This headline is a far cry from the "all is well invest away" one I got on my iPhone from CNBS mobile - Citi Earnings Bloodbath: $3.8 Billion ($1.23/Share) In Reported "Earnings" Really $0.5 Billion Or $0.16/Share | ZeroHedge. (WF missed - STB thinks they are the first to fall when this all goes down - with BAC running a close second.)
Bottom line is were at a crossroads. One that we all reach only a few times in our lives. One that your parents always told you that you would face. To join the dark side where the power and riches are easy and great or to take the straight and narrow path of reason and truth which is never as easy but reaps real rewards in the end.
The JPM and C earnings are the lure of the dark side. They say, "Fuck the rest of the world. We don't give a shit what is real or true. All we fucking care about is making as much GD money ad possible no matter who gets hurt. We are untouchable banking overlords. Come join us in the riches and spoils of fraud and greed." That is pretty much it. They have been given the keys to the kingdom. Must be nice when your business is failing and they change the accounting rules and pull most regulation so you can do and say whatever the fuck you want to. Now that is my kind of business model.
So, do you cross to the dark side or remain on that path your parents and mentors told you would be most difficult but lead to the ultimate in righteous answers? Bwahahahaha - of course you cross to the dark side you idiot. Well, at least you works as some sort of double spy thingy. Keep your mind and hear on the righteous path, but take advantage of everything those dumb ass greedy mother fuckers have to offer. This game is about making money.
I had to rerun this from this weekend - If you read this blog and think we're a bit loony read this and see the chart - This is REALLY SCREWED UP! This chart really shows the divergence between those moving to the dark side and those following the path of truth.
US Consumers Hit Peak Schizophrenia - A Chart | ZeroHedge
U.S. Earnings: Company Earnings Calendar - Bloomberg
SPX Daily - This is the best chart I got this morning. It is tired, but still has a bit of room to run if it wants.
SPX 60m - Well, the divergences have finally caught up with the 60m chart - I believe the 10m chart is on its eight divergence.
S&P Minis - /es - 4hr - Still battling resistance. STB did not like the top last Wednesday, but is more comfortable with this one. Still very dangerous to short in the heart of earnings. Play it carefully and always wear your protection.
Minis 1m - You see the 1218 LT support/resistance level and just under or behind that is an old resistance diagonal off the 1373 top. Pretty tough wall here. If price can hold this point, you have to look up to 1256. If it fails, 1200 to 1195 is the first target.
GL and GB.