Monday, October 27, 2014

Morning Charts 10/27/2014 SPX /es

An absolute 100% must read that sadly fits the governments recent motif - just take it baby - 

"They Just Want The Money!" The IRS Can Now Seize Accounts On Suspicion Alone

"Her money was seized under an increasingly controversial area of law known as civil asset forfeiture, which allows law enforcement agents to take property they suspect of being tied to crime even if no criminal charges are filed. Law enforcement agencies get to keep a share of whatever is forfeited."

This is not really new, back in March we started covering how Cops Use Traffic Stops To Seize Millions From Drivers Never Charged With A CrimeThis is scary stuff. You get pulled over or just shaken down on the side of the street and you can't do shit about it. Welcome to the land of the free(loading government). 

STB may not be around much longer if the FEC chief has her way. Read FEC Democrat pushes for controls on Internet political speechMan things would be dull as crap if all we could talk about was BTFD all day (and the term BTFD may even be deemed as politically incorrect). 

If you can't see it coming folks you are blind as a bat. This country is falling apart. Sadly few realize just how bad things are, and the state of denial and deceit is out of control here. 

Across the pond - Things in Europe are just fine - $1.1 Trillion in bad debt and 25 banks fail their latest version of a stress test. Nothing to see here, just go BTFD. 

On to the lie - 

SPX 30m - This chart pretty much puts things in perspective - but does it? This is the third iteration of the red rising red wedge (nothing unusual for the Fed to bust through bearish formations). A move south here or from a bit higher to form a right shoulder for a larger IHnS formation looks like a good possibility. Price has trickled over the 61% retracement which virtually guarantees a new ATH if recent trends hold true. The daily 50dma is providing resistance here along with negative divergences on the 60m chart and lesser time frames. A pullback from here to the 1925 area would make for an interesting setup. 

More to come below. 

Have a good week. 

GL and GB!

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