Tuesday, July 3, 2012

Morning Charts 07/03/12 $SPX $ES

Let me put it this way this morning, stocks are incredibly overvalued and gold and other PM's are incredibly undervalued all the while the bond market (while they attempt to contain it) is screaming the bloody truth.

This rigged POS system is crumbling and everyone (except the most ignorant) knows it. What is so sad is no one can do a darn thing to stop the corruption and even if they did the punishment, well let's just say there would be none (Corzine). The cartel /mafia run and control everything and there is not a darn thing we can do to stop them.

So we head into the holiday with the markets posting their lowest volume in decades, with the HFT bots controlling the fantasy, Lie-borgate possibly becoming my next "event" candidate (add the MS ratings fixing to that list), Germany trying its damnedest to foil the EU and save its own ass, our debt is unsustainable, our economy is collapsing and we have one known failure and another insider favorite running for president. 

Enjoy this 4th, cause it has a good chance at being the last one you will want to celebrate. I have a feeling the overriding theme next year will be about revolution, not the one in the 1700's but the one we need today to take our country back from the robber barons. 

I don't thing the market does anything significant today, but Thursday and Friday could be very interesting. Volume will remain low to nonexistent. It is the quirt two day period that has me a bit suspicious later this week. 

SPX Daily - Resistance is strong here and the last ramp was total bullshit. As usual, the markets run up hard on rumors all will be well and then when the fix is not on they do not give back the gains but hold the unsustainable levels. It is total BS. The NYMO says top here at this resistance level, but other indicators have a bit more room to run. The double top here at 1362 could be a nasty spot, but the carts are not screaming sell at me just yet (close, but not yet). 

I'll have some sort of post up for the 4th. Enjoy it while you can. 

GL and GB!

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