Wednesday, April 10, 2013

Morning Charts 04/10/13 SPX /ES

I'll tell you this, it gets harder every morning knowing where to start my posts. What there is to write about is nothing less than refuting lies with facts day after day. For example, here we go back into budget talks and the Buffet tax. Really? Now we're naming tax plans for investment grand master billionaires? This tax won't work either. The only tax that will work (other than no tax which they are considering in LA) is a flat tax, but that would not be fair of course. Anyone remember the fiscal cliff? It's still there.

How about the Japan wax on, wax off easing plan? It appears that they may have watched the Karate Kid one too many times. Maybe when you've eased so many times no one can keep count and your debt/GDP ratio is well over 200 playing Russian Roulette with your currency is an acceptable economic measure.

China? LMAO. We all know not to trust a word out of their mouths, but when it is this positive who cares if it is real or not!

Earnings - and I'll quote, "but the lowered expectations could make it easier for companies to beat analysts' estimates and propel the markets further." Now where have you heard that before? Do I need to repeat myself? Lower estimates into a QE lifetd all ships rise no matter how bad the news (remember worse is always better) and get the easy beat at the end. Brilliant! No pain and all the gain. Shall I translate that for the truly ignorant - allow me - What this says is that as conditions deteriorate the markets will go up.

Good luck bears. They got you coming and going. It appears they have an answer for everything - at this time. However, they won't forever. Patience my dear STB readers. Their game is coming to an end. We just have to get this last bull trap, BS, all is well euphoria out of the way (plus they don't have our guns yet, so the takeover can't commence till that is complete).

I mean, all is well. Sure there is this overwhelming concern of nations drifting into protectionism, and states are drafting laws to make gold and silver currency. Those are things you don't need to pay attention to. Those are extremist views that carry no water. Don't worry about bail-ins, deposit confiscation or retirement plan overhauls. That's all just everyday rhetoric.

N. Korea - Who knows. I prefer to think the millionaire playboy is rattling sabers to ease sanctions, but who knows?

Wake up people.

On to the markets -

Minis 15m - Gotta love all time highs in this environment. Makes all the sense in the world. I'm not sure about this wedge playing out or morphing into a larger channel up (the preferred formation of the HTF bots). I did raise the upper diagonal on the wedge this morning. It is truly wide open to either side here for a move in either direction. This thing could be at 1585 or 1545 in the blink of an eye.

SPX Daily - Best look at all the support.

INDU Daily - For the LOL of all LOL's check this one out. Everything is in total overthrow mode setting up a real disaster sooner than later.

Patience folks. I know it's hard, but that's all you've got left now. Oh, and prepare.

Masters week. Enjoy it. Truly spectacular stuff.

Have a good day.

GL and GB!

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