Won't Get Fooled Again - classic Who. Should be the theme song for what's coming. Don't be fooled by the ADP report. Sure, you can follow the money and bullshit stimulus figures till they don't work anymore, you would be a fool not to. But don't get fooled again when this third bubble busts in yo face. Pure stimulus bitchez. That's all it is. A printing press in overdrive robbing from Peter (you) to pay Paul (the elite bansters that are robbing the middle class blind). Grow your fiat pile as high as you like, cause for every dollar you ear they are printing a thousand making your dollars worth less and less every day. Sucks doesn't it. Truth hurts. All this to save our asses? Nope, all this to save the elite that are running the show. Rockefellers man, it is all about the banks now. Not you, not me, not your kids future, not our country's future like they would have you believe. It is about their future and their success and their huge fucking piles of money. So, don't get fooled by the billions of POMO fiat bullshit pumping into this market every day supporting a market that does not represent anything other than a Ponzi system that is doomed to fail.
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around me
Pick up my guitar and play
Just like yesterday
And I'll get on my knees and pray
We don't get fooled again
Don't get fooled again
We'll ge int some Baba O'riley next week .
Lord I miss ranting - note - I will be going .com soon and am planning on getting back to my ranting roots and expanding the blog to better serve you and expand the message that all need to hear. Not to mention improving the trading and technical calls that you all come here for in the first place.
On to the markets -
On to business. Someone steadfastly remained short going into today, but also warned that after today POMO returns. When I woke up I was tickled to see the minis down 10. Then this ADP crap came out and they recover almost 9 points. America is still functioning, but remember how and why. Without stimulus and TARP we would have done away with the TBTF's, would have been thru the severe deflation and coming out the backside of the debt crisis. Instead we're living in a stimulus bubble that will eventually burst when we run out of money or ink (whichever comes first).
I'm still thinking blow off top here, but can't dispute earnings coming Monday and POMO is alive and well which could screw up a great short set up. If the wedge formations all over the place are correct then we've topped or are nearing one. As speculated, the charts may be leaning to calling a earnings disappointment that POMO can't control to a point. I was willing to commit thru today, but POMO returns tomorrow.
The ADP report may indicate some sort of surprise Friday. So shortie needs to be on the look out. That upper daily BB is in the way right now and the BB is narrowing indicating volatility is a commin. Which way? A significant push higher here looks technically improbable given the ramp and overbought conditions, but we must remember the Fed via POMO and manipulation are in TOTAL control.
The flurry of improbable ramps we have seen over the past year are to serve as a reminder of the possibilities to come under the current regime. The minis are pulling back again hurting the 30m candle formation coming into the open. Let's be patient and let the market show it's hand this AM. I'm still leaning down on this smaller POMO day. I think that minis 50% channel diagonal off the 667 lows is significant resistance.
I have been calling the (the way I measure it) 1283 5=1 target for some time. It is not definitive cause of POMO and the never ending Ponzi, so the improbable can continue. I'll bring my CPC chart out this AM cause it has been fairly reliable at calling tops. I want to call one here (it may actually be set), but I can't and you know why. Even with the wedges ending, yield curve flattening et al. I do think we're close. I have been speculating that we'd top in February. Problem with that is we need an exogneous/external event that will rip control from the Fed. Will that event be the Debt Ceiling? A war? I have no idea, but that SOB better come soon.
On a side note: Did everyone vote this morning for me on Stockcharts? Whoops, you couldn't cause I'm now Hall of Fame author on SC. Nice! Thanks to all of you for your continued support. I know it was a pain to have to remember and go vote each day and sincerely thank you for your efforts. I'll do my best to remain worthy (or even get better). Very humbling to have started all this blogging and stuff less than 2 years ago and to be having the support and success I am. Thank you very much.
GL and GB.