Fed tomorrow but Otyrant tonight. As usual, I will not be watching. Most here know I can not stand to see the person much less hear his voice. Yes, that person who hates America, everything it stands for and wants to destroy this country will address the nation tonight. He's going to tell us what he will do - legal or not. At least we know he will not be lying when he tells us he"s going to use the power of his office to do whatever the heck he wants to.
So, do you think the market will close red on the day Ofascist speaks to the nation? Impossible! Will any bad news hit the wires? Impossible! It will be smooth sailing all the way to the bully pulpit where his puppetness will throw down the law as only he can. Is Tzar Obummer an imperial president? Read this about the person who believes he's king.
On to the lie -
Ontichrist is all that matters today. Then the Fed and taper tomorrow. The Fed is a big deal, a really big deal. Maybe the biggest deal will be GDP Friday. The Fed's coming action may be somewhat priced in, but GDP is not. Let's see if we can locate the clues for who leaked what and when, then follow their lead.
SPX Daily - 50dma, 1810 and upper black wedge resistance are all now in the way of a rising price. Markets are somewhat NT oversold, but in the grand scheme of things still way overvalued. There is nothing in the indicators I see that indicates a rebound quite yet, not that they are necessary in this rigged game.
Minis 60m - Price remains perilously close to my red line of death (1755). AAPL took a bite out of the rebound party this morning (went as low as 500 AH). One more of those from FB or GOOG this week and the party may be over. They are not out of the woods just yet, but they are very close to a point I believe they must hold or else.
Minis Daily - Look at the hole they created below the red support. Nothing there to stop a fall to 1701 and the 200dma. After that, very little down to 1630. We're talking verge of epic collapse.
More to come below.
Have a good day.
GL and GB!