"what better way to celebrate a global "recovery" than by laying off 20% of one's workforce?"
Look folks - all I can do is report the news and try and put the pieces together where you can research the details and make an informed decision about where we're headed. At this point you don't even need a GED or be able to do common core mathematics to be able to figure this one out.
On to the lie -
See - AP analysis: More 'phony numbers' in reports as stocks rise
"An analysis of results from 500 major companies by The Associated Press, based on data provided by S&P Capital IQ, a research firm, found that the gap between the "adjusted" profits that analysts cite and bottom-line earnings figures that companies are legally obliged to report, or net income, has widened dramatically over the past five years."
SPX Daily - Several things on this daily chart. First, the wedge we looked to form back in late September has either played out and is failing or 'they', for a 5th or 6th time, are looking to reset the lower diagonal to extend the life of the wedge. The extended negative divergences are evident. The narrowing of the BB's and the break of the lower BB should indicate more southward action. The failed breakout of the ascending triangle, which is now either in an underthrow or failure situation, is about the only thing (other than manipulation) that gives me any reason to question a further move south.
SPX Daily - With wedge support gone, the only support left here is the 100dma and the blue LT channel support.
SPX 60m - 62 next support and you know that I believe below there is where some serious sell stops lie.
SPX 30m - Not many pos divs on that 60m chart, but the 30m has a double pos div situation with an underthrow happening and only worsening with the weakness before the open today. The main thing here to me is the violation of that blue channel support. I used this support to call the last couple of major lows. this support breaking don is not good for bully. My first target of 85 was met, now 62 lies next.
Freedom watch -
Billionaire Cartier Owner Sees Wealth Gap Fueling Social Unrest
"“We cannot have 0.1 percent of 0.1 percent taking all the spoils,” said Rupert, who has a fortune worth $7.5 billion, according to data compiled by Bloomberg. “It’s unfair and it is not sustainable.”"
As for our UFO - For the second time, supersonic parachute fails on NASA's 'flying saucer'
More to come below.
Have a good day.
GL and GB!