Boy this market looks sick. Will my all bets are off till after Xmas call make it to the big day or do we top before (like yesterday)? Either way it is time to start looking at what the fib retracements are calling for. That 5=1 measurement of 1283 is in the neighborhood. Stopping just shy would not disappoint me. Based on the counts we should be very close, but there is this slight problem called the Fed and POMO. Gambling that a manipulated and controlled market that has destroyed divergences like Optimus Prime beats on decepticons has proven to be a fools game, but maybe this time will be different. I'm still a believer that my external event will be the catalyst. It may not mark the top but it will be the one event that will send the markets into that final tailspin they will not recover from.
Economic Calendar - GDP tomorrow. Please ALWAYS check the calendar.
POMO Schedule - 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 Daily - Little different view than yesterday. Look at this chart closely. The support line under the MACD and the TRIX (not drawn) are running out of room. Looks like February will be the max (who's been calling for the top late Jan/early Feb with an all bets are off after Xmas kicker?) $BPNYA is above the red market top line. Divergences are everywhere in a market that should have (would have under any normal circumstances) topped back in November after the QEII announcement. We're in some extreme conditions up here.
The 2007 highs are not that far off which should be disturbing to all except the Fed (bubbles do not exist to them). Divergences all over the place with over bullish sentiment are the norm these days, but they keep on pushing the bar higher. EOY prints will be where they want them if they can keep this up. The struggling hedge funds are working overtime to get their heads above water (like some here, the smartest in the world all got burned being short).
Santa comes tomorrow night. I hope he has something good for you. I also hope you are enjoying the season. GL!