Groundhog Day. We've been living this day for at least five years now. Waking up to the same lies and manipulation over and over and over again (and over again - one more time for good measure). Not sure how many times I've mentioned SSDD in morning posts over the past 5 or 6 years, but it's been a lot. I've lost count of how many times I've said "follow the Fed" more than 1,000 times easily. BLS BS? Prolly post that 3 to 4 times a month. Christianity is dying? Nanny state expansion? Fascist state rising? They've flushed the toilet, but we're that turd that refuses to get sucked down the drain. Round and round we go stubbornly remaining afloat against all measures.
We remain perpetually afloat spinning in a vortex that creates its own reality (to serve "their" purpose). The bad news is the cycle is not breaking and does not show any intent to break, ever. In fact things are getting worse. Our path has been chosen for us by our masters. We like to think that we have a choice in the matter. It appears that through the vote we would have the ability to change things, but given the actions of congress following the last election, that's not the case. Our will, our voice, our desires are not being heard or fulfilled.
10 years ago we voted for change and look at what that got us. Last November we voted against said "change" and look at what that got us. We have no control. Conspiracy theories be damned, truth is the truth, and if you can't see the facts, you my friend are in denial.
Screw that markets, they are not real and are the veil they use to hide the alternate reality that everyone (but us here at STB and a few other places) refuse to admit exists. Screw the financial markets and crumbling global economies. Screw the debt, austerity and Grexits. We need to focus on one thing and one thing only, and that is the persecution of Christianity and the rise of the muslim state (promoted by the said "change" master).
With this 'change" our freedoms are being taken not one by one, but in bunches. Everyone but the muslims are being persecuted. As our nominated and prolly soon to be AG Jarrett in the past basically said, use our constitution against us (freedom of religion) to promote the muslim state and take over America. The shadow we see this morning is not of some fat ass groundhog, it's the shadow of the evil that presides over this country. Of course we saw the shadow. It's the same one we've woken up to for decades now. I suggest we all wake up from our slumber and complacency before it is too late.
On to the lie -
Energy and oil - And no one saw this coming? No one sold into it? The big takeaway - Stock buybacks grind to a halt (cause buybacks are the market). Oh, and the national oil strike - well timed to stop "production" and try and boost price IMHO. I think it's a ploy by the industry.
I refuse to yield, I still like down. Failed QE lift being my primary reason. QE is everything, it is the only thing they got. Without sufficient QE coming from and going to the right places the markets are toast. Can you remember the last time a QE announcement (one that actually delivered and was not just a promise) failed to lift to new ATHs? No, you can't, except for this time.
SPX 30m - If it breaks down this morning (XOM miss - means the PPT will be working OT), then NT support is gone and an underthrow of pos divs happens. I'm holding out still for the low 1970's, but things could get far worse if the energy sector earnings cycle is a total bust (see above). Descending triangle I've been mentioning is still in effect. Target, bout 100 points to 1895. I'd expect Bullard or some Fed mouthpiece to start spewing hopium sooner than later. PPT is in full GO mode this morning.
More to come below.
Have a good week.
GL and GB!