Opex, holiday Friday, schools out down here today (which means I may start slacking the pre-market some but not the trading hours), important earnings are completed (except for NKE) till Jan 10th, all add up to traders maybe slowing down some. EOY prints are still a priority. Maybe some more insider selling. POMO could be distracted to other areas needing support. Spain and the PIIGS are blowing up. After Xmas all bets are off. 2011 will be the year. They can not extend and pretend much longer. 2012 will be much worse.
Economic Calendar - Nothing today in observance of the Quad Opex other than leading indicators at 10:00 which will be rigged by the BLS ao you should ignore them anyway. Please ALWAYS check the calendar.
POMO Schedule - POMO lite today. Only max of $2.5B. (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.
Tax deal done and markets are not liking it. I thought ORCL and RIMM earnings would possibly boost the futures. I thought wrong. I want to think this 4th wave has more to go. Based on time I think it needs to be stretched some to get the top of 5 out a little further. This does not necessarily mean down more, but it could. Still targeting 1283. You should know the topping measurements have us in the window already (it is a big window), so there is a very, very, very distant outside chance a top is set.
SPX 60m - the fall felt large, but in the scheme of things we've retraced nothing. This run IMO is weak based on the fast that price is 3 points off the top but the indicators are lagging horribly. If we gat any pop to a higher high the divergences would be dramatic.
I'm thinking it will be quiet today. Minis have defined support diagonal I showed yesterday on The Dark Side. 1250 is resistance diagonal and 41 is resistance. If the minis can get thru 1230 to the downside a significant move could happen. I'm thinking today will stink and trade in a narrow range.
GL today and have a great weekend.