So, what should we waste our time discussing this morning. I feel a bit like Mr. Hand and the Fed and its gang are a bunch of Spiclois (or is it the other way around?) The way I see it the Fed is causing a major disturbance on our time.
What is there to discuss that's not to the Nth degree for the umpteenth time over the past four years? Greece, Italy, France, the EU, MENA, US jobs, GDP, debt you frigging name it, it is one giant scratched record. Here we sit extending and pretending again except this time they screwed up. They forgot to let the market crash. They got greedy and thought they could have their cake and eat it too.
All there is to do now is sit and wait. As discussed here every day, you have to follow the Fed. That is your only option. Don't fight it. Nothing has to happen (at this time) other than what the market manipulators want to. I've discussed entering a period of unprecedented manipulation and that's just what you are witnessing right now.
So, do the bears get their correction? I think so. Will this be the big one? Not sure, it all depends on the catalyst and what the Fed can muster to fend off any attacks. We need to wait on Jackson Hole and let the Fed tell us what their plans are. How will they use their tool this time? Hopefully they will stop jamming it up the rear of the current and future generation of taxpayers. HA! Don't ever count on that. At this point without global default (which I have called for years) you are forever indebted to the system to pay for the years of corruption, waste and wealth transfer to the elite.
I discussed calling a top back on the 8th. Patience will pay off. You just have to let the Fed and the MSM run its course. You should expect one more Hilsenrath rumor and Mr. Potter will be waving his wand as well. At this time everything is set up for a great tumble. The holes that lie under price here are great and when this thing gets going it should fall in chunks. I wait on my catalyst.
SPX Daily - What the heck is TNX up to? Double top with all the fixins. See my post yesterday with all the dirty deeds that are set up to undermine the greedy ass market rigging bulltards at this time.
Minis 60m - Diverging and at LT resistance - never a good combination. there was a time in the past where I would have called a top yesterday, but I remain cautious. I could still pull the trigger, but this close to a major event like Jackson Hole any calls here are a crap shoot. Let them show their hand. Sure we may miss the top, but you will get the trade right. All your critical points are on this chart. I will be more specific and drill in below in the commentary if necessary.
I'll do a chartapalooza tomorrow covering everything. As usual commentary on the markets continues below.
GL and GB!