This post from ZH is mind blowing stuff. Just how far down the rabbit hole have we gone?
"So... still betting on a rate hike in mid-2015, when the Fed itself has just admitted, and the market has confirmed, it has no clue how it will hike rates?"FUBAR? "So fast forward to today at 8:30 am when the Fed announced the result of today's "special" window-dressing Reverse Repo operation. What was unveiled blew our socks right off, because not only was the Reverse Repo an absolutely whopping $407 billion, but the low rate on the auction was an unprecedented -0.20%!" How bout worse than FUBAR?
Quarter end window dressing would never happen here, could it? Would it? Nahhhh .... hey, wait a minute.And it's getting ....worse?
I have two words for you dear reader - Good Luck. To those discussing purchasing silver and gold last night in the commentary - bless you. I've stated that I believe if you can have 10% of your net worth or portfolio value in physical, then there is a good chance in a capital control confiscation situation or after a complete market collapse you could possibly break even after the fact.
I can't stress more how desperate the current and future situation is. Now is not a time to act like an ostrich or go cocooning. Now is the time to put the big boy pants on and make some grown up decisions. Even with positive developments with the coming election, we're still stuck with Obozo in charge for two more years. The Fed is entrenched. The military industrial complex is out of control. The economy is in tatters.
Everything is basically a lie. We document and discuss all this and more all day and every day below in the commentary. This shit is REAL! America is dying right in front of your eyes.
On to the lie -
SPX 1m - First time I've ever put a 1m chart in a post I believe. Maybe my intense desire for the 100dma near 1955 to get hit to bottom out this correction is overwhelming my senses? Maybe the usual stick save RS ramp happens in the morning? It could be just a falling wedge that's ending as well. At least some sort of form has developed out of the mess it has been the past few days.
SPX Daily - Maybe the fact that every correction of this depth has not stopped before hitting the 100dma (see below). We're also 2 points from the 13/34 bear cross - note in the past this has not been a bad spot to start looking at getting long as seen below. In case this move get's wild and hairy, 1920 to 1910 should be the most they could take it. A lower low than 1909 and hard hats may become fashionable.
More to come below.
Have a good day.
GL and GB!