Timing is everything. China Cuts Interest Rate By 25 bps, Cuts RRR by 50 bps; Futures Soar; Fed December Rate Hike Back In Play
And of course yesterday's BTFD Draghi QE fueled ramp - MOAR! MOAR! Futures Continue Surge On Global Draghi Euphoria, Tech Earnings
All they need now is for the Fed to step in with moar QE and the final ramp may be on. Bulltards rejoice!
We're in the middle of peak debt season drama. We've been conditioned not to have any concerns about this. Congress still has plenty of checks in the checkbook - Presenting America's New Debt Ceiling: $19,600,000,000,000
On to the lie -
They are in total control - for now.
SPX 60m - Coming up on the 2064 resistance area. There are three consolidation areas. This is the top of the middle one. 2064 was all I was willing to give this pop a few weeks ago, but with EU and China both on the gas pedal at the same time bears need to be on suicide watch again. They are in full blown bad=good mode again.
Price wedging into this resistance. Overbought with extreme negative divergences on the shorter charts, but when has that mattered? Who needs earnings or an economy for a strong stock market these days?
SPX 15m - Another morning and another set of negative divergences going to get destroyed. Fed (Draghi, China), IMO, made a fantastic stick save yesterday. Pure fantasy.
Freedom watch -
Worth a look - 8-minute video: Humanity’s choice to be .01% work animals, or arrest them for OBVIOUS crimes in war and money
More to come below.
Have a good weekend.
GL and GB!