I tell ya, they really know how to time these things (and apparently leak them as well based on yesterday's late price action out of nowhere). What time is it? I said, what time is it? I can't heeeeeaaaaaar you! That's right boys and girls, sheeple from all around the globe, it's bailout time again! Sweet Jesus! Lord Gawd almighteh! Thank ya Lord. The banksters prayers have been answered.
Well, I'm not sure which entity the banksters pray to. Some say they are all part of the dark side and have no soul, and I can certainly go for that. "God's work" will be continued uninterrupted in the EU for it is bailout time again. I guess when Lord Rothschild (or Rockefeller or Carnegie or whichever supreme banker) says print, they just do it. It really is sickening. We were warned by our forefathers about this.
Seriously, what a gig they got. They print with ink and paper and that piece of paper magically has tremendous value. I'm still not sure how that works, but hey, it is what it is. Then we the stupid ass sheeple want to borrow some of that printed paper so we put up all sorts of collateral to get some. Now we're paying interest and have secured our loan with collateral. We fail. They come and take everything. That makes NO sense at all, but that's whats happening. You do realize if we had a gold backed currency it would resolve this issue completely, but then the banks would not be able to fractally expand their paper fiat and the system would be fair to both sides. We can't have that now can we. Thanks President Nixon!
As for the market lifting move this morning, they continue to defy the odds. After pointing out yesterday that the US economy missed on 89% of its data points over the past month and the markets still rose, take this in ...
"A bevy of economic data misses overnight, including German and UK retail sales, Japan industrial production, UK consumer confidence, and a European economy which is overheating more than expected (2.6% vs 2.5% exp, although with $10/gas this is hardly surprising), and futures are naturally green. The reason: the broken record that is the European FinMins who are now redirecting attention from the slowly fading LTRO impact to the good old standby EFSFESM, which according to a statement by de Jager has now been agreed on at €800 billion, lower than last week's preliminary expectation for €940 billion in joint firepower." Overnight Sentiment: Positive Despite Barrage Of Misses, On More Bailout Promises | ZeroHedge
Remember LTRO2 was just a week ago and they are already back at the trough. Add to that we've been virtually guaranteed that QE3 is coming. I'm not sure how long they can keep this up, but I believe it is guaranteed that they will as long as there are trees and ink (when they run out of those, they will go digital to 0's and 1's - plus that will be better for the planet). That leaves only one question, GOT GOLD? (not to mention all the other things you shall need that we discuss here daily)
SPX 60m - this shows the HnS I have been looking at. Up for the RS here. Now, you must remember that RS's have been the Fed's favorite launching point for rallys. Their "timing" is miraculous with these cash injections. Targets are in green. I still think we have a 15 to 20% corrective coming sooner than later. All we need is the right catalyst or for the liquidity injections to fade for a bit.
Minis 15m - Green diagonal resistance is holding. Worst case scenario for the bears and best for the bulls are the purple and pink diags above near 1430. 1407 is the 61% retracement of the last fall and price is just under that at diag and 1404 resistance. STB has been looking at this move as a possibility this week. The right shoulder is trying to form for the 4th time now.
As usual, you have to tune into the comments below to get my specific calls and to get updated charts (usually served via my twitter feed @shankystb). Gangsta trading bitchez! Hit and run, scalp only long or short and keep those stops tight. I think the trend is about to flip. Get thru EOQ and new MF flows for the month and let's see what happens. The next FOMC meeting is April 24-25. Lord help us if they can hang on till then.
Don't forget that on 03/31/12 Anonymous is going to take down the net. That is a threat that should be taken seriously. I just hope it happens after I will the lotto.
So, if STB wins the Megalotto thingy what am I gonna do? Well, first mama will take half of it (go figure). Then I make it priority #1 to deposit it all with MF Global, just kidding, I will get it into gold, silver or physical assets as fast as possible and out of the dollar. Boy will I make for a great interview on GMA. (I need to add that if this thing is not rigged it is the only thing in America that is not.) I do swear to build a media empire that's sole mission will be to expose the truth, and I do not care how much money it loses in the process.
Have a great weekend!
GL and GB!