Congrats to LC1 and LC2 for winning the STB NCAA challenge. Yes, he took both top spots. Well done. Strange stat - not one person picked the champion for the first time ever in my group. Thanks to all that played.
Fed speak all week, so don't be surprised at some very
On to the lie -
Well, late yesterday I said, "SPX gonna close at a dangerous spot for both sides - right below 64.
Bully needs to save support (bad 4 bear) and if they gap down at the
open or fall below 59 a waterfall is quite possible. So, do they stick
save it or does it crack and weakness is exposed?" Looks like weakness to me - at the moment at least - this can change in an instant with some well timed Fed speak.
Yen, easing, oil - pick ur poison. Nothing rational drives market prices anymore. Such a crap shoot with fundamentals irrelevant (all data is BS) and technicals only coming into play on days when there is no news.
SPX 30m - The rally has broken down. It should be reversing (shoulda started a week ago). Will it, or should I say will they allow it? Watch the 56 area and those MA's on this chart for initial support.
SPX 60m - again - I don't have a better chart right now and have not had for over a month. Only question is - do technicals matter or not? Overbought? Yes, check out the indicators on a daily chart. 461 of the SPX are above their 50dma's? I'm still on the side of a pullback and pop before we get a real big breakdown.
Freedom watch -
It begins, continues really - Was There A Run On The Bank? JPM Caps Some ATM Withdrawals. Capital controls will come. You've been warned. (another here)
And - Who are the 400+ Americans on the list and why are they hidden - Are Corporate Gatekeepers Protecting Western Elites from the Leaked Panama Papers?
More to come below.
Have a good day.
GL and GB!