This morning I stayed in a bit cause of the holiday and got to check out the Bloomberg headlines. Needless to say I came away perplexed at best at what I witnessed on my TV this morning.
This caught my eye - GDP Accelerating to 2.9% Helping U.S. Overcome Sandy Woes. Didn't they learn just last week that
How about this S&P 500 in Cheapest Bull Market Since Reagan 26% Below Peak. Yeah, sorry, I should have warned you not to have had that sip of coffee before you read that one. Clean yourself up and come back to finish reading the post. They must have hired that reporter straight from CNBS.
And this caught my eye. My how what was digital dickweed banter is becoming main stream. Shadow Banking Grows to $67 Trillion Industry, Regulators Say (or you can look at it from a realist's POV Global Shadow Banking System Rises To $67 Trillion, Just Shy Of 100% Of Global GDP at ZH).
Confused? You should be and that was just a few examples. The lies and exaggerations and political posturing are really becoming too much to bear.
Bottom line is all is well because the government will spend even more to halt the fiscal cliff death sentence. You can bank on that! And a quick review of why we're in this mess? LOL, we spend too much. But spending even more is the
Something I saw in passing, but can not find the post on Bloomberg, was that Spain may do away with cash and make everyone go to debit cards or something like that. If this is so, it will be a huge deal. Most know I believe the US will be a cashless society one day. Possibly within the next 5 years. This is bad news as the government will control every dollar. Think about that for a second. They will control every dollar you have.
Low volume week may give the bots and algos the calm they need to do some heavy lifting. That would be my first guess. SPX Daily - SPXA50 finally hits a reversal level and the rest of the indicators are all finally oversold but one daily histogram bar showing a positive divergence does not really make the case for some sort of reversal. Maybe the worst of this slide is over and they can begin to build a base here for the feel good Xmas run. That's what they would like. Unfortunately that may not be what they get.
Minis 30m - My my that was a quick tril from 3141 back to 1374. You all know that 74 and 41 were the two big numbers I have been watching for some time. They got 33 point back in the blink of an eye. You should not be surprised. 00 is your next resistance point
GL and GB!