2,000 SPX - focus on that like a hypnotist's golden watch. Good, good, you are getting sleepy now. Just focus on 2,000. What the hypnotists don't tell you is that they never intend on waking you up. They must have you in an unconscious state where you're capable of being programed.They can't allow any independent thinking at this time. Those folks (like us here at STB) are dangerous terrorists.
For all the hot action this morning, following a so far very forgettable Jackson Hole non-event, see S&P 500 To Rise Above 2000 On Hopes Euro Collapse Accelerates, Euro Yields Hit New Records. I'll summarize the post with this quote, "All in all, a typical day in Europe's slow-motion implosion." Add this to France In "Political Turmoil" After Hollande Unexpectedly Dissolves Government and our focus may need to shift overseas and to gold and the dollar.
I'll add another ZH post to the above that hits on the STB 'Bail on the Lame Duck' meme I've been proposing. This is right in line, a complete and utter throw Obummer under the bus, but this time it's coming from inside his own camp. Cornel West Blasts Obama Is A "Brown-Faced Clinton", A "Post-Traumatic Depression" Will Follow is a pretty damning (accurate) post from someone that was supposedly directly in line with our socialist leader,
"The thing is, [Obama] posed as a progressive and turned out to be counterfeit. We ended up with a Wall Street presidency, a drone presidency, a national security presidency. The torturers go free. The Wall Street executives go free... we ended up with a brown-faced Clinton. Another opportunist. Another neoliberal opportunist... So you got low-quality black leadership. Al Sharpton is who? He’s a cheerleader for Obama... Eric Holder won’t touch the Wall Street executives; they’re his friends... I think a post-Obama America is an America in post-traumatic depression."The meltdown is coming. The rats are bailing ship. potus is off "course" (vacation/golf course) and back in DC now where he is most dangerous - especially without Congress. This is when he does his most damage (think executive order). I think Wall St. is terrified of him at this point as they should be.
potus (notice I do not capitalize this cause I have absolutely no respect for the office at this time) must make waves, and waves he will make. He's got to do something to save face. No telling what that will be, but could a banker go to jail? Is he about to turn his corrupt justice department on the financial wizards of Wall St.? I think this is a real possibility. If he does, you know he'll be JFK'd and BAM his place in history is secured as the nation rips apart at the seams. More on this thought to come.
On to the lie -
Keep your eye on 2,000. Just watch 2,000. Good, now you are getting seeeeeepy.
Daily SPX - They are about to either have another improbable overthrow (the 6th since January 2013), or the double top with some horrific negative divergences is about to get revenge. Notice that one of my favorite pre-turn indicators (the MACD Histogram) set a lower bar Friday. The indicators definitely did not 'buy' this last ramp. In normal, historical conditions this is a point where I'd be lining up the shorts for entry in a big way. Sadly, anything normal and historical got thrown out with the baby and the bathwater in 2010.
More to come below.
Have a good week.
GL and GB!