Thursday, February 16, 2012

Morning Market Summary and Charts 02/16/12 #SPX

Anatomy of an over bought, over extended, Fed pumped, rumor driven, SB market that feeds on lies and your future tax dollars like some beast from hell.

SPX 60m - I think we topped yesterday, but there are no guarantees to that. Forget #Linsanity, this is #Bensanity. Not really worth commenting on as the market will do what the fed wants it to. More BS from the BLS this morning to pump the stump for Obummer is further proof of this election year corruption we're gonna have to deal with. 

GL and GB!

Minis /ES 1m - Resistance? We don't need no stinking resistance. 1341 tried to stop it, then the whits diag had it for a second, then yellow wedge support gave it a shot along with blue wedge support and 1351. I get the backtest. That looks all normal and good but not the bust of 1351. That is excessive force and should be punishable by law. #Bensanity!

SPX - No soup for you! This is totally rational and normal market action. Nothing to see here, just leave your funds at the gate and we'll make sure they are invested properly. This chart is the ultimate -  Yes, no, yes, no, yes, no - sounds like, well I better not go there.

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