Actual good news? Is it possible? Holder out? (see Drudge for all the headlines) Oh my goodness. What sort of can of worms will this open up? Obummer's enforcer-in-chief gone with two years left of lame duck status? AJ briefly hits on some of the Crimes of Eric Holder here.
I started talking about the mutiny back in June that would come (and the dangers it could lead to). This is a move I did not expect, and now potus will have only his race card left to protect him. It will be a great day for the nation when Holder (actually both of them) is gone from his post.
There was more good news last night - Seriously - not kidding (unless this is a propaganda rouse) - FBI blasts Apple, Google for locking police out of phones
More good news (impossible - no). This is more positive posts in one night than I've posted here all year. Try this one out - Concealed carry approved in DC? Impossible you say? NFW? DC? The home of Constitutional destruction? Wow, maybe Kaypatcha hit on something yesterday in the Pele report. Are the stars aligned?
Mish has an awesome post blasting the War in Syria and with ISIS. My favorite satire/truth about our foreign policy today, Mish concludes -
Please look on the bright side!
Gotta love the military industrial complex! Lord knows there are not any secret societies controlling things from behind the scenes.
On to the lie -
So, what went down with the market yesterday? Here is the laundry list of possibilities from ZH. When you get all that with a market that was technically ready to tumble, not even the CME/PPT can support the initial onslaught. I've been telling you since June that the moves south in this overbought overly nervous market would be swift and dramatic. The was witnessed in the July tumble, and I'm a bit surprised that once through 1973 today there was not more acceleration to this tumble.
SPX Daily - This is the cleanest chart I have. Really simple, if the 34 ema cracks the 100ma (1955) is most likely to get hit. Follow the blue channel up for your ultimate support near 1909. If they lose 1909 then as I have noted I believe the serious stop loss selling hits sub 1886. There is a possible large HnS setting up to mark some sort of top with the 1900 round level as the neckline.
That's looking very deep, and it may be getting a bit ahead of things here. You never know though, cause when the herd heads for the exits, they all will try and leave at once. Then the liquidity issues strike hard. What a cluster fuck it is going to be. NANEX will be the only one that will be able to decipher what happens then. The overthrow of the neg divs at 1900 into consecutive holiday ramps may have been a bit much and provided ATH levels for some to start taking profits at. Hmmm, has someone been suggesting taking profits? I thought so.
More to come below.
Thanks for another great week on the blog.
Have a great weekend.
GL and GB!