Update: looks like I picked the wrong morning to have another field day cause the wave I wanted yesterday happened. Of course the PPT is in full court press mode right now.
Guess I lied yesterday, there is another field day today. LS1 has middle school field day, so I will be out this morning as well. Hey, it worked really well yesterday, so let's give it another shot. If this showing up late thingy works for the bears, count me in. School will be out at the end of the week which will change my post timing anyway back to the summer schedule where I do most of them at night and grab a little extra shuteye in the mornings.
Not sure how the Asian markets will open quite yet and if Europe will follow through, but a couple of waves around the globe of fear would do my soul some good. Want to see how it all went down yesterday see this blow by blow post from ZH. The bond market in Japan is still struggling mightily which it has done for weeks with surprisingly little apparent concern from global markets. Never mind the increasing spreads in Europe or the explosion in the dollar and TNX. All is well, the Bernank said so. (Uh, NOT! See this.)
See this comparison chart to get a perspective of just how screwed up things are right now. Lopsided is an understatement. That's gold at the bottom (record COMEX shorts in hand)
Sadly there is still little magic in the charts. The daily SPX finally turned on its eighth (8th) MACD divergence falling since mid January. This is probably one of the cleanest charts I have with the best support scenarios. There is nothing other than the 20dma and the lower red LT market support lone to stop it before backtesting 1600. Looks like we have another reversal candle scenario. You can see how well all the previous ones have fared this year. I'd wait for some sort of confirmation before jumping too deep on the short side.
I'm at a slight disadvantage posting this at 10:30 Wednesday night. We'll know more in the morning if the wave made it around the globe. I hope it does. It was nice to get a taste of the I told you so's from the bear camp. Now can they just get the ball and run with it? That has proven to be nearly impossible.
I'll be on the board before lunch. Hold down the fort.
Have a good day.
GL and GB!
10:10 - Disqust is under maintenance - how convenient.