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Me thinks the powers that be are starting to sweat it out a bit. Is something coming that they don't want us to know about? I mean they throw out the "banks get ready to prevent a catastrophe" piece. Then all the FOMC mouthpieces come out spewing QE. The China must ease sooner than later rumor. Are they indirectly telling us that something is up? Add to all that the charts, as I have been showing all week, are coming into their own topping situation.
Are the stars aligning? I think so and apparently the Fed sees it as well. So they start lobbing QE rumor bombs and bring out the PPT to try and salvage the (absolutely sensational) 1400 level.
So now we (and the world) waits on the Fed and Jackson hole. Elevated market levels have pretty much dominated discussions. Can the Fed ease above 1400? 1,300? Sure they can. I don't trust 'em and you should not either. Caution is advised. Well timed and protected scalps remain the only way to play this mess. In, out and done, don't mess around with trying to ride something overnight.
They avoided the weekly doji at the close Friday and the charts, finally with the daily, are all coming together for the bears. Heads up next week as the game should be on. Who's gonna win, the PPT, Fed, CB and HFT team or the rest of us? LOL, that's not really a fair fight is it?
I'll update some charts and post anything interesting that I see.
Thanks for another great week on the blog.
GL and GB!