For those that do not follow ZH on twitter you are missing out. The one liners are tremendously humorous and inormative. Like, "With 67.5 million shares, Best Buy Chairman Dick Schulze has lost $320 million in the last 28 minutes". Nice! I guess the FASB fraud does not extend to retail (yet) like it does to a TBTF. Something tells me BBY does not qualify for GSE status either. CNBS spinning electronic sales not important? Hell all we buy these days are electronics.
Silver and gold, silver and gold, getting hammered this morn. Silver and gold getting hammered, on every Christmas tree. Dollar bouncing off channel support OR it is a larger head and shoulders about to let go like all get out. The last HnS we pointed out last week played out right to channel support as we thought. Can it break down here as part of a larger HnS? Dailys oversold. Might not work this time.
Economic Calendar - Pretty busy the rest of this week. Please ALWAYS check the calendar.
POMO Schedule - We got a new schedule Friday and the biggest surprise was there will be two POMOs on the 22nd totaling a possible $17 billion. Yet another POMO day today. (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.
SPX 30m - just a clear view of the wedge that has lost support.38% retracement is at 1218 and the 30m 200ma is at 1210. Those should be about right for a pullback here unless things get worse. A larger retracement to the 1180 level should be in order if the form and wave are complete. Of course that is betting against POMO and that is not a smart thing, so we'll take baby steps and stick with the targets above 1200 for now.
SORRY - I for got the chart - oops.
Let's stick with targets above the 1200 line for now and not put the breakdown cart ahead of the horse. A proper move would take us to the 1180 range, but I'm not willing to go there will after Xmas. Might be time to consolidate and form a range. That would be my best guess, unless the EUR falls apart and then all bets are off.
Yesterday we discovered that the Fed and Treasury may have been supporting the broad EU (as we expected and called) with the first month of missing POMO from right after the QEII announcement. you taxpayer dollars are now going global and not thanks to only the military anymore! Merry fing Xmas PIIGS! Don't see any reason for them to thank us as a continuation of the global Ponzi will only make things worse down the road.
GL out there and happy holidays!