Afternoon Delight 05/10/12 -

All we're doing now is waiting out the coming nasty chain of events (esp with Greece) and then to see how bad it gets and how the Fed reacts. My long term readers know that I have always preferred a crash then QE method. Today we got, "the admittedly ursine Faber reflects on the US (slowing of revenue growth and the real linkages to European stress) noting that unless we get a huge QE3, there will be "a crash, like in 1987" noting he believes we have seen the highs for the year; on the likelihood of QE3 (agreeing with us that the Fed won't act unless asset markets plunge first); on Greece's exit of the Euro and whether policy-makers can manage the exit properly "bureaucrats in Brussels and the media are brainwashing everybody that if Greece exited the euro, it would be a disaster." Marc Faber Sees A 1987-Like Crash Approaching | ZeroHedge

The waves of dreadful news keep flowing and don't look like they are going to stop. Like I said, we're in wait and see mode.

Minis - Blue wedge up and 1360 resistance. Big stick save pop after the close to save a breakdown.

GL and GB!