Is anyone else confused? Choice can do that to you, especially when under pressure. From what I have seen is the EU is going to the buffet style, all you can borrow of whatever type of bailout you desire for $5.95. BRILLIANT! How else would you think this crisis would come to an end? The ultimate crescendo, party on Garth (Heather be they name schwiiing), hopium for all as the economies of the globe deteriorate at an exponential pace and the banksters take all the fractalized money and run.
Before I go off the deep end, I'm just gonna let this BS parade play out today. The EU has not come out of one of these meetings with any sort of viable solution other than increasing lending and expanding austerity (which neither has worked yet, DUH) . Don't forget we have our own extend and pretend parade next week! Whoopee! Also, don't forget that there is no possible solution to the hyperrepothecated expansion of debt that we have experienced over the past couple of decades.
Let me put it simply, in the case of the USA we take in $2 trillion, spend 3 trillion, owe 16 trillion and have 120 trillion in unfunded liabilities. You do the math and tell me how that is going to work out with 23 million unemployed and 50 million on food stamps? (and don't forget the DHS buying 1.4 BILLION hollow points for domestic use)
All that and the markets are where? Why again? Separating reality from fantasy has apparently become a difficult task.
As for the markets, I sit and patiently wait for my catalyst. That is all you can do.
Minis (pick a time frame - any time frame) I used 60m here - If you can make sense of this BS be my guest. Yes, no, yes, no, on, off, on, off, up, down, in, out screw this price action. This is a top forming, you just have to be patient and let the trend decide to either continue up or reverse down. Team manipulation is apparently trying their best to have this market behave and remain at the elevated levels till the election.
The charts are ready folks. The charts will be right, you just have to be patient and let the play materialize. You can not force anything. Nothing has to happen on your schedule. This market will turn when it is ready and the proper catalyst presents its self. Till then, scalp long or short, get in and out and take the easy money till a real trend you can ride develops.
The political uncertainty dominates the news and things are far worse and much more dire than they are leading you to believe. Fiscal cliff is a very kind way of saying, "Boy that's a long fucking way down right there." The crony puppet masters are in full desperation mode right now and are apparently ready to refinance their deal with the devil for the Nteenth time. The madness will end and that's when the real madness will start, just ask the poor folks in Spain and Greece how they are doing right now. I'll remind you, get prepared for the worst.
As usual, updated charts and market commentary flow throughout the day in the commentary below.
GL and GB!