Friday, July 20, 2012

Open Weekend Post 07/21-22/12

You know the drill, share the love and the knowledge.

Well, I think most know that this market has zero support and when it finally goes it will literally implode. The question is what will it take to crack the QE code? Everything is totally dismal, and yet the markets continue to levitate. Will it take a catalyst of some sort to break the HFT/algo/QE manipulation curse here or can it just fail? Which bank is going to sell first?

Here is the minis chart. You should =be able to make sense of the movements since the April highs. Pretty basic, falling green wedge to blue rising wedge. As I covered Thursday and Friday mornings, the double top here running into pink resistance off the top at 1374 is a pretty gnarly set up for shortie. More charts are in my chartbook. I'll do some updating this weekend.

Thanks for another great week on the blog. STB visited the 200 comment level for the first time in a few months which was nice. You all are killing it with the great links and commentary.

Have a great weekend.

GL and GB!

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