I can't bring myself to even address BAC and the rest of the banks earnings BS. If I could treat loan loss reserves like that on my balance sheet and get away with it I would not give a dam about how I ran my business one bit. As for INTC, my favorite earnings bitch, here they go again lowering the hurdle into QE where price will not be damaged and they have created an easier beat in the future (rinse/repeat). Amazing how that trick pony has not broken a leg yet.
Not much else to really go off on this morning. The post office may finally be on its last leg. Postal Service Hits Borrowing Cap for First Time - "The U.S. Postal Service in September hit its $15 billion borrowing limit from the U.S. Treasury for the first time in its history, leaving the agency with only the revenue it takes in from selling stamps, shipping and other services to cover its operating costs." and to that I say, good luck.
If they spent $2.4 billion since just last June, uh... well .... we may have a problem here. Oh, no, sorry, my bad. They will just do like the federal government and raise that limit. Let me see the Feds raised theirs from the once unimaginable $12 trillion to $16 Trillion, so why not just let the post office borrow more? I mean, that is the way things are done today, right? The checkbook always has checks in it, so we can't be out of money. So scratch those fears about the USPS going under. All is well.
Minis 30m - Yesterday we discussed the possibility of price hanging around 1432. So much for that. 1446 tried to stop it and now were headed to backtest the yellow diagonal near 1458 as discussed yesterday as well. I do not expect more than 1458, and I would like to see this thing plane out here and consolidate thru the election. Divergences across most time frames are calling BS on this move, but what does that matter when the Fed is in total control?
Daily SPX - After the bounce off major support we spoke of Monday, here we are back at upper resistance looking to set a triple top. or a higher high. This is not right. Any chartist knows this is a total farce and we should be in the midst of a major correction. This is not a normal market though. We must play the hand that we are dealt, and sadly we remain at the table knowing the dealer is playing with a rigged boot.
Rinse/Repeat- Follow the Fed, scalp long or short blah, blah, blah the same thing I say every day. the catalyst will come. Remain patient and prep for the worst.
GL and GB!