemployment Rate from Zero Hedge puts it best, "And so the myth of the recovery can suck it."
Economic Calendar - Please ALWAYS check the calendar.
POMO Schedule - Light POMO day today, but have no fear cause there is still over $500B to go. (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.
Pivot Points - For what they are worth in this busted market.
Minis fell from a high of 1227.25 which overnight finally took out the November QEII announcement highs and fell in a "flash" to the April high support at 1216. Below 16 just like on SPX you have 1207 and then 1200 support.
Dollar - cracks support this morning on EUR surge (cause monetizaton will do that). Here is the /DX long term. Please note the $79 support/resistance level going back to '08.
What the government gets and what the sheeple are slowly beginning to understand is that this is the great wealth grab. The banks are taking everything. the system is out of control and until law is restored this trend will continue unabated and the middle class will be wiped out. What you really need to be looking out for is the vote on the repeal off the bush tax cuts. If they change the tax law I believe there will be (and there already is based on insider selling) a rush to dump low basis legacy positions of equities (do you want to pay 15% or OI?)
GL, happy Hanukkah, happy holidays and have a great weekend.
Linus Van Pelt: "And there were in the same country shepherds abiding in the field, keeping watch over their flock by night. And lo, the angel of the Lord came upon them, and the glory of the Lord shone round about them: and they were sore afraid. And the angel said unto them, 'Fear not: for behold, I bring unto you good tidings of great joy, which shall be to all people. For unto you is born this day in the City of David a Savior, which is Christ the Lord. And this shall be a sign unto you; Ye shall find the babe wrapped in swaddling clothes, lying in a manger.' And suddenly there was with the angel a multitude of the heavenly host, praising God, and saying, 'Glory to God in the highest, and on earth peace, good will toward men.'"
[Linus picks up his blanket and walks back towards Charlie Brown]
Linus Van Pelt: That's what Christmas is all about, Charlie Brown.