Morning Post, SPX, S&P 500, E-mini

Busy trading Jobs perspective -Disappointing NFP: Private Up Just 71k On Consensus Of 90k, Total Down -131K on Consensus -64K They sucked so bad Liesman could not make them sound good, alas the fully manipulated POS market is holding up nicely. When you sen your rep a note thanking him foe saving your 401k, please remeber to scorn him for destroying your country.

See that wedge below in the Sell Me post. that is the best I got. What should happen is if (yes I actually said if - caused this is a rigged POS market) the wedge breaks down it should fall pretty good. then look out for a possible backtest. Some indexes have trashed the wedge already earlier this week. I'm short SDS and FAZ from pre market. I'll look to add on the pop.

/ES chart - Not good. How is it not imploding - we can all now answer that question. Welcome to the Socialist States of America. You are now living in a place that is similar to China and the USSR. This is bull shit low volume control before the open. When the herd hits the gates at 9:30 let's see if they can hold back the rush. One at a time please.

Sell Me, Please Sell Me!

No post tonight as I am literally about to implode with anger over all the lies and fraud and manipulation that is all so blatant a 3rd grader can see it. It all comes clean in the morning at 8:30 with the employment report. According to squawk box GS was "quietly" accumulating longs today. Was that to support the market or do they know something? I don't understand the calm or quiet this week in the markets. The economic news has not been all that hot, and the lack of speculation coming into the number (usually there are pops or drops in front of such a release) is unusual to me. What, did the get the lithium out a week early in the water supply?I'll go out on a limb and say we're possibly topping out a large right shoulder of a pretty big HnS pattern that has a descending neckline. This can be seen on some of my longer time frame charts.

This 30m chart of the minis says it should fall. If the numbers are good in the morning and it pops I'm going to suspect it is  fake out beak out. These incredible setups got abused in P2 by the algo bots, so it can happen again. Consider this for your amusement only at this time. I'm in cash.

Morning Post, SPX, S&P 500, e-mini

I wrote all of the below last night. The update after the Initial Claims Surge To 479K, Trounce Expectations Of 455K, Severe Deterioration From Last Week's 460K we have some clarity. The question is will they shrug off this data as well?

The minis did this (see the wedge below).

Copper may actually be topping here, but it is in a  larger wedge with more room to run up to that green diagonal.

A chart you should be really interested in is Wheat futures. Russia is now hogging all theirs and not exporting. This may be a sign of the future folks. Pay attention here. Looks like the price of a lot of what we eat is about to double.

Dollar is sitting on it's daily 200ma and nearing a 61% retracement. You UUP lovers may want to keep your eyes on this one. Lots are projecting a turn here.I think it pops and winds up in the 60's if not lower (if not becoming defunct eventually).

AUD/JPY looks to be turning.

Stockcharts is still busted and I can't update anything. As soon as I can I'll post something.


Well, we're figuring it out that if you miss the action before 10:30 you can write it in for the rest of the day. Let the bots take it from there. Why the bots? Well with figures like this And Scene: ICI Reports 13th Consecutive Week of Massive Domestic Equity Outflows As Banks Start To Panic there are not many of "us" left in the game.

Economic Calendar - Big day today and tomorrow. Check it out and know what's hitting when.

Earnings Calendar - Into the energy sector and some other vagrant issues that are off the major fraud scale.

We remain in la la land as far as price action. Some counts have us in the final thrust, some heve us as topped and some have even loftier highs ahead. The confusion we've been discussing the past couple of weeks is not much more clear now than then. We're all thinking higher but how much? I'm actually considering calling a top here as the dailys are diverging and my BFF the 30m chart is screaming sell. Sadly I've been inhabited by the spirit of the weekly chart that (if correct) says we've got some more room to run. If that is so the rectangle may provide a nice measured move to some good fib targets. On the other hand the TA (esp on the minis) has the wedge ending with what I'd call some severe overbought conditions on top of some really cruddy fundamentals (excluding the earnings/accounting/QE stimulus fraud we've been witnessing. The comps have been easy as hell, but they start to get tougher soon, so the easy money is now behind us.

