Friday, August 22, 2014

Morning Charts 08/22/2014 SPX /es

Jackson Hole, no more, no less, nothing else matters or will move markets from now till this is over. About the only thing that can derail the coming Labor Day ramp will be bad news from the Fed. Lord help the bears if the Fed does everything right. 

It appears all they want us to focus on the interest rate issue. You know, since inflation is such a real concern. Well, inflation is here to stay where it matters as far as consumers are concerned. Of course with 35% of the nation (that's 109 million fyi) on welfare and growing, what does a little real inflation matter? It doesn't matter how you calculate these things anyway, whatever suits your immediate need can be included or excluded from any computation these days. 

Apparently a few have been given the job of being token Hawks. Sorry for them, but someone has to do it. They will take the side some of us need to hear, while the doves will rule the day, please everyone and make the markets rejoice. We've heard it all before, and they can't change their story now. That would be certain suicide. They are trapped. They know it. They will tow the line until the end. 

I have to mention this for a minute - Microbial life found living on the exterior of the International Space Station, say report. You do realize the big ass can of worms this could open up if true, right? For now the Russians claim it, and NASA is denying it. What would you expect from NASA? So, is this part of Russian global politics? Could it really be true? Are we actually a step closer to disclosure? You know that would make me happy. 

On to the lie - 

Daily SPX - Not sure what good charts will do between now and Labor day, but you never know. As mentioned, some of the indicators are definitely not buying this ramp. They sniff 2000, it is easily in their sights now. Bottom line is the setup that could come with the next holiday ramp may make the on on the 4th look pale in comparison.

Bullish Percent SPX - Not so happy is it? Funny to see BP crash while the market soars.

We're getting closer.

More to come below. 

Have a good weekend. 

GL and GB!

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