Friday, May 2, 2014

Shanky Classico! Morning Charts 05/02/14 SPX /es

Wow, ZH looks like it is full of fun and joyful reads this morning. Let's check a few out shall we.

How bout How And When The Bubble Finally Bursts: Jeremy Grantham's Take for starters. The title has more bark than the post. I guess the old man that's been further ahead in calling the demise of the credit bubble than anyone (he's one of the first I really started to like in the 90's), and apparently this late in the game he not at a point he's ready to rush things along. JG thinks, "But I believe it probably (i.e., over 50%) will not end for at least a year or two and probably not before it reaches a level in excess of 2,250 on the S&P 500." Personally, I think the dude has lost it.

Maybe this is why JG thinks what he does - Financial Engineering: If You Don't Like The Free Market, Change The Rules. In what is yet another timid post with a hyped headline we get a sissyfied MSM worth recap of bond manipulation. TD, this was not worthy. This is a big softball if you ask me. ZIRP risk ON bubble - I get it - now how about some meat with that story? How about some NSA and administrative intimidation with insider action and a few bankers going 6 feet under? Let's skip the soft ass ZIRP tea party and get to the really good stuff. Screw the bonds did this and that and .... really? We're waaaaay beyond that now.

Next would be "Weaning The Stock Market Off Casino Capitalism Will Be Anything But Pain-Free".OK, this post is a winner and should be included in every addition of Stock Markets for Dummies ever printed. This dude bats like 1000 in this post with hit after hit coming in rapid succession. Try this, "But did any responsible adult really believe there would be no pay-back for all these years of the Fed’s force-fed gains? If you do, you probably also believe foie gras grows on trees."This post gets STB's seal of approval.

And most recently - Whopping 288K Jobs Added In April, Far Higher Than Expectations; Unemployment Rate Tumbles To 6.3% - I'm not even going to entertain I guess JY had a bet with someone that even at 70 she could make something achieve morning wood - and the aftershock - when she took the mask off - was to be expected. AHHHHHHHHHHHHHHH!

On to the lie -

Any wonder now why I've been on a fence not knowing what the heck is going on? There is more shit in play here than at a porn party in Hollywood. And this ain't no B grade party. This is all A list stuff. Major players in the game.

Minis 4hr -

Minis 60m - Can they take out upper blue channel resistance? Bottom line is they have to or else IMO. I've been discussing two scenarios up and down. Price is at one of those either/or points. I guess it is all a matter of what they want here, so all we can do is watch and wait.

Minis 30m - After my 1844 call hit the focus went straight to this 1874 - 78 area and here we've been stuck for days. Even the morning wood was taken back this AM. That water must be really cold up in the 1880's.

More to come below.

Have a good weekend.

GL and GB!

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