Patience is key I'm allowed to lose mine, but you have to keep yours. My suggestions 1) if it breaks out to the upside a) it could be real and may take it to my 1040 target or I will warn against the fake out breakout and 2) if she falls, once 1116 is gone she'll pick up some steam headed south. This fall will be real and it will be hard. I say keep the powder dry till a clear direction is made, jump fast and keep those stops tight. We're gonna be making a bunch of money soon, hang in there and GL!


StockCharts Java applets are screwing up and I can't annotate anything fight now (kinda pissing me off), so you get ToS charts! The best I can come up with right now is this daily chart of the minis. The wedge is clear as a bell and so are those overbought indicators and decreasing volume. The VIX had a slight divergence yesterday morning, look for it to possibly happen again. 

End Game

I literally could not post after the market closed today. I had to get away, so I came home and played with the kids (great for your sanity till you envision the stark reality of the world they will be living in). I am pretty upset about the fictional state of the markets and the bullshit lies our socialist elite feed us about recoveries and V shaped recessions. The past two days of churn have charred my nerves to the core.

Honestly, what our government has allowed to happen and what the Fed and Treasury have done to us in the name of greed and power can no longer be undone. The debt bubble they proliferated so they could suck up more money than can be printed will have left this country's (and the world's) financial state looking something like Hiroshima after the bomb. Guess what, we'll still owe them interest on interest. Congratulations, we're now debt slaves to the system.

That was the conservative side of the problem. The fucked up liberal/socialist bullshit entitlement establishment has us all by the balls ON TOP OF THE DEBT WE OWE. You see their voter base consists of the fat ass produce nothing consume everything have 15 children that breed like rats in a sewer that have zero context and do nothing but sponge off society cause they can breathe and we must provide for them as fucking well.

Something has to give. On one side you have the blatant sans KY rape of the middle class and on the other you have the leaches of society (both black and white). There is no middle ground. It is one or the other. What is happening is via this financial destruction, they are creating a situation where more and more are counting on Big Brother to assist. The more that are reliant on the government the more power it has. The more that are reliant the more the worker bees have to provide sacrifice fucking give up to keep the system functioning.

Can't you see it coming? The destruction of the Constitution, the proliferation of more and greater social programs, the destruction of our inalienable rights in the name of protectionism, all are structured events that are occurring cause the government has been taken over by special interest lobbies that run the show for their benefit and not ours. Our government has been hijacked and is being held hostage by a group of corporations. Our government is sucking up GSE's and becoming the state.

They are further driving the wedge between the haves and have nots creating such a separation that we the sheeple will never be able to come together as one and thus will not be able to form a revolt successful enough to take our government back.You see, we've been reduced to the squirrel on the wheel under the hood that runs the engine. What we need to realize is that the engine stops if we get off the wheel, especially the group that is productive and pays taxes (that would be the Tea Party).

Thus you get the groups (both liberal and conservative and the MSM) that are already vigorously attacking the new party with all their might out of the gate. They are screaming racism and inequality. They see the dangers in this new group really fucking up the good thing they've got going in DC. In reality we all should be standing side by side and coming together. Sadly this is not possible any longer. The extreme amount of assistance the entitled now receive (everyone must have a 50" plasma or two, plenty of food and a house and and a couple of cars and vacation money) has been ingrained in their lifestyles and they are not about to give that up. Just like the corporate giants, they got a really good gig and will fight to the death to protect their free ride (lord knows if they put that effort into being actually productive what they could achieve).

But, woops, if that group stops driving the engine and quits consuming, quits supporting the corporate giants (like purchasing from local stores and not the giant chains like we will) , quits supplying the machine with the funds that lubricate the system then guess what the hell happens? It all falls fucking apart. They lose. Another consequence will be class warfare cause the entitled POS Americans will be up the creek without a paddle.


Woops, here we are back to class warfare again. What happens to the entitled masses when the providers decide to shut it down? Boy do we have some problems then. There is that divide again. How will we solve this massive issue? How will we get our government back, support those TRULY in need, put those to work that need to go to work and make everyone happy all at the same time before this train runs off the tracks?

LOL, good fucking luck with that, and I think that is just what our government has resolved to. The system is broken and out of control.  So out of control at this point that it is spiraling at an ever increasing rate that total destruction is destined to be the end result. Total class warfare that divides the nation on a permanent basis. Total government control over every aspect of our lives. End game.

What are our options to solve these tremendous issues? Well, my favorite is that all the worker bees pick up and get the hell out of dodge. Why the hell will anyone with half a brain want to live here? Seriously? Why sacrifice everything for the entitlement class and to support the corporate giants that control the government that is supposed to serve us? Fuck that. Will there be one country that leads the pack recruiting all the educated and motivated individuals to it with the promise of a new state where their fruits will be rewarded and not spent on charitable prospects? I think so. 


Another option, and the most logical, is for us to end the Fed, break up the TBTF's, destroy the corporate lobby system, reinstate the Constitution in its original form and start over. Hell, we're gonna have to start over anyway when this debt bubble finally collapses, why not do it right since we'll be at the bottom anyway?

I think both options are realistic and viable. Bottom line is something is going to have to change drastically very soon. This country (well, every country actually) has been drained robbed literally raped by the greediest bunch of fucking crooks on the planet. Massive global default will IMHO be the only solution to the debt crisis (do ya really think Greece is gonna be able to pay back $120 billion? Really? Grape leaves, Ouzo and tourism? I mean come on, I was born in the dark but not last night.), That default will be the catalyst for us to finally make our move. 

We're going to have to find some sort of middle ground and come together. We're all going to experience MASSIVE wage deflation and we're all going to have to work. We will most likely have to fight our own government at some point and hopefully we can avoid the class warfare that should come. It is going to be ugly, but if we are to maintain our freedoms and individual liberties, we're gonna have to suffer and fight like hell. If we don't it will be End Game for the good 'ol US of A.

Side note: Stock charts is down (or I can;t update in Java applets for some "security" reason. Till then I'm stuck with ToS stuff. Hope this is fixed but the morning. This range bound crud is driving me nuts and so is all the indecision. Just move. Nort or south, I do not care. I want to get this leg of the market over with so we can get this damn bubble burst behind us. The sooner the better. 

Morning Post, SPX, S&P 500, e-mini

OK - So everyone has a job now, right? The national debt and treasury ceiling are both safe and under control, right? The oil spill in the gulf has come and gone and we're not about to get into another war with Iran OR N Korea, right?  We're so happy with the current additives (mainly fluoride - rat poison) in the water we'd love to have them add lithium, right? MW thinks everything is just rosy, right? Just checking, cause I don't want you shaking your head when the market goes a little higher from here.

I hate to say it, but I think the EWT counters have this one nailed. Looking for one more pop to get to the top of 2 (the last exit for longs for I'd guess 3 to 5 years if not longer). The overbought divergences are pretty strong, but so are (as I have been warning for a long time now) the weekly indicators. NYMO is in the process of setting it's divergence. CPC is still falling and SPXA50 has not topped 400. We're close, but not quite there yet. the earnings BS continues to flow and if you are a bear you want them to pile this shit on as thick and heavy as possible cause a year from now there is no way in hell (unless QE v. 3 or greater) they will have the numbers to beat them. So. it only gets worse from here.

I'll post a chart later. See the minis chart below and follow the green wedge and the overbought daily indicators. Were close. 1140 is still my top end, but I'm not saying it will hold or even get there.



I'll post more in the morning. This is some stuff I threw together for The Dark Side. 

Minis Daily -  Yellow is the large P2 bull market wedge falling off into the sunset. Blue was the old resistance diagonal (not sure if that has any significance anymore). Green is the wedge that is ending. Gray vertical marks the double top we may be achieving. Daily chart cause of the overbought indicators that are topping. A week or so ago I made the statement I wanted MACD over the 0 line before the turn would come. We got that now. This looks really toppy, but is it? For a primer on the past several major tops (this may not be a major but a minor) see this weekly SPX chart HERE and you'll see why I am so cautious at this time. I did post a chart this morning where I sated what should have been the top. I was right (so far). Maybe the top is in. Most EWTers have us with one more pop up. We'll have to see. It still can go either way. 

Which way do I go? Duh, which way do I go?

Up? I doubt it with that resistance and the divergences and the diagonal just above (and a little help from MW this afternoon).

Down? I like this better.

Morning Post, SPX, S&P 500, E-mini

Minis flat really since the close yesterday. The main news this morning is covered in Consumption And Spending Both Miss Estimates As Double Dip Fears Push Savings Rate To Highest Since June 2009 along with some upside and downside earnings reports from some majors. The news (outside of earnings fantasy) continues to be weak and point towards an even weaker 3rd and 4th quarter. The stimulus game may be coming to an end (I expect some sort of QEII rhetoric to build as the market takes it's next plunge)  


Earnings Calendar -

Economic Calendar - More Bad News: Factory Orders And Pending Homes Sales Both Miss Big, Durable Goods Revised Lower

The dollar continues to get pummeled and appears to be reaching a point of saturation. The inverse correlation of the dollar and the markets has been an off and on affair (like many that we know of).

Comparing the dollar to the TNX you get a near mirror image except the TNX is setting divergences maybe noting that rates have dipped a bit to low to fast. Deservedly so, but I'm not sure what could spike them in this environment. Adding the correlation between the TNX and the markets (and throwing in the dollar above) you gotta think that something's got to give here sooner than later based on technicals.

SPX 60m - Still a bit of room to climb (then it can embed and really piss everyone off!), but some pretty convincing divergences if you ask me. Overbought? For sure it is, but can it be turned in the face of the HFT bots and the PPT is the question?

On a side note I cane up with an inverse HnS on the market lkast night that I think no one wants to point to. It would measure just shy of the highs in April. I'll point that out in the future if it is necessary. the weekly charts are climbing stronger now and look a lot more convincing that this run still has some meat on the bones. I'll look for the tell tale signals of the turn as it nears. On the other hand the dailys are embedding as RSI14 continues to climb. So we go the 30, 60 and daily charts ready to turn with the weeklys climbing in the background (just like the top in April, just not quite as extreme).

So, based on the 30m charts and what I perceived as a local effort to keep the market inflated yesterday (according to the squawk I heard all day) it wants to fall. When it falls it falls in chunks I believe. Have your powder dry, be ready to pounce and keep the stops tight. When ( not if) it does turn it should be a fun ride.

GL!

What Is Not Broken? (A Mini Rant)

What a joke our country has become. I guess desperate people resort to anything they can use to try and save their ass. A long line of elected representatives under the control of the financial oligarchs have allowed our country to be pwned (and amazingly a few are even getting in trouble for it). I have tried to restrain myself from the rants (that most of you know and love). I really try to retain some sort of professionalism, but my goodness, someone has to raise some hell and say it like it is.

This is just a few hot topics, feel free to cover what I don't in the comments below.

On Fraud and Market Manipulation -

This has actually gotten so out of hand it is becoming a joke. The SEC has FIOA revoked? (maybe not for long if Ron Paul has his way) Nice one Mr. President Transparency, your track record of change, protecting the public and keeping all those campaign promises is astounding. So we now have SEC probes BP potential insider trading: sources? What the hell good is this going to do? Another slap on the wrist a la GS? Wooo hoooo we've been vindicated! Yippie! Thanks guys you are doing a fantastic job up there in DC. Keep up the great work. Fuck this bullshit.

The markets are one big rigged POS and our representatives are not going to do one damn thing about it cause they are bought and paid for by the banksters and  if tehy do let the markets fall, guess what, we all go to hell in a handbasket. We have to save face, the greatest nation on the planet? Fuck, we're fast becoming the biggest joke on the planet. ZH brought us "It's Not A Market, It's An HFT 'Crop Circle' Crime Scene" - Further Evidence Of Quote Stuffing Manipulation By HFT and Karl Denninger explains the manipulation discovered by Nanex in this video. I agree wtih Karl, Where are the cops?


On National Debt -

With the US Treasury Projects A $13.9 Trillion Debt Balance At December 31, Anticipates Debt Ceiling Breach Some Time In February 2011 why should we be worried about national default (or global default for that matter) the printing presses can run perpetually. What's the big deal? OBTW, do you think this number is a good or real representation of the ACTUAL situation? LMAO if you do you need to drink some more water (see lithium below).  Bottom line is this once great nation is quickly becoming the laughing stock of the world.The great consumer is dead. We produce NOTHING. We only consume (used to at least). There is no way of paying all this back (well, not in a fair manner that equally distributes the burden - oops what do you say? - equality? that's right -equality is a friggin one way street for Obamanation as the few that actually produce and create wealth will be raped to pay for the free ride (see immigration below). We're fucked!

On Local City/State Issues -

I'm gonna leave California out of this discussion cause we all know they are back on the IOU bandwagon hovering in the $18 BILLION debt arena without a paddle. So, let's just bring up a couple of recent posts that shine some light on a huge issue that is being kept quiet US And Greek Cities Refuse To Service Debt As Next Stage Of Solvency Crisis Shifts From Sovereign To Local Governments  or Disingenuous Bernanke Calls for Bigger State "Rainy Day" Buffers, No Spending Cuts You need to know that municipalities and states are in deep shit all over the nation. They can't just pull up to the drive thru and borrow anymore. They actually have to fix problems now (and that is not what politicians do).


On immigration -

I am all for immigration. We're all sons or daughters of immigrants. Just fucking come here legally and we won't have any problems. Go to the immigration office and sign the papers and there won't be any issues. But NOOOOOOOOOOO, fucking climb a fence have a friggin baby and POOF you are another Obama supporter on the lamb. Fuck this bullshit. We have areas in AZ that are under foreign control. Soverign state, LMAO, not under this administration. Let the drug lords rule Tucson! Who gives a shit? Well apparently St. Rep Pete Staks thinks it is all a friggin joke. Pardon my professionalism for raising hell, if I am unprofessional what is this old fart?





Oh, and another thing I've been thinking about, they may have to put up fences eventually but not for the illegals coming here. It will be to keep the tax paying base in the country. I have a feeling that we're gonna be hauling ass sooner than later. Would someone explain to me why the fuck I want to stay here to assist in furthering the socialist agenda? There will be a mass exodus and all that will be left will be the entitlement scum looking at their Czar Barry for another handout. We all know how that's gonna work out. This country is so screwed.

UPDATE: Funny as hell - you gotta read this. Americans who swap passports "At the US Embassy in London, there is a waiting list that none of the officials likes to discuss. On the list are Americans hoping to give up their citizenship, as they seek shelter from the Internal Revenue Service." I friggin told you this was coming. Put up the fences to keep the people IN. HA, what a fucking joke this place has become. 

On Lithium in the water -

Fucking great, I guess I am a prime example of the need to drug the water supply. With the impending mass revolt after AZ becomes a state of Mexico, all the municipalities fail and default on their debts, Barry gives the farm away for more votes and the stock market crashes; I may just request my portion in injection form. Thank you sir, may I have another. Prison Planet has Oxford Professor Calls for Mass Drugging Population Through Water Supply. Look, our water is already packed with Fluoride (rat poison - read the tube of toothpaste - it says to call poison control if swallowed). What the hell good is lithium gonna do, allow us to remain calm while we are poisoned to death? I suggest (before you take that next drink of water) you look at this - The Truth About Fluoride.

What is astounding is the loss of freedoms and individual rights. The demolition of the Constitution and the rise of the socialist empire has come to fruition. Everything we were warned about by our forefathers and the architects of the Constitution has come to pass now. We now can not do a damn thing without help from Uncle Sam Big Brother. Hell, even if we want to help ourselves that is becoming illegal. We're screwed. I suggest seeds, ammo and a cave somewhere in Wyoming.

More on this to come soon. This is enough for now. It is to sad when you really think about it.

Morning Post, SPX, S&P 500, E-mini

Minis up 13.5! Things must be just awesome. I suggest you read this and keep tabs on what ZH is posting as the fraud and manipulation become more exposed every day - Alan Greenspan: "The Financial System Is Broke". Bottom line is that the markets are manipulated, it is going to take something exceptional to make them fall and when they do the flash crash will look like child's play.

Earnings Calendar -

Economic Calendar - ISM and Construction Spending at 10:00.

I'd advise not to get to excited at the open and start chasing things out of the gate. If this 30m minis chart is any indication you should be a seller after the pop. After that I'd lean to more strength still.

The Financials are out of hand and if the $DJUSFN is any indication They should be topping soon, but have a little room left.

4hr chart - Note that 200ma above at long term resistance.

Daily chart -

As for the SPX - I am leery about the way it bottomed last time and how it is topping this time. I think we're close to some sort of major top. My targets only go up to 1140, but one should not rule out some sort of idiotic HFT driven surge. I'm watching NYMO, CPC and the ADX closely for some clues to the real top. The 60m chart below is showing some impending weakness possibly sooner than later. I think you need to have your powder dry and be ready to pull the trigger to the short side soon. It is a tough game so keep your stops tight and don't be afraid to punt a loser. GL!