Something is a bit different this time. Something is amiss. Remember those old Jackson Hole moments when the Fed would promise QE in the future, say to start in November, and the markets would just take off? What happened to the good old days? Here we have the ECB promising (illegal or unconstitutional) QE weeks in advance and the market now, like a rather egotistical, elite, spoiled child, sits back and has the audacity to judge the gift horse? Really?
What happened to the unconditional ramps to new ATH glory? See A "Conditional Bazooka": European Top Court Finds ECB's OMT "May Be Legal" But Must Meet Conditions
So the next round of QE is hanging in the balance. A court is to decide its fate. What do you think is gonna happen to the markets if this goes south? With the rest of the global QE team (Japan, US, China, et al) sidelined right now, whats gonna happen if this star player is deemed financially ineligible to play?
Funny to think that a court would go against the establishment in such a case with global everything hanging in the balance. Like a court would decide or stand for justice over corruption or for the innocent sheeple over their corprocratic rulers - HA!
Well, here we have another potential CYA moment for the history books. This incident allows the Fed (et al) global financial joystick controllers off the hook if things were to collapse following an unfavorable ruling for moar. Blame the collapse on the court, not on their policy. Brilliant! I you'll listen and notice these CYA moments are occurring and will be used if such a turn comes. Their "outs" are being set up.
So the soap opera "As the QE Turns" plays out. Tune in tomorrow for another market churning episode! It's OK if this is shot down by the court, they still have to the 11th hour or the 22nd to get this worked out. It makes for great drama. Trust me, they will get their QE, cause if they don't, a
On the corrupt government front - ZH has this and this you need to see.
On to the lie-
Everything is pretty much crashing but the market. I thought you needed to know that. Time to panic? Well, put ur depends on and grab a chair. Tin foil hats optional. Hard hats preferred.
SPX 60m - Looking at the rising ED or wedge that's about to fail (again) this morning. This is not good. Trying, with falling black diagonals, to get a grip on what's forming headed south. None of those options look digestible right now. to tell the truth, when this thing falls there will be no form. I think we're gonna have a couple of new TA chart forms called "waterfall" and "splat" come from this eventually. Failure of rising wedge diagonal support is never good, especially in an overbought, rigged, supportless, POS lie they call a market. the overlords are safe to the 1970 area, below that, pull the rip cord.
More to come below.
Have a good day.
GL and GB!