Forever we've all had our special triggers that we've used to time the markets, maybe now it's as simple as focusing on one thing (other than Fed speak) - The Fun-Durr-Mental Reason Stocks Are Up This Morning (In 1 Chart). At this point I'm not positive there is any global coordination among exchanges or markets. It may be a save yourself first and worry about the women and children later situation.
China sets the standard for state controlled everything, and if that experiment is collapsing, you better be taking notes for what is more than likely going to happen here. As I mentioned yesterday - cyber war, currency war, market war - not many options left but physical war coming next. I suggest you read The REAL Reason China’s Economy Is Crashing for some interesting insight. Think debt and Rome.
Bottom line is the sheeple are starting to wake up, and that's not good for corrupt governments and banks around the globe. 7.2 billion people may be a bit much to contain when they discover the elite have been taking them out back and financially raping them for close to a century now.
On to the lie -
No need to freak out quite yet. That comes after they announce QE4. I'm gonna remain calm as possible till Jackson Hole. Speculation on Fed actions till then should be rampant. Most here know my stance on rate hike - they can't and never will cause they can't afford it. Risk off is the worst thing that could happen now and they can't afford the debt if they do raise rates. The dance between Fed speak, China and the myriad of other global disruptions over the next week should be very volatile. It's gonna be sunny one minute and raining the next. All you can do is ride the storm out. As I've discussed, the worst thing the Fed has done recently is not provide clear direction, global planning without clear direction and leadership is not a good thing.
Is It Time to Get into Crash Positions?
As for price - if they can't retake the 200dma they will be literally hanging on for dear life and in crash prevention mode.
SPX Daily - Well, at least someone around here had been discussing the possibility of low 18 handles this week and last. I'm gonna try and lean on the large HnS developing. A pop here to near 2162 and then collapse late September would be an amazing setup. This is a horrible idea, cause these things rarely play out, but if you are looking for a technical fall that would be the best road map to develop. On the other hand, technically this thing has already shit the bed and puked up a lung. Looking up here would only be a thing that someone completely conditioned and high on hopium would do. Tough spot? You bet! What happened yesterday was like a controlled lab experiment going bad. Someone dropped a vial of lethal bacteria and they are scrambling in clean up mode right now.
Below 1820 there is 1750, but I'm not willing to go there quite yet. Nor am I willing to bite on Armageddon or the Second Comming (that's in September LOL). Things could very rightfully so get very out of control here. You've heard me discuss targets as low as the prior two tops around 1575 recently. Bottom line is I've been conditioned by the central planners, I've witnessed their power, I believe in their attempt to control, and I don't think they've completely let go of the wheel or driven off the tracks quite yet. QE4 hangs out there as does news for Jackson Hole. I'm gonna do my best now to remain calm and not panic. I have a feeling there will be plenty of that to go around without me needing to incite any more (that time will come).
Freedom watch -
America: A Land Where Justice Is Absent — Paul Craig Roberts
More to come below.
Have a good day.
GL and GB